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OPEC+ will adjust its output target and redistribute production cuts between its members under pressure from Saudi Arabia, which has long carried an outsized share of the burden. The group, which pumps more than half the world’s oil, agreed in Vienna on Friday to reduce its output target by 500,000 bopd, said delegates, bringing it
Saudi Arabia appeared to be on track to forge a new quid pro quo with fellow OPEC+ members: If you stop cheating, we’ll keep on cutting. A few hours before the Organization of Petroleum Exporting Countries’ meeting in Vienna, a committee that oversees its deal with non-members, including Russia, recommended the wider group adopt the
Royal Dutch Shell won a UK ruling preventing London courts from enforcing a $516 million Nigerian judgment for damages caused by an oil spill half a century ago. Judge Jason Coppel on Thursday overturned an attempt to carry over a 2010 ruling by a Nigerian court to the UK, saying that those proceedings were unfair
Tullow Oil’s CEO and exploration director quit after the company cut its production outlook and suspended the dividend. The shares tumbled, deepening their loss for the year to more than 60%. CEO Paul McDade and exploration chief Angus McCoss resigned with immediate effect, marking the exit of Tullow’s old guard after founder Aidan Heavey departed
Repsol’s announcement this week that it will eliminate emissions from its business by 2050 throws down the gauntlet to competitors as large oil companies face mounting investor pressure to clean up their act. European majors Royal Dutch Shell Plc and Total SA have already set emission targets in response to the Paris Agreement, but Repsol’s
The OPEC+ deal could push oil prices back to $70 per barrel next year, assuming all goes according to plan. The combination of raising the production cuts to 1.7 million barrels per day (mb/d), plus the unilateral over-compliance by Saudi Arabia, adding another 400,000 bpd of additional cuts, surprised the market last week. In addition, Saudi Arabia
While global carbon emissions growth is slowing, the persistent rise is a warning that governments aren’t doing enough to stave off the worst consequences of climate change, according to a new report. Carbon-dioxide emissions from burning fossil fuels likely increased by 0.6% this year, down from 2.1% in 2018, according to a report from the
The giant Johan Sverdrup oil field is coming to the rescue of Norway’s oil industry — again. The improbable mega-project in the North Sea, years after the oil province’s heyday, already provided a lifeline to engineers and platform builders starved for work during a historic slump in the crude market. That was evident during a
Petrobras plans to pay its shareholders $34 billion in dividends over the next five years as it cuts debt and sells assets to shore up its finances, CEO Roberto Castello Branco said. The plan is a major shift for the state-controlled oil producer that had kept payouts to investors at or close to the bare
A comprehensive report into the changing energy landscape has called for urgent action to progress low carbon technologies critical to the UK and Scottish Government’s net zero ambitions. It says government and industry must work together to progress to the next stage five key projects across the UK which look to capture, transport and store