News

U.S. Oil Surge Makes Bank of Russia Skeptical on OPEC+ Success
Wed, 01/09/2019 - 22:57

Russia’s central bank is not convinced that OPEC and its allies’ supply cuts can revive the oil market as it’s being countered by surging U.S. production.

The Bank of Russia cut its crude price outlook for next year to $55/bbl from $63 on higher supply risks, mainly related to “fast output increase” in America, according to Governor Elvira Nabiullina. Just a week ago the country’s Energy Minister Alexander Novak brokered a deal that led to the so-called OPEC+ group agreeing to cut production by 1.2 MMbopd in an effort to boost prices.

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Qatar Petroleum Signs Agreement to Acquire
Wed, 01/09/2019 - 22:57

Qatar Petroleum entered into an agreement with Eni to acquire a 35% participating interest in three offshore oil Fields in Mexico.

The agreement cover the Amoca, Mizton, and Tecoalli offshore oil fields, which lie in Area 1 in Mexico’s Campeche Bay.

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