OPEC+'s cuts are deep enough to create a monthly deficit in crude and condensate supply from June 2020 and continuing uninterrupted until at least the end of next year, according to Rystad Energy.
Oil prices fluctuated this morning, swinging from marginal gains to losses as traders price in Libya supply and a spike in new global Covid-19 cases.
In the weekly ADIPEC Energy Dialogue Webinar series, Philip Whittaker, Boston Consulting Group, discussed the role of digital technology in the recovery of the oil and gas industry post COVID-19.
Rystad Energy has said that OPEC+ has "taken a tighter grip on the near-term crude oil fundamentals with Saturday’s extension decision."
On Saturday, OPEC+ agreed to extend the deal to withdraw almost 10% of global supplies from the market by a third month to the end of July.
Eni has created two new business groups: Natural Resources and Energy Evolution.
Oil prices rose this morning on indications that an OPEC+ meeting is coming soon, with an agreement to extend June’s production-cut levels to July.
The biggest drop will come in the exploration for new reserves and in spending on development plans, while ongoing oilfield construction work continues largely as expected, data from Norway's national statistics agency showed.
Oil prices fall as enthusiasm for a possible OPEC+ agreement to continue June’s production cuts for more months subsides.
Dan Munro, PJ Valves, considers the lessons the oil and gas industry can draw from the Covid-19 pandemic and how they can be applied to ensure more resilient working practices.
Oil prices got a boost this morning on rumours that the coming OPEC+ meeting may keep high-level production cuts after June.
Oil and gas companies currently have assets for sale with recoverable reserves of more than 5 billion bbl of liquids and 7.5 billion boe of natural gas, Rystad Energy estimates.
OPEC+ producers are considering extending their output cut of 9.7 million bpd, about 10% of global production, into July or August, at an online meeting likely to be held on 4 June.
Norway's CO2 intensity per produced boe in 2018 was approximately 7 kg compared to Canada's 39 kg/boe, according to a report by Rystad Energy.
Oil prices fell this morning as traders priced in concerns over the future of crude stocks, geopolitical tensions and fears over how Covid-19 will progress.