U.S. Unleashes Chevron. Oil Major To The Rescue In The Energy Crisis

CARACAS, VENEZUELA – MARCH 23: Men wearing protective masks walk in the Petare slum on March 23, 2020 … [+] in Caracas, Venezuela. As Nicol·s Maduro has declared a nationwide quarantine, the international community is concerned about how the country will control the pandemic with its rising levels of poverty and public health crisis. (Photo … Read more

Breakthrough in Venezuela talks spurs U.S. to ease embargo

Mexico- Nicolas Maduro’s government and the Venezuelan opposition on Saturday broke a political deadlock with a broad social agreement, and the US government responded by allowing a major US oil company to resume operations in Venezuela. The agreement heralded a potential easing of a crushing economic and political crisis in Venezuela. This paves the way … Read more

U.S. gives Chevron go ahead to pump oil in Venezuela again

The Treasury Department said Saturday it would allow Chevron to resume pumping oil from Venezuela’s oilfields. Why is this important: The license, granted by the Treasury Department, would allow the California-based oil company to pump Venezuelan oil for the first time in years in joint ventures with Venezuela’s national oil company Petróleos de Venezuela (PdVSA). … Read more

U.S. Rig Count Sees Small Increase In Thanksgiving Week

The total number of active rigs in the United States increased by 2 this week, according to new data from Baker Hughes released on Wednesday instead of Friday this week due to the Thanksgiving holiday. The total number of platforms increased to 784 this week – 215 platforms more than the number of platforms this … Read more

RUSH gaming festival returns for Riyadh Season 

RIYADH: A leading international sound engineer will host a three-day “Music Production: From Zero to Hero” course in Riyadh from November 28, aimed at nurturing budding talent in the country. The course is offered as part of the XP Music Futures conference. “I feel a huge sense of pride, it’s very rewarding and I know … Read more

Rosneft Gets Super-Icebreaker For Vostok Project

Russian Rosneft has inaugurated a new nuclear-powered icebreaker that will be used on its Vostok oil project in eastern Siberia. The 173-meter Ural recently completed its tests, reports the Barents Observer, and will soon head for Murmansk and the nuclear icebreaker base there. It will be used exclusively by Rosneft, according to a Rosatom executive. … Read more

U.S., Allies Eye $60 Price Cap For Russian Crude

The United States and its allies hope to establish the price level at which Russian crude oil will be capped, people familiar with the talks told The Wall Street Journal on Tuesday. Officials are talking about setting the price at which Russian crude oil will be capped at $60 a barrel. The group will meet … Read more

Permian Basin Drives The U.S. Oil Industry Despite Limits On Growth

Oil well pumping outside Midland Texas. (Photo by: Joe Sohm/Visions of America/Universal Images … [+] Group via Getty Images) Joe Sohm/Visions of America/Universal Images Group via Getty Images A meme that made the rounds on Twitter this week quite succinctly describes the cyclical nature of employment levels in the oil and gas industry. The meme … Read more

Hess CEO says OPEC ‘back in the driver’s seat’ as U.S. shale growth slows

Nov 17 (Reuters) – The Organization of the Petroleum Exporting Countries (OPEC) is “back in the driver’s seat” as the top swing producer amid slowing U.S. shale growth, the chief executive of OPEC said on Thursday. Hess Corp (HES.N), John Hess. at an investor conference in Miami, Florida. Hess predicts that U.S. oil production will … Read more

Oil falls $1 a barrel on firmer U.S. dollar, surging COVID-19 cases in China

Oil prices fell on Monday, led by a stronger U.S. dollar as a spike in coronavirus cases in China dashed hopes of a quick reopening of the economy for the world’s biggest crude importer. Brent crude futures fell $1.01, or 1.1%, to $94.98 a barrel as of 10:30 GMT after gaining 1.1% on Friday. WTI … Read more