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The Organization of the Petroleum Exporting Countries was set up in 1960 to coordinate oil production policy among its members but in recent decades it has increasingly cooperated with producers outside the group to manage the market. This month, OPEC's latest deal on oil supply cuts with Russia and other non-OPEC nations collapsed, sending the... Continue Reading →
The oil price crash has led to Danish offshore wind developer Orsted overtaking Norwegian oil major Equinor as the most valuable energy company in the Nordics, highlighting the appeal to investors of renewables over fossil fuels. Shares in Equinor slid nearly 18% on Monday as crude prices plunged 25% after top producers Saudi Arabia and... Continue Reading →
Oil and gas companies might be heading for another round of 'brutal' cost cuts in the wake of the oil price crash caused by coronavirus outbreak and Saudi-Russia stand-off on output cuts. Wood Mackenzie’s Tom Ellacott said: “The price collapse could be the trigger for a new phase of deep industry restructuring - one that... Continue Reading →
Oil clawed back some of its biggest drop in a generation as investors grappled with the most volatile market on record in the midst of simultaneous supply and demand shocks. Futures rose about 4% in early Asian trading on Tuesday after collapsing by a quarter on Monday -- the biggest price drop since the 1991... Continue Reading →
Why is the world reacting so irrationally to the Covid-19 outbreak? While we still have a lot to learn about the virus, we do know this much: It will continue to spread across the globe despite travel bans because it is highly contagious and many, if not most, suffer only mild common flu-like symptoms and... Continue Reading →
Oil markets tumbled more than 30% after the disintegration of the OPEC+ alliance triggered an all-out price-war between Saudi Arabia and Russia that is likely to have sweeping political and economic consequences. Brent futures suffered the second-largest drop on record in the opening seconds of trading in Asia, behind only the plunge during the Gulf... Continue Reading →
Following IHS Markit’s cancellation of its CERAWeek conference in Houston, several other organizers of major oil and gas industry events have followed suit in the wake of the spread of the COVID-19 coronavirus. Organizers of the Offshore Technology Conference, however, said this week that, for now at least, the show will go on. Continue reading
There were 270 offshore drilling rigs in the world actively drilling for oil and gas in February 2020, a slight increase compared to January 2020 (at 268), but also a slight dip versus February 2019 (at 272). This is according to Baker Hughes' February rig counts, released Friday. International offshore rig count - not counting... Continue Reading →
March 06, 2020 Petróleo Brasileiro S.A. - Petrobras reports that it has started the opportunity disclosure stage (teaser), referring to the sale of its fuel and lubricant distribution and marketing businesses in Colombia. This project aims to sell 100% of the shares held by Petrobras International Braspetro B.V. (PIB BV) and other Petrobras subsidiaries, in... Continue Reading →
Offshore drilling contractor Vantage Drilling booked a loss in the last quarter of 2019 despite increase in revenues driven by higher utilization in both jack-up and deepwater segment. Vantage on Thursday reported a net loss attributable to controlling interest of $61.4 million for the three months ended December 31, 2019, as compared to a net... Continue Reading →
Brazil Energy Insight 