Business Briefs > Oil Prices | Offshore

Oil prices rise as Gulf of Mexico platforms evacuated

Oil prices rose on Tuesday, with US crude breaking through $70/bbl after the evacuation of two Gulf of Mexico oil platforms.

Oil surges on threat to PDVSA, Iran worries

US oil hits three-year high, falls slightly

Oil Supply-Demand Balance 2015-2022

Westwood forecasts $1.7 trillion of upstream capex in next five years

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Upstream industry on upward curve, report claims

Analyst sees $80 Brent within six months

Oil prices may hit $80/bbl this year, analysts say

Oil prices reach highs not seen since 2015

Oil prices may rise even more on news from Saudi Arabia, experts forecast

Oil prices rise on expectation of continued production cuts

Non-OPEC decline rates to remain stable

Reducing costs with digitalized solutions

Tropical Storm Harvey

Industry continues support for Harvey relief efforts

As Tropical Storm Harvey makes its way across east Texas and into Louisiana, about 18% of oil production and 19% of natural gas production in the Gulf of Mexico remains shut in.

No magic wand for offshore market recovery, analyst finds

There remains too much construction capacity within the offshore market that will not be absorbed even with a recovery to 2014 levels of activity, according to analyst Westwood Energy.

Offshore recovery still held back by oil price, report finds

Westwood Energy’s updated World Oilfield Equipment Market Forecast projects higher offshore expenditure between now and 2021.

Crude prices reverse weeks-long freefall

A Reuters article called oil prices “choppy” as they reversed their recent slide to land just above their reported seventh-month lows reached last week.

EIA: Growth in shale production a key contributor to possible oversupply, price weakness

The US Energy Information Administration has warned in its most recent Short-Term Energy Outlook that possible supply growth expected in 2018 could contribute to weaker oil prices later this year.

Supply concerns trigger oil price plunge after OPEC extension

OPEC has issued a decision to extend its production cuts by nine months, to March 2018.

Analyst reviews oil price scenarios ahead of OPEC meeting

OPEC faces a tricky balancing act in how it can best reintroduce its supply to the market without risking oversupply and a sharp fall in oil price.

All eyes on OPEC ahead of May meeting

OPEC recently released its latest Monthly Oil Market Report, where it found that non-member supply this year is expected to increase by 0.95 MMbbl/d, up from its April forecast of 0.58 MMbbl/d.

Industry still cautious on future prospects, survey finds

Wood Mackenzie has canvassed the views of its oil and gas industry clients on prospects ahead, with uncertainty over whether oil prices will recover from around $50/bbl.

Frontier drilling programs could halt exploration decline, report claims

Commercial oil and gas volumes discovered globally fell to a nine-year low in 2016, according to Westwood Global Energy Group’s (WGEG) eighth annual State of Exploration Report.

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GoM recovery likely at $60/bbl

Gulf of Mexico investments halved from the 2014 peak to 2016 following the oil price collapse, as volumes from OPEC and shale and tight oil flooded the market.

Conventional crude oil resources discovered and sanctioned by year

Report: Oil discoveries fell to historic lows in 2016

Global oil discoveries fell to a record low in 2016 as companies continued to cut spending and conventional oil projects sanctioned were at the lowest level in more than 70 years, according to the International Energy Agency, which warned that both trends could continue this year.

Analyst outlook makes case for reduction in global oil supply surplus

McKinsey Energy Insights has released its latest Global Oil Supply and Demand Outlook, which identifies five potential supply and demand scenarios.

Crude oil prices dip in reaction to resumed Libyan production

Oil prices edged lower on Monday as a rebound in Libyan oil output weighed against upbeat economic data from Asia.