Oil price down despite OPEC cuts
Multinational Brent closed 0.63% and WTI 0.73% lower than the previous close, at USD 55.62 and USD 52.83 per barrel, respectively.
OPEC’s cuts have yet to have a significant effect on total oil supply. Rising US shale output – expected to reach its highest level since May last year in March – has managed so far to keep the oil price at about USD 55 per barrel.
OPEC announced Monday that its members had cut production by around 1 million bopd, in line with a November agreement. The deal also included non-OPEC members who have also reduced output albeit not as significantly. Russia, the biggest non-member in the deal, cut output by roughly 100,000 bopd in January.
Recent Posts
UK allows oil exploration in North Sea wind project zones
The UK's hydrocarbons regulator has awarded 31 new exploration licences in the country's North Sea waters, Reuters reported on Friday Read More
ExxonMobil closes acquisition of Pioneer, creating Permian powerhouse
ExxonMobil announced the closing of its USD 60-billion acquisition of Pioneer Natural Resources on Friday, a move that solidifies its… Read More
BP-Eni joint venture Azule Energy enters Namibia’s Orange Basin
BP-Eni joint venture Azule Energy has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
Chariot starts gas drilling campaign in Morocco
Africa-focused energy group Chariot has spudded the RZK-1 exploration well on the Gaufrette prospect at the Loukos Onshore licence in… Read More
Touchstone acquires Trinidad E&P player Trinity
Touchstone Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil “optimistic and pushing forward” with Mozambique’s Rovuma LNG
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More