Saudi Order to Halt Oil Capacity Expansion Won’t Stop Oilfield Services Growth

The Saudi government’s order for Aramco to suspend work on expanding its oil production capacity from 12 to 13 million bpd will not hit demand for oilfield services, according to analysts cited in The National. While analysts expect the suspension to affect expansion work at two offshore fields – Manifa and Safaniya – they remain upbeat.

Prediction of Oil Shortage by 2025

Warren Buffett-backed Occidental Petroleum is predicting an oil supply shortage by 2025 due to global failure to replace crude reserves at a fast enough pace. “We’re in a situation now where in a couple of years’ time we’re going to be very short on supply,” Occidental CEO Vicki Hollub told CNBC at the Smead Investor.

European Industry Hesitant to Boost Natural Gas Demand Amid Price Volatility

European industries continue to be hesitant about boosting natural gas consumption, although prices are now a fraction of the records seen in 2022 and Europe appears to have put the worst of the energy crisis behind. The still high volatility in gas futures prices, compared to historical averages, and uncertainties ranging from geopolitical flare-ups in.

U.S. Charges Iranian Oil Trafficking Network Over Sanctions Evasion

The United States announced terrorism and sanctions-evasion charges on Friday, including asset seizures, over a billion-dollar network linked to oil trafficking that the U.S. government says helped to finance Iran’s Islamic Revolutionary Guard Corps and other groups, the Department of Justice said in a Friday press release. The U.S. Department of Justice said it seized over.

Saudi State Orders Aramco to Stop Oil Capacity Expansion

The Saudi state has ordered energy major Aramco to stop work on expanding its maximum sustainable capacity to 13 million barrels daily, instead keeping it at 12 million bpd. The company said in a statement today that its maximum sustainable capacity is determined by the state under a law from 2017. Aramco added that it would update.

OPEC Production Cuts Send Marathon Petroleum’s Profits Above Expectations

Ohio-based oil refiner Marathon Petroleum (MPC) saw its Q4 profits exceed analyst expectations, the company reported on Tuesday—thanks in part to OPEC’s production cuts. The U.S. refiner reported a net income of $3.84 per share—or $1.5 billion—for the last quarter of 2023, while analysts estimated a figure far lower, at just $2.20 per share. This.

Crude Oil, Product Inventories Fall, Boosting Prices Further

Crude oil inventories in the United States fell again this week, by 2.5 million barrels for the week ending January 26, according to The American Petroleum Institute (API), after analysts predicted a draw of 867,000 barrels. The API reported a 6.674-million-barrel dip in crude inventories in the week prior. On Tuesday, the Department of Energy.

Naphtha Margins Jump To 2022 High as Ship with Russian Fuel Attacked

Refining margins for naphtha in Asia jumped to their highest level in nearly two years on Monday, following an attack in the Gulf of Aden on a tanker transporting Russian fuel. The profit for making naphtha, a key feedstock for the petrochemicals industry, jumped in Asia on Monday to a premium of $0.25 over Dubai.

Oil Prices Climb After Drone Attack Kills Three U.S. Troops

Crude oil prices started the week with a gain following a drone attack in Jordan that killed three U.S. military servicemen. The news added to the bullish momentum of continuing Houthi strikes on ships in the Red Sea to push Brent crude well over $80 per barrel, with the benchmark close to touching $84 in midmorning trade.

North Dakota Oil Production Climbing Back Faster Than Anticipated

North Dakota’s production of crude oil is returning to full force at a quicker pace than first suggested by authorities, new data from the state’s regulator showed on Friday. Crude oil production in the Peace Garden State is now down by between 30,000 and 80,000 bpd after extreme cold led to operational challenges. Associated natural.

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