Bloomberg/Houston Chevron Corp and four oil services companies won a last-minute US government reprieve to continue producing oil in Venezuela, albeit only for a 90-day period. The US Treasury Department supported Chevron’s…
Category: Oil & Gas
Halliburton second-quarter profit beats analysts’ estimates
(Reuters) – Halliburton Co (HAL.N) on Monday reported a second-quarter profit that beat analysts’ estimates as its largest oil-well services unit exceeded expectations, sending shares to their biggest one-day gain in nearly…
IEA ready to act quickly to keep global oil market supplied
PARIS (Reuters) – The International Energy Agency (IEA) is closely monitoring developments in the Strait of Hormuz and ready to take swift action if needed to keep the global oil market supplied,…
Exclusive: Russian output falls to three-year low as oil rivals clash
MOSCOW (Reuters) – Russian oil production fell close to a three-year low in early July, as output was undermined by a row between Russian oil pipeline monopoly Transneft (TRNF_p.MM) and the country’s…
China refiners curb fuel output after massive new plants stoke glut
Reuters/Singapore/Beijing China’s fuel producers are making extended curbs to their output in the third quarter after supply from mammoth new refineries stoked an already-sizeable glut, potentially dragging on crude oil demand from…
OPEC warns that trade tensions are hurting global oil demand
LONDON (Bloomberg) — OPEC said that international trade tensions are hurting demand for oil, slashing its estimates for consumption earlier in the year and predicting further challenges ahead. The organization, due to…
Saudi Arabian crude inventories sink to historic low
Riyadh’s production cuts to support the oil price have caused domestic stocks to plummet Saudi Arabia’s crude oil inventories have fallen under 200 mn bl for the first time in a decade…
Saudi Aramco allows sneak peek into its finances
The world’s focus, not surprisingly, has been on Saudi Aramco’s $111bn of net income recorded in 2018, making it the most profitable company in the world. But elements of the upstream story…
Trump talks to Saudi crown prince on Iran, oil
(Reuters) – U.S. President Donald Trump spoke on Friday to Saudi Crown Prince Mohammed bin Salman about Middle East stability and the oil market, the White House said, after tensions with Iran…