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(Reuters) - Oil prices could rise to $65 a barrel by July amid a tight oil market and slow rebound in demand, Goldman Sachs said. The bank said in a note on Sunday data indicated a deficit of 2.3 million barrels per day (bpd) in the fourth quarter of 2020 driven by higher demand and... Continue Reading →
(Reuters) - U.S. petroleum inventories have continued to converge down towards the five-year average, a sign that oil market rebalancing remains on track, despite the resurgence of the coronavirus since the end of 2020. Total stocks of crude oil and products, excluding the strategic petroleum reserve, fell by 12 million barrels last week and are... Continue Reading →
Japanese trading house Sumitomo Corp will stop investing in new oil development projects as it shifts away from fossil fuels businesses amid a global push to cut greenhouse gas emissions, the Nikkei business daily reported on Sunday. The move comes as global miners and Japanese trading companies cut their exposure to coal operations, including mining... Continue Reading →
SpaceX's next spacecraft is in development in Texas, and CEO Elon Musk previously revealed that the company was planning to build floating spaceports for Starship operations, after a job ad was posted looking for someone to oversee their development. Now, SpaceX has purchased two oil rigs to convert for this purpose, as first reported by spaceflight.com's Michael... Continue Reading →
Just how bad was it? The year of 2020 has to be one of the toughest and most challenging for the offshore rig market. After starting on a high with the knowledge that the previous oil price crash was now well and truly in the past, demand, dayrates and utilization were all showing healthy improvement. The... Continue Reading →
Norway-based risk management and quality assurance company DNV GL will change its name to DNV on March 1, 2021. The classification society, providing services to offshore and maritime industries, among others, has had the current name since the 2013 merger between DNV (Det Norske Veritas) and GL (Germanischer Lloyd). "The name simplification is a natural... Continue Reading →
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand. Brent crude was up 79 cents, or 1.4%, at $56.45 a barrel by 1:38 p.m. EST (1838 GMT) after touching its highest level since... Continue Reading →
Economic recovery. Climate change. Racial equity. COVID-19. These four issues are at the core of President-elect Joe Biden’s Day 1 priorities. Separately, each issue seems like a monumental challenge with no easy solution. But there is a path forward for each priority offered by America’s offshore energy industry. The continued success of U.S. offshore... Continue Reading →
Saudi Arabia’s announcement that it will reduce oil output by 1 million barrels per day in February and March has boosted prices and helped paper over divisions within the producer alliance, at least temporarily. The unilateral cut, announced on Tuesday, reaffirms Saudi Arabia, rather than the Organization of the Petroleum Exporting Countries (OPEC) or the... Continue Reading →
(Reuters) - Oil prices are unlikely to mount much of a recovery in 2021 as a new coronavirus variant and related travel restrictions threaten already weakened fuel demand, a Reuters poll showed on Thursday. The poll of 39 economists and analysts conducted in the second half of December forecast Brent crude prices would average $50.67... Continue Reading →
Brazil Energy Insight 