Oil prices jumped on Aug. 14 after Saudi Arabia said it cut production, adding to concerns over global supply as U.S. sanctions against Iran curb its exports, though the prospect of a slowdown in global economic growth kept a lid on markets.
Analysts with Tudor, Picking, Holt & Co. said Ensign’s proposed acquisition of Trinidad would create one of the largest North American land drillers with critical mass in many key international markets.
OPEC on Aug. 13 forecast lower demand for its crude next year as rivals pump more and said top oil exporter Saudi Arabia, eager to avoid a return of oversupply, had cut production.
Royal Dutch Shell is doubling down on drilling for oil far beneath the oceans, as the energy group eyes a cash bonanza from traditional deepwater projects despite a growing focus on new U.S. shale investments.
Although the IEA did not lower its annual oil demand expectations, the group noted growth could cool down later this year if trade tensions between U.S.-China escalate.
Oil prices steadied on Aug. 10 as concerns that a global trade dispute will slow economic growth and demand for fuel were balanced by U.S. sanctions against Iran that look set to tighten supply.
Brent crude futures were up 19 cents at $72.47 barrel by 8:15 CST, after having lost more than 3% on Aug. 8. U.S. crude futures rose 6 cents to $67.00 a barrel, having closed down 3.2% the day before.
Forecasters see the benefit of EV conversion but costs, battery life and demand make the future uncertain.
Iran's oil minister said OPEC may need to hold an extraordinary meeting after noticing certain members were trying to adjust output without approval.
U.S. LNG exporters can compete against Chinese tariffs or seek other markets; and the Nord Stream 2 pipeline does not have to lock up the European gas market.