Latest news with #crudeprices
Bloomberg
28-07-2025
- Business
- Bloomberg
Enterprise Sees Resilience in Permian Despite Weak Oil Prices
Enterprise Products Partners LP, one of the largest pipeline operators in the Permian Basin, sees oil production in the region holding up this year despite an expected drop in crude prices. Shale drillers will stick to guidance of output growth of 3% to 5% in the Permian Basin of Texas and New Mexico as OPEC's decision to bring back oil production will have limited impact this year, according to Anthony Chovanec, senior vice president for fundamentals and commodity risk assessment at the Houston-based company.
CNA
04-07-2025
- Business
- CNA
OPEC+ may further accelerate oil output hikes on Saturday, sources say
LONDON :OPEC+ may make an increase in oil output for August at its meeting on Saturday that is larger than the 411,000 barrels per day (bpd) hikes it made for May, June and July, three sources familiar with OPEC+ talks told Reuters. Eight members of the group - Saudi Arabia, Russia, the UAE, Kuwait, Oman, Iraq, Kazakhstan and Algeria - are scheduled to meet online on Saturday to decide their oil output policy for August. OPEC+ made a radical change in policy this year when the eight members started to unwind their most recent output cut of 2.2 million bpd starting in April. They then accelerated the hikes in May, June and July to 411,000 bpd for each month, despite the extra supply weighing on crude prices. Earlier on Friday, other sources told Reuters the group was expected to agree to an increase of 411,000 bpd for August, which remains a possible outcome of Saturday's meeting. All sources declined to be identified by name due to the sensitivity of the matter. The acceleration of the output hikes came after some OPEC+ members, such as Kazakhstan, produced way over their targets, angering other members that were sticking more closely to agreed cuts. Kazakh output returned to growth last month and matched an all-time high, as the Chevron-led Tengiz field ramped up, a source familiar with the data told Reuters this week. OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, is looking to expand its market share against the backdrop of growing supplies from other producers like the United States. The group pumps about half of the world's oil. As of their decision for July output, the OPEC+ eight have made or announced production increases of 1.37 million bpd. This is 62 per cent of the production cut of 2.2 million bpd that they are unwinding.
Bloomberg
03-07-2025
- Business
- Bloomberg
Crude's Drop, Strong Ruble Cut Russian Oil Revenue to 2-Year Low
Russia's oil revenue in June slumped to a two-year low as global crude prices fell and the ruble strengthened, meaning each barrel brought fewer rubles to the Kremlin. Proceeds from the oil industry shrank by almost 30% to 415.6 billion rubles ($5.27 billion), according to Bloomberg calculations based on Finance Ministry data published Thursday. That's the lowest since June 2023.
Yahoo
20-06-2025
- Business
- Yahoo
Oil Rig Count Drops; Crude Set for Weekly Gains Amid Middle East Tensions
The number of oil rigs in the US fell by one in the week through Friday, while crude prices were on
South China Morning Post
31-05-2025
- Business
- South China Morning Post
Opec+ agrees on sharp increase in July oil production to deepen price slump
Opec+ has agreed to surge oil output by 411,000 barrels a day for the third month in a row, doubling down on a historic policy shift that has sent crude prices sinking. Advertisement Key nations led by Saudi Arabia agreed during a video conference on Saturday to add that amount to the market in July, according to delegates. The surge follows equally sized increases scheduled for May and June, marking a clear break with years of efforts by the group to support global oil prices. 'Opec+ isn't whispering any more,' said Jorge Leon, an analyst at Rystad Energy A/S, who previously worked at the Opec secretariat. 'May hinted, June spoke clearly, and July came with a megaphone.' In a statement issued after the meeting, Opec+ cited a 'steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories' as its reasoning for the July increase. While there was ultimately a consensus for the July increase, some members expressed reservations. During Saturday's discussions, Russia was among members that recommended a pause in the supply increases, delegates said, asking not to be named because the information was private. Advertisement Oil briefly crashed to a four-year low under US$60 a barrel in April after the Organization of the Petroleum Exporting Countries (Opec) and its allies first announced that they would bolster output by triple the scheduled amount, even as faltering demand and President Donald Trump's trade war were already crushing the market.
