National Oilwell Varco NOV said Monday it's entered into a memorandum of understanding with Saudi Aramco to form a joint venture based in Saudi Arabia, to manufacture high-specification land rigs, rig and drilling equipment, and offer certain aftermarket services.
Crude oil producers have called for their industry to receive the same national security attention from the Trump administration as steel and aluminum, Kallanish Energy sister publication Kallanish learns from the Panhandle Import Reduction Initiative (PIRI).
There's a good chance OPEC, Russia and other producers could deepen production cuts by as many as 500,000 barrels per day (BPD) when they agree to a new deal later this month, according to Citigroup.
The joint statement by the OPEC’s largest oil producer, Saudi Arabia, and its counterpart outside the cartel, Russia, that their output cut agreement needed to be extended until March 2018, drove crude oil price up over 2% on Monday.
Oil prices were little changed last Friday, as U.S. production was still rising, overshadowing hopes the global crude oil glut would drop on expected production cut extensions from OPEC and other producing countries.
Saudi Arabia’s deputy crown prince Mohammed bin Salman has dismissed domestic criticism against plans to float in the market a roughly 5% stake in the kingdom’s state oil company Saudi Aramco, reinstating the initial public offer (IPO) will go ahead in 2018.