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Saudi to Cut Output by 1MM BPD in Solo OPEC+ Move

Saudi to Cut Output by 1MM BPD in Solo OPEC+ Move
Monday June 05, 2023 - The extra cut in July takes Saudi Arabia's production to the lowest level for several years after a slide in crude prices.
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Industry Headlines

Oil Edges Up Amid Broader Risk Off Sentiment Share your comments
Monday, June 05, 2023Oil inched higher as Saudi Arabia's go-it-alone production cuts were offset by broader risk-off sentiment and traders waiting to see if cuts will materialize.

Starmer Says Oil and Gas in UK Mix for Years in Bid to Calm Unions Share your comments
Monday, June 05, 2023UK opposition leader Keir Starmer said oil and gas would remain part of the country's energy mix 'for many, many years'.

North America Loses More Rigs Share your comments
Monday, June 05, 2023North America dropped five more rigs week on week, according to Baker Hughes.

Putin Gains Influence in Oil Rich Libya Share your comments
Monday, June 05, 2023While the U.S. ponders whether to reopen its embassy in Libya, Vladimir Putin's new ambassador is preparing to take up his post in the capital.

Data Science is the Future of Oil and Gas Share your comments
Monday, June 05, 2023'Data science will increase the capability of oil and gas operations dramatically'.

UK Starts More Reforms to Speed Up Renewable Power Generation Share your comments
Monday, June 05, 2023The UK's electricity system operator has initiated additional reforms to enable developers to build their own connections to the grid.

UAE to Have Own Electrolyzer Production for Green Hydrogen Share your comments
Monday, June 05, 2023ADNOC has entered a deal for the establishment of domestic electrolyzer manufacturing to produce green hydrogen.

Saudi to Cut Output by 1MM BPD in Solo OPEC+ Move Share your comments
Monday, June 05, 2023The extra cut in July takes Saudi Arabia's production to the lowest level for several years after a slide in crude prices.


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Most Popular Articles

Exploration

Latest Troll Try Spits Dust Share your comments
Monday, June 05, 2023The development follows a spate of discoveries near the field.

TGS, PGS, Schlumberger to Start 3D Seismic Survey Off Malaysia Share your comments
Wednesday, May 31, 2023TGS, in partnership with PGS and Schlumberger, has secured pre-funding for a 2,658 square mile multi-client 3D seismic survey offshore Malaysia.

China Is Drilling a 10K Meter Deep Hole Into Earth's Crust Share your comments
Wednesday, May 31, 2023Chinese scientists have begun drilling a 10,000 meter hole into the Earth's crust.

Aker BP Makes Significant Oil Find Offshore Norway Share your comments
Friday, May 26, 2023Aker BP said the discovery enhances the resource base for the Yggdrasil development.

Petrobras Blocked from Drilling at Key Offshore Exploration Zone Share your comments
Thursday, May 18, 2023Brazil's environmental authority has rejected Petrobras' request to drill its first well at an offshore oil frontier known as the Equatorial Margin.

Trinity Spuds Jacobin Onshore Well Share your comments
Thursday, May 18, 2023Trinidad and Tobago-focused Trinity Exploration & Production has started drilling of the Jacobin prospect.


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Production

Wenchang Deep-Sea Floating Wind Project Connected to Grid Share your comments
Monday, June 05, 2023CNOOC Limited has connected the Wenchang deep-sea floating demonstration project to the grid for power generation.

TotalEnergies Inks Agua Marinha PSC in Brazil Share your comments
Saturday, June 03, 2023TotalEnergies has secured its share in the Agua Marinha block in the Campos Basin offshore Brazil.

ADNOC Drilling Beefs Up Hybrid Land Rig Fleet Share your comments
Friday, June 02, 2023According to its website, ADNOC Drilling's rig fleet has grown fourfold in 22 years.

Kinder Morgan to Expand Gas Capacity at Texas Gulf Coast Facility Share your comments
Friday, June 02, 2023Kinder Morgan will expand the working gas storage capacity at its Markham storage facility.

Exxon Bets New Ways to Frack Can Double Oil Pumped from Shale Wells Share your comments
Thursday, June 01, 2023'There's just a lot of oil being left in the ground'.

Argentina's Vaca Muerta Could Reach 1MMbpd Output by 2030 Share your comments
Thursday, June 01, 2023The projection assumes that takeaway capacity and rig availability do not limit Vaca Muerta's growth.


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Finance and Investing

Shell And Idekapital Invest $90MM in Kongsberg Digital Share your comments
Monday, June 05, 2023Kongsberg Digital has secured a $90 million investment from Shell Ventures and Idekapital.

Equinor Regains $108MM Shares in Buyback's Second Tranche Share your comments
Thursday, June 01, 2023Equinor bought almost 2.55 million own shares on the Oslo Stock Exchange for an average price of about $27.

EMEA Oil and Gas Firms to Maintain Robust Free Cash Flows: Fitch Share your comments
Wednesday, May 31, 2023Fitch expects prices to moderate but still sees robust cash in the near term for most EMEA oil and gas firms.

Tsakos Posts 28-Fold Rise in Quarterly Profit Year on Year Share your comments
Wednesday, May 31, 2023The energy carrier reported $177.458 million in quarterly net income driven by strong charter rates.

Saudi Net Reserves Fall to $410B Share your comments
Monday, May 29, 2023Saudi Arabia's foreign reserves fell in April to the lowest in more than 13 years.

ROK's Debt Down Over Four Times at $8.3MM Share your comments
Monday, May 29, 2023ROK paid down $27 million in net debt in the first quarter.

ConocoPhillips Preempts TotalEnergies' Sale of Surmont Share your comments
Monday, May 29, 2023ConocoPhillips is acquiring TotalEnergies' Surmont stake for 100 percent ownership.


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Company Operations

Regulator Fines Hilcorp Alaska in Latest of Over 60 Enforcement Actions Share your comments
Monday, June 05, 2023Hilcorp Alaska has been found to have violated an approved drilling process.

CNOOC Starts Up China's First Offshore CCS Project Share your comments
Monday, June 05, 2023CNOOC has commissioned the first offshore CCS project in China.

Major Yacht Maker Subscribes to Eni's Biofuel Share your comments
Monday, June 05, 2023Azimut-Benetti will use Eni's HVO biofuel under "the first yachting industry agreement that targets decarbonization".

Neptune Energy Gets Young Person's Guarantee Employer Status Share your comments
Sunday, June 04, 2023Neptune Energy has secured Young Person's Guarantee employer status.

Woodside Awards Contracts for Decommissioning of Australia Fields Share your comments
Friday, June 02, 2023The decommissioning involves subsea infrastructure at the Enfield, Griffin, Stybarrow and Echo Yodel oil and gas fields.

Chevron to Have Wastewater Pipeline for Permian Operation Share your comments
Friday, June 02, 2023Chevron has commissioned the construction of a pipeline to dispose of wastewater from its extraction activities in the Permian.


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