Oil Expected to Reach $100 Again

Oil Expected to Reach $100 Again
Here are some of Rigzone's top stories during the last week, just in case you missed them...

Here are some of Rigzone’s top stories during the last week, just in case you missed them…

Oil Will Hit $100 in Around 18 Months

In a new CNBC television interview, Orascom Investment Holding Chairman and CEO Naguib Sawiris revealed that he believes oil will hit $100 per barrel in around 18 months. The latest predictions from the U.S. Energy Information Administration and Standard Chartered are some way under that forecast, however.

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Halliburton Faces Another Set of Layoffs

Halliburton announced another set of layoffs recently, according to a notice sent to the Oklahoma Office of Workforce Development on April 28. It was the fourth major workforce adjustment the oilfield services giant has made since late March.

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Global Oil Glut Set to Halve in May

According to a new Rystad Energy analysis, the global imbalance between oil supply and demand is set to halve to 13.6 million barrels per day this month. A further fall to 6.1 million barrels per day in June is expected.

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Chevron Down to 5 Permian Rigs

Chevron’s Chairman and CEO Mike Wirth revealed in a recent Bloomberg television interview that the company is currently running five rigs in the Permian. Chevron began the year with 17 rigs in the region.

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Exxon Sees Historic Loss on Rout with Chevron in Retreat 

Bloomberg highlighted that Exxon registered its first loss in at least three decades and that Chevron cut $2 billion off its spending plan. According to Bloomberg, these are the latest signs of the financial devastation the coronavirus pandemic will inflict on the oil giants for months, if not years, to come.

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Here’s What’s Coming

Keep an eye out for these articles on Rigzone later today…

  • May Starts with Contract Wins in Africa and Asia
  • North Dakota Launches Bakken Restart Task Force
  • Halliburton Lays Off Additional Staff in Houston
  • Neptune Completes First Egypt OBN Seismic Survey
  • Texas LNG Project Secures Air Permit
  • Williams Makes Deepwater Deal with Chevron and Total

To contact the author, email andreas.exarheas@rigzone.com


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