Like many of its peers, Hess is struggling to adapt to the dip in oil prices this year, which was not expected when 2017 capital budgets were crafted.
At a meeting on July 24, Saudi Energy Minister Khalid al-Falih said that his country would limit its crude exports to 6.6 million bbl/d in August, almost 1 million bbl/d below the levels of a year ago.
Anadarko and the rest of the U.S. shale oil industry have been grappling with how to conserve cash and maintain growth opportunities even as crude prices have slumped since January.
OPEC states Libya and Nigeria were exempted from the limits to help their oil industries recover from years of unrest, though a committee on July 24 agreed Nigeria would now join the deal.
Oil traders are looking ahead to the July 24 meeting of several ministers from OPEC and non-OPEC members in Russia, though some analysts doubt it will lead to any new intervention.
Schlumberger NV, the world’s largest oilfield services company, has agreed to buy a 51% stake in Russia’s biggest oilfield services firm Eurasia Drilling Co. (EDC), the Russian company said late on July 20.
Both benchmarks were trading at their highest since June 7 after rising more than 1.5% in the previous session on a report showing U.S. crude and fuel inventories fell last week.
Russia is ready to continue working with OPEC, a source said, adding that Moscow welcomed a flexible approach by OPEC's leader Saudi Arabia to accommodate rising output from Nigeria and Libya.
Stratas Advisors’ Oil Comparables Weekly shows less in storage, lower field production than expected.
Oil rose on July 18 but traders said the market was trading in a tight range and showed few signs of big short-term moves.