Latest

Reuters Kazakh Energy Minister Almasadam Satkaliyev said on Tuesday that the government plans to go ahead with the $16.5 billion claims against international oil majors over costs and has no plans for a possible out-of-court settlement. In April, Kazakhstan started arbitration proceedings against companies developing its Kashagan and Karachaganak oilfields over $13 billion and $3.5 …

Kazakhstan to go ahead with $16.5 bln claims against oil majors Read More »

(Bloomberg) — Wages for US oil workers climbed above $43 an hour for the first time ever as employment held steady in the shale patch and explorers push to maintain their slow production growth. Average hourly earnings for front-line oil-and-gas workers rose 0.7% in April from the previous month to $43.28, according to a Labor …

Hourly Pay for US Shale Workers Tops $43, a Record in the Industry’s Hunt for Employees Read More »

Summary U.S. EIA short-term energy outlook due on Tuesday LONDON, June 6 (Reuters) – Oil prices tumbled more than $1 a barrel on Tuesday, after a strong rally in the previous session as worries about global economic growth outweighed Saudi Arabia’s pledge to deepen output cuts. Brent crude futures were down $1.50, or 1.96%, to …

Oil Falls as Economic Fears Overshadow Saudi Output Cut Read More »

HOUSTON, June 5 (Reuters) – U.S. crude oil exports, already running close to a record level hit in March, should get a further boost next month from deep production cuts in Saudi Arabia, analysts said on Monday, noting that this will also further deplete U.S. crude inventories, which have been hovering near historic lows. Saudi …

US Crude Oil Exports to Gain Tail Winds from Saudi July Output Cut Read More »

(Reuters) – The CEOs of America’s biggest oil companies were paid a lot more in the first year of the COVID crisis than initially estimated, thanks to stock-heavy compensation packages that have since soared in value, according to an examination of pay disclosures over three years. The pandemic, with lockdowns the norm, resulted in a …

Energy Sector’s COVID Recovery Turns into Massive CEO Payday Read More »

It would rock your world By Geoffrey Cann “Wow!”, exclaimed Kelly, the site supervisor at the large petrochemical plant. “Are you telling me that I can take my iPhone onto the site? It’s safe now? What can I do with it?” Yes, Kelly, you can, IF you have the right phone AND the right case. In a previous article I set out …

What if … You Could Take a Smart Phone On Site? – Geoffrey Cann Read More »

(Reuters) – Portfolio investors had become increasingly bearish about the outlook for oil prices in the run up to the meeting of the extended OPEC⁺ group of oil exporters on June 3-4. Hedge funds and other money managers sold the equivalent of 32 million barrels in the six most important petroleum futures and options contracts …

Column: Investors ignore OPEC+ to focus on consumption outlook: John Kemp Read More »

US Secretary of State Antony Blinken’s visit to Saudi Arabia this week is the latest sign of improving relations after last year’s dispute over oil, with collaboration underway on Sudan, Ukraine and space. Joe Biden’s administration has expressed eagerness to repair ties with Riyadh, once one of Washington’s closest allies in the Middle East. That marks a …

Saudi Arabia, US Make Tentative Steps Toward Healing Deep Rift Read More »

We caught up with Joel Smith, Commercial Director for Global Energy Show to talk about the exhibition and what it has to offer. www.globalenergyshow.com

Saudi Arabia pledged an additional production cut in July to stabilize the oil market, ceding ground to two of its key allies — Russia and the United Arab Emirates — which made no commitment to curb further. Here’s what leading analysts have to say about the kingdom’s move to go it alone with a 1 million barrel-a-day …

Here’s What Morgan Stanley to Goldman Say About Saudi Output Cut Read More »