West Texas Intermediate fell $2.32 to $37.60 per barrel, its lowest since February 2009. Brent also dropped $2.27 and settled at $40.73. West Texas Intermediate forward contracts through 2024 dropped below $60 per barrel.
The US Energy Information Administration said on Monday that US shale output would fall in January by about 116,000 barrels per day, but this alone was not enough to float the oil price, as it constitutes a fraction of the oversupplied 2 million-3 million barrels of oil per day. Another 1 billion barrels lay in stockpiles in the US.
Sustained output volumes and the prolonged price slump have forced industry players to postpone recovery predictions, with Total’s CEO Patrick Pouyanne saying a rebound in 2016 would be premature, as production growth would still outstrip demand.
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 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 has entered a strategic farm-in agreement with Rhino Resources in Namibia's offshore Orange Basin, the… Read More
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 Exploration has acquired Trinidad-focused Trinity Exploration & Production in an all-shares deal, the Canadian upstream player said on Wednesday Read More
ExxonMobil is "optimistic and pushing forward" with the Rovuma LNG project in Mozambique and eyes an FID by the year's… Read More
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