Hedge funds dispute OPEC+ ability to support oil prices
01/01/2024 by Richard
The portfolio managers of hedge funds are allegedly becoming increasingly bearish about oil as they begin to doubt that the OPEC+ group will be able or willing to take further action to support oil prices.
Record US oil production eats into OPEC+ market share
28/12/2023 by Mark
The OPEC+ group’s share of the global crude oil market has fallen to the lowest level in almost a decade, according to the latest oil market report from the International Energy Agency (IEA).
OPEC maintains positive outlook for oil demand
21/12/2023 by OilStoreAdministrator
In its latest Monthly Oil Market Report (MOMR), OPEC has reinforced its forecasts for oil demand growth in both this year and next year, despite the recent drop in oil prices that it attributes to…
ExxonMobil boosts profits through cost cutting
18/12/2023 by OilStoreAdministrator
US oil major ExxonMobil has said that its plan to cut operating costs and increase its earnings by $14 billion by 2027 is on track.
Chevron to boost capital expenditure by 11%
15/12/2023 by Richard
American oil major Chevron has announced in a press release that it intends its capital expenditure to be between $18.5 billion and $19.5 billion, an 11% increase on this year’s figure, with $14 billion of…
ExxonMobil to increase capital spending to boost production
14/12/2023 by Mark
US-based oil major is poised to gradually reverse the austerity it imposed on itself in 2020, when energy prices crashed in the wake of the COVID-19 pandemic.
Rising US oil production challenges OPEC supremacy
13/12/2023 by OilStoreAdministrator
According to the latest data from the US Energy Information Administration (EIA), the US set a new record for oil production for the second month in a row in September.
TotalEnergies backs World Bank methane initiative
12/12/2023 by Richard
While attending the COP28 climate change summit that recently took place in Dubai, TotalEnergies has announced a $25 million donation to the World Bank’s trust fund for Global Flaring and Methane Reduction (GFMR).
Petrobras CEO confirms no OPEC+ production cuts
11/12/2023 by Mark
Jean Paul Prates, the chief executive of Brazilian oil producer Petrobras, has denied that Brazil will see any form of production cuts when it joins the OPEC+ group.
OPEC+ agrees further voluntary production cuts
08/12/2023 by Richard
At their latest online meeting, oil producers in the OPEC+ group have agreed a package of 2.2 million barrels per day (bpd) in voluntary production cuts for the first quarter of next year.
Fuchs CFO recognised by Capital business magazine
04/12/2023 by OilStoreAdministrator
Isabelle Adelt, Fuchs SE’s Chief Financial Officer (CFO) has beaten hundreds of candidates to be included in the “Top 40 under 40” management category of the business magazine Capital.
IEA sees oil surplus next year
01/12/2023 by Mark
Speaking to Reuters in Oslo on the sidelines of a conference, Toril Bosoni, the head of the oil industry and markets division at the International Energy Agency (IEA), has said that next year will see…