Special reports

A Rystad Energy analysis shows that gross US cuts could reach at least 2 million bpd in June, including liquids.

Oil prices fell this morning as traders curbed their enthusiasm about new cuts from the Middle East, due to an emerging possibility of increased lockdown periods fearing a possible second Covid-19 wave.

The total horizontal oil rig count fell below 270 rigs last week, a 57% decline from the peak of 624 rigs seen in the middle of March 2020.

Oil prices rose this morning as Saudi Arabia’s move, accompanied by Kuwait and the UAE, to expand production cuts boosted the market’s confidence.

From June, Saudi Arabia is cutting an extra 1 million bpd, the UAE an extra 100 000 bpd, and Kuwait an extra 80 000 bpd.

Oil prices started the week with mild losses, as news about renewed outbreak pockets around the world alarmed traders to be cautious on how quickly demand can rebound.

US production of 616 000 bpd will be shut during May and 655 000 bpd during June as a result of the supply-demand imbalance that the Covid-19 pandemic has created, according to a Rystad Energy analysis.

On Thursday morning oil prices continued to see their earlier gains trimmed further for a second day, as the global oversupply persists despite the cuts that are already in place.

Oil prices stopped rising on Wednesday as the market started realising that crude storages continue to fill, after days of prolonged gains.

Dr Ming Yang, TÜV SÜD National Engineering Laboratory, considers the advancement of online oil-in-water monitoring technologies.

The OGA has said that the North Sea oil and gas industry should go considerably faster and farther in reducing its own carbon footprint, or risk losing its social licence to operate.

Oil prices rose on Tuesday as lockdowns start to ease globally and traffic fuel consumption, among the main reasons demand has fallen, increases.

Michael Konopczynski and Mojtaba Moradi, Tendeka, UK, discuss how flow control can be optimised with an autonomous outflow control device.

Rystad Energy estimates that the downcycle in the upstream industry will remove about 6 million bpd from production forecasts for 2025.

Oil prices fell on Monday, despite the OPEC+ cuts.