OPEC compliance continues: reports
Multinational According to a survey conducted by Reuters, compliance in February stood at 94%, while a separate survey of refiners and traders conducted by the agency found that a majority of them expect Saudi Arabia to raise its Arab Light prices for Asia by at least USD 0.10 in April.
Brent crude futures for May delivery were up about 0.3% to USD 56.70 in midday trade in London following the news, as investors waited for US inventory data for last week later in the afternoon.
“There seems … to be a consensus within OPEC that the optimal crude oil price is as near as possible to the upper line of our shale band price range [USD 40-60 a barrel] but not significantly above,” Olivier Jakob, an expert at Petromatrix, told Reuters.
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