Author Archive: Jordan Gleason

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Oil price, Rockhopper, Sound Energy, And finally…

A mixed day yesterday, it might have been worse as the EIA inventory stats were worse than forecast at a build of 4.95m barrels against expectations of +1.77m. Crude did stage a late comeback which saved the day to a certain extent. More on the OGA licences later when I have looked at them all. Rockhopper […]

Norway’s Statoil top bidder for U.S. offshore licenses

As one of the companies with the largest take in a U.S. offshore auction, Norway’s Statoil said it reset its Gulf of Mexico position as the market improves. Statoil was the high bidder on 13 of the tracts up for sale in the latest auction for the rights to drill in the U.S. waters of […]

Libya Seeks To Raise Oil Output To Over 1 Million Bpd By August

Libya’s head of national oil corporation Mustafa Sanalla has said he expects the daily production of oil to rise to more than one million barrels per day (bpd) by August, China’s Xinhua news agency. “Today, we are producing 700,000 barrels per day and we are working very hard to raise the daily production to 800,000 […]

This Is How Many Barrels of Oil the 13 OPEC Countries Produced Last Month

The Organization of the Petroleum Exporting Countries, or OPEC, controls a significant portion of the world’s oil reserves. These 12 countries have historically used this position as the global energy gorilla to affect oil prices and to move markets. And while the emergence of shale oil production, driven by technological advances including horizontal drilling and […]

Oil edges up as Saudis cut supplies to U.S., but global glut remains

Oil edged higher on Friday, boosted by hopes that an OPEC output cut was beginning to balance a long-oversupplied market, but benchmark prices were on track for weekly losses as concerns persisted over an excess of crude. Benchmark Brent crude futures LCOc1 were at $50.86 per barrel at 1040 GMT (6:40 a.m. ET), up 30 […]

Russian private oil companies swing behind output cuts

Russia’s private oil producers are ditching their scepticism and lining up behind an extension of a global deal to cut output after previous oil price increases compensated for lost income. Oil prices have risen since November when the Organization of the Petroleum Exporting Countries (OPEC) reached its first deal to lower output since 2008, with […]

Crude Oil Prices Edge Higher, Supply Concerns Limit Gains

Oil prices have edged higher with some further relief that important support levels held, although underlying over-supply concerns have continued to limit scope for gains. After sliding ahead of the US open on Thursday, crude prices gained some relief later in the session with WTI finding support on approach to $47.50 p/b. Prices also edged stronger […]

Trump administration approves Keystone XL pipeline

The Trump administration issued a permit Friday to build the Keystone XL pipeline, reversing the conclusion of the Obama administration and clearing the way for the $8 billion project to finally be completed. The decision caps a years-long fight between environmental groups and energy industry advocates over the pipeline’s fate that became a proxy battle […]

Think balancing Louisiana’s $23B state budget is easy? Give it a try!

The Louisiana Legislature returns to session April 10, with the primary objective of crafting a balanced state budget for the coming year and goal of providing more long-term stability. Task forces, committees and various interest groups have held hearings and offered input. Gov. John Bel Edwards is expected to unveil his legislative agenda next week. […]

Exxon Mobil gathers tax incentives in Texas’ battle with La. for plant site

Exxon Mobil gathers tax incentives in Texas’ battle with La. for plant site

The school board in a south Texas community competing with two Louisiana sites has approved an estimated $1.2 billion in tax breaks to entice Exxon Mobil Corp. and its Saudi partner to build a $9.3 billion petrochemical plant within its district along the Texas Gulf Coast. Earlier this year, Exxon Mobil officials said Ascension and […]