There’s nothing the Organization of Petroleum Exporting Countries (OPEC) can do to stop U.S. shale, John Driscoll, chief strategist at JTD Energy Services said on Thursday, adding that the recent oil rally is seasonal.
The growth of global demand for petroleum products will decelerate “significantly” by 2022, as changes in vehicle fleet affect gasoline and diesel demand, Kallanish Energy learns from U.S. consultancy firm ESAI Energy.
Nabors Industries, which bills itself as owner-operator of the world's largest land-based drilling rig fleet, said this morning it’s acquiring equipment manufacturing/rental/aftermarket service business Tesco in an all-stock deal valued at $215.75 million.
Total crude oil production from the Organization of Petroleum Exporting Countries increased 173,000 barrels per day (BPD) in July from June, to average 32.87 million barrels per day (MMBPD), according to secondary sources used in the cartel’s August Monthly Oil Market Report.
Oil prices moved slightly higher Friday, but posted another weekly decline after the International Energy Agency said market rebalancing was taking time due to weak OPEC compliance with output cuts.
Cash-strapped Toshiba has put off delisting after its accounting won auditor approval, albeit with a stern rebuke, leaving its listed status largely dependent on whether it can complete the sale of its chip business by March, Reuters reported.