Novak Hunts for Ways to Soften OPEC+ Deal for Russian Companies – Bloomberg:
Russia's Energy Minister Alexander Novak says he had nearly identical views to Saudi Arabia's Al Falih when they met on June 6. The minister also discusses his ongoing talks with Russian oil companies about remaining in the OPEC+ deal. He speaks to Bloomberg's Annmarie Hordern from the sidelines of the St. Petersburg International Economic Forum in Russia. (Source: Bloomberg)
Friday, 7 June 2019
Texas's Gas Glut Is So Bad Drillers Are Pumping It Down Wells - Bloomberg
Texas's Gas Glut Is So Bad Drillers Are Pumping It Down Wells - Bloomberg:
Texas drillers may have found a solution to the stubborn natural gas glut that’s forced them to either burn it off into the air, or pay others to take it away.
At least five producers, led by EOG Resources Inc., are experimenting with shooting highly-pressurized natural gas into past-their-prime wells that have seen their output slip. The wells are then capped to build up pressure inside with the aim of dislodging any oil still hiding in the rock.
The methodology’s been used in conventional wells elsewhere with both natural gas and carbon dioxide for years, but it’s just now emerging in America’s fracked shale fields. The win-win goal: The trapped gas is put to work, and there’s a 30%-to-70% gain in oil output from older wells, according to EOG. As the shale boom ages, the potential could be extensive.
Texas drillers may have found a solution to the stubborn natural gas glut that’s forced them to either burn it off into the air, or pay others to take it away.
At least five producers, led by EOG Resources Inc., are experimenting with shooting highly-pressurized natural gas into past-their-prime wells that have seen their output slip. The wells are then capped to build up pressure inside with the aim of dislodging any oil still hiding in the rock.
The methodology’s been used in conventional wells elsewhere with both natural gas and carbon dioxide for years, but it’s just now emerging in America’s fracked shale fields. The win-win goal: The trapped gas is put to work, and there’s a 30%-to-70% gain in oil output from older wells, according to EOG. As the shale boom ages, the potential could be extensive.
#SaudiArabia's Falih says OPEC close to agreement on extending oil deal | ZAWYA MENA Edition
Saudi Arabia's Falih says OPEC close to agreement on extending oil deal | ZAWYA MENA Edition:
OPEC is close to agreeing to extend an oil supply-cutting agreement beyond June, Saudi Arabia's energy minister said on Friday, though the question is how to accommodate participating non-OPEC countries.
The Organization of the Petroleum Exporting Countries, Russia and other non-members agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1 until the end of this month. They meet in coming weeks to decide their next move.
"On the OPEC side, a rollover is almost in the bag. The question is to calibrate with non-OPEC," Saudi Energy Minister Khalid al-Falih said at an economic forum in St Petersburg, Russia.
OPEC is close to agreeing to extend an oil supply-cutting agreement beyond June, Saudi Arabia's energy minister said on Friday, though the question is how to accommodate participating non-OPEC countries.
The Organization of the Petroleum Exporting Countries, Russia and other non-members agreed in December to reduce supply by 1.2 million barrels per day from Jan. 1 until the end of this month. They meet in coming weeks to decide their next move.
"On the OPEC side, a rollover is almost in the bag. The question is to calibrate with non-OPEC," Saudi Energy Minister Khalid al-Falih said at an economic forum in St Petersburg, Russia.
Oil rises nearly 3% as #Saudi signals OPEC deal extension, stocks rally - Reuters
Oil rises nearly 3% as Saudi signals OPEC deal extension, stocks rally - Reuters:
Oil prices rose nearly 3% on Friday, climbing further from five-month lows hit this week, after Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June and as Wall Street rallied.
Brent crude futures gained $1.62, or 2.6%, to settle at $63.29 a barrel. U.S. West Texas Intermediate (WTI) crude ended at $53.99 a barrel, up $1.40, or 2.7%.
Brent posted its third weekly decline, dropping nearly 2%, while WTI gained about 1% for the week. On Wednesday both benchmarks hit their lowest since January.
Oil prices rose nearly 3% on Friday, climbing further from five-month lows hit this week, after Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June and as Wall Street rallied.
Brent crude futures gained $1.62, or 2.6%, to settle at $63.29 a barrel. U.S. West Texas Intermediate (WTI) crude ended at $53.99 a barrel, up $1.40, or 2.7%.
Brent posted its third weekly decline, dropping nearly 2%, while WTI gained about 1% for the week. On Wednesday both benchmarks hit their lowest since January.
As Oil Price Gyrates, Saudis and Russia Uncertain of Response - Bloomberg
As Oil Price Gyrates, Saudis and Russia Uncertain of Response - Bloomberg:
Oil prices are slumping and surging from one day to the next, and the two most powerful members of the OPEC+ coalition are yet to come up with a unified response.
Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Al-Falih met on Thursday in St. Petersburg, but the two architects of the production-cuts deal showed no sign of resolving their differences.
“We need more time to work out a final position” before a meeting scheduled for the coming weeks in Vienna, Novak told reporters late Thursday after meeting with Al-Falih. “Closer to the date of the meeting we’ll understand better what actions to take.”
Oil prices are slumping and surging from one day to the next, and the two most powerful members of the OPEC+ coalition are yet to come up with a unified response.
Russian Energy Minister Alexander Novak and his Saudi counterpart Khalid Al-Falih met on Thursday in St. Petersburg, but the two architects of the production-cuts deal showed no sign of resolving their differences.
“We need more time to work out a final position” before a meeting scheduled for the coming weeks in Vienna, Novak told reporters late Thursday after meeting with Al-Falih. “Closer to the date of the meeting we’ll understand better what actions to take.”
Oil prices rise for second day, climb from five-month lows - Reuters
Oil prices rise for second day, climb from five-month lows - Reuters:
Oil prices rose more than 1% on Friday, climbing further away from five-month lows hit earlier in the week after a report that Washington could postpone trade tariffs on Mexico and amid signs that OPEC and other producers may extend their supply cuts.
Brent crude futures were up 79 cents, or 1.3%, at $62.46 a barrel by 0641. They gained 1.7% on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were up 65 cents, or 1.2%, at $53.24 per barrel. They finished the previous session 1.8% higher.
Brent and WTI on Wednesday hit their lowest marks since mid-January at $59.45 and $50.60, respectively, after U.S. crude output reached a record high and stockpiles climbed to their highest since July 2017.
Oil prices rose more than 1% on Friday, climbing further away from five-month lows hit earlier in the week after a report that Washington could postpone trade tariffs on Mexico and amid signs that OPEC and other producers may extend their supply cuts.
Brent crude futures were up 79 cents, or 1.3%, at $62.46 a barrel by 0641. They gained 1.7% on Thursday.
U.S. West Texas Intermediate (WTI) crude futures were up 65 cents, or 1.2%, at $53.24 per barrel. They finished the previous session 1.8% higher.
Brent and WTI on Wednesday hit their lowest marks since mid-January at $59.45 and $50.60, respectively, after U.S. crude output reached a record high and stockpiles climbed to their highest since July 2017.
#Qatar Airways to seek compensation from Boeing over MAX grounding - Reuters
Qatar Airways to seek compensation from Boeing over MAX grounding - Reuters:
Qatar Airways plans to seek compensation from Boeing over the grounding of three 737 MAX aircraft by Italian airline Air Italy, where the Qatari company is a major shareholder, group chief executive Akbar al-Baker told Reuters.
Boeing MAX jets have been grounded worldwide and airlines are cancelling multimillion contracts following crashes in October and March that killed nearly 350 people.
“At Qatar Airways we do not operate any MAX airplanes – it affected our investment into Air Italy. Air Italy has three MAX operated in its fleet and they were grounded so it affected us – we had to take extra routing from outside,” al-Baker said.
Qatar Airways plans to seek compensation from Boeing over the grounding of three 737 MAX aircraft by Italian airline Air Italy, where the Qatari company is a major shareholder, group chief executive Akbar al-Baker told Reuters.
Boeing MAX jets have been grounded worldwide and airlines are cancelling multimillion contracts following crashes in October and March that killed nearly 350 people.
“At Qatar Airways we do not operate any MAX airplanes – it affected our investment into Air Italy. Air Italy has three MAX operated in its fleet and they were grounded so it affected us – we had to take extra routing from outside,” al-Baker said.
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