Business/economics

The 23-country group is seeking to end its historic supply cuts a month early as oil prices march upwards.

The big oil producers are balancing the chasing of more production with delivering dividends to shareholders. So far, the scale is tipping in favor of shareholders. But it’s not that cut and dried. Simplifying the complexity of the global market shines, at best, a narrow beam on some of the factors affecting production.

The Offshore Technology Conference drew nearly 25,000 participants, showing renewed interest in in-person meetings following the successful ADIPEC and IPTC conferences.

The EU has voted to immediately ban Russian oil imports supplied by tanker, a two-thirds cut in deliveries, while member states aim for a 90% import shutdown by yearend when Germany and Poland have pledged to phase out their Russian pipeline supplies.

The US has extended Chevron’s waiver to maintain its assets in sanctioned Venezuela through the end of November 2022 under the same limited terms as the previous extension.

The exit comes after Equinor's presence of more than 30 years with the transfer of its interests in joint ventures to Rosneft and its stake in the Kharyaga PSA to operator Zarubezhneftegaz.

Upon closing, the newly combined oil company will boast 135,000 BOE/D and hold around 15 years’ worth of drilling locations in the Permian Basin.

Tanker transit statistics via the Suez Canal broke historic records in April as Europe sought to import more crude oil and LNG from the Arab Gulf to replace traditional supplies from Russia.

A new report shows that the tight offshore rig market is even tighter than most estimates reflect. This offers relief to battered drilling contractors which are now demanding higher dayrates.

Oil companies would have to pay a premium for the hardware and services needed for rapid expansion. But is that likely?