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    Offshore Gas Field Nod From The US To Trinidad And Tobago

    Uganda Begins First Oil Drilling Project Under $10bn Scheme

    Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan

    TechnipFMC awarded $250 million subsea service contract offshore Brazil

    Sinopec creates record by drilling 8,725 meters deep oil, gas field

    Uganda expects oil production by 2025 with new drilling activity

    Trillion Energy to increase gas production at SASB gas field with three new side-track wells

    Total-Eni partnership in offshore gas drilling

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    Perenco Brazil’s FSO ‘sets sail to Pargo Cluster offshore Brazil

    Eni Ghana launches Business and Market Fair in Sanzule, Western Region

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    Norway Plans To Offer Record 92 Oil & Gas Exploration Units

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    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

    offshore contract by Al Yasat Petroleum

    INEOS and partners approved to develop Solsort field offshore Denmark

    TechnipFMC awarded significant subsea contract for Shell’s North Sea development

    Petronas hires Maersk semi-submersible for Suriname exploration

    PETRONAS Announces New Gas Discovery in Central Luconia Province, Offshore Malaysia

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    Funding For Oil And Gas Industry Is Evolving Dramatically

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    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

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Oil prices increase due to less than expected rise in US stockpiles

venkat by venkat
May 1, 2020
in News
0
Oil prices increase due to less than expected rise in US stockpiles

Oil prices have increased after crude inventories in the US rose by ten million barrels, which is less than expected. According to Reuters, West Texas Intermediate (WTI) futures were trading at $14.24 a barrel, a 27% gain over the first two days of this week.

Meanwhile, Brent crude LCOc1 futures rose by $0.93 to $21.39 a barrel at 0233 GMT. Data released by industry group American Petroleum Institute (API) has highlighted an increase in US crude stocks to 510 million barrels in the week that ended on 24 April.

Expectations that demand would increase as some of the European nations and the US cities moved to ease Covid-19 lockdowns, also supported oil prices.

National Australia Bank Melbourne commodity research head Lachlan Shaw was quoted by the news agency as saying: “It’s a little bit of good news that maybe storages aren’t filling quite as quickly in the US as you would have thought.”

Regulators in Texas, US are set to hold a vote on 5 May on whether to enact output cuts. Furthermore, North Dakota and Oklahoma officials are examining several ways to enable legal output cuts.

That would add to production cuts of 9.7 million bpd agreed by the OPEC+ Group, or about 10% of global production, which will take effect from next month.

Shaw further added: “The other thing coming through is more detail and a louder groundswell towards plans for removing COVID restrictions, particularly in Europe — in countries like Spain, France, Austria and Switzerland. That’s going to see demand pick up.”

 

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