Oil
Mexico is shutting its oil industry for foreign investors
Mexico kept its borders closed to foreign oil interests for nearly 80 years, with the state-owned Petroleos Mexicanos (Pemex) being the only company allowed to drill for gas on Mexican territory. In 2017, then-President Enrique Peña Nieto opened Mexico's …
Crude Oil supplies increase sharply in the US
The American Petroleum Institute reportedly showed an unexpected build of 1.97 million barrels of oil for the week ending December 11th. Gasoline supplies reportedly show a build of 828K barrels, Distillate supplies show a build of 4.76M barrels, and Cushing …
Petrobras planning to increase oil exports
Petrobras (PBR -3.2%) forecasts a rapid increase in oil exports and divestments in the five-year period to 2025 as it doubles its core export promotion and deleveraging strategies. In a virtual presentation during the annual Investors Day, Petrobras said …
Is this the end of Brazil´s oil boom?
Brazil's massive offshore oil boom, particularly in the deep-sea offshore pre-salt oil fields, continues to grow despite weaker oil prices and the severe impact of the COVID-19 pandemic. The strong demand from Asian refineries, particularly in China, for …
Exxon is planning a 20 billion write off
In addition to the $ 10 billion cost savings, i. 30% of capital expenditures and 15% of cash operating expenses this year, Exxon (NYSE: XOM) sees a 15% downsizing worldwide by the end of 2021. Capital expenditures are seen at $ 16B- $ 19B for the next year and …
Saudi Arabia has apparently just lost 27 bn Dollar
The slump in oil prices is sapping $ 27.5 billion in oil revenue from Saudi Arabia this year, Saudi Crown Prince Mohammed bin Salman said on Friday, admitting current oil revenues are insufficient to cover the kingdom's salary bills. Saudi Arabia forecast last …
The current meeting of OPEC is making headlines
A last-minute OPEC + meeting in the run-up to the entire OPEC meeting from November 30th to December 1st has been postponed to Sunday. At the virtual meeting, OPEC is expected to postpone production cuts for an additional two to three months through 2021, but …
PDVSA tightening relationship to Russia
The head of the Venezuelan state oil company PDVSA, Asdrubal Chavez, and the Venezuelan Vice President and Economy Minister Delcy Rodriguez are visiting Russia today to "deepen strategic alliances," Reuters reported, citing a statement from the Venezuelan …
Petrobras is selling some of its Marlim Oil Fields assets
Petrobras (breeder's right + 4%) says it has offered for sale a 50% stake in its old deep-sea oil cluster, Marlim, in the Campos basin off the Brazilian coast.
Oil Price are back on their way to recovery
Crude Oil Extends (CL1: COM) Gains On News Of Moderna's Potent COVID-19 Vaccine; December WTI + 4.3% to $ 41.85 / bbl, January Brent + 3.7% to $ 44.36 / bbl. Prices were also supported by new data showing economic upswing in China and Japan, with Chinese …