Major oil companies like Chevron, Exxon, Occidental, and Diamondback have engaged in multibillion-dollar mergers, aiming to bolster their positions in the oil and gas market. These megamergers reflect a trend of consolidation in the U.S. oil sector, driven by higher oil prices and geopolitical uncertainties, with companies seeking to enhance their production capacities and competitiveness. …
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Oil majors are pursuing projects with lower breakeven costs. The news projects are about half the break-even level for oil projects just a decade ago. Improving drilling and cost efficiency have allowed oil companies to eke out a profit at much lower oil prices. The U.S. and global oil and gas sector is currently …
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Seasonally adjusted advance estimates of retail and food services sales in the United States observed a monthly decline of 0.8% to come in at $700.3 billion in January, the Census Bureau said in its preliminary report published on Thursday. The figure stood lower than analysts predicted for the reported period. On an annual basis, retail …
OPEC’s crude oil production slumped by 350,000 barrels per day (bpd) in January as the latest voluntary output cuts kicked in, but not all those who had pledged reductions delivered on their promises. As OPEC’s crude oil production from all 12 members fell by 350,000 bpd to 26.342 million bpd in January, the country …
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The United States and several Arab countries are set to present a detailed plan for definite peace between Israel and the Palestinians that involves a precise timeline for a future Palestinian state, the Washington Post reported citing US and Arab sources. According to the report, the first phase of the plan would include a six-week …
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Commercial crude oil inventories in the United States, which are not taking into account those in the Strategic Petroleum Reserve, were up by 12 million barrels to 439.5 million barrels in the week ending February 9, the Energy Information Administration (EIA) revealed in its report on Wednesday. The country’s inventories now stand 2% below the …
Palestinian National Authority (PNA) President Mahmoud Abbas on Wednesday called on the Hamas movement to expedite the prisoner exchange deal to prevent further displacement of the Palestinian people and additional Israeli forces’ attacks on the southern city of Rafah in the Gaza Strip that could result in the loss of thousands of lives. The president …
Egyptian officials say mediators have made progress in talks aimed at a truce in Gaza. Representatives from the US, Egypt, Israel and Qatar are meeting in Cairo, as international calls grow for Israel to halt plans for an assault on the southern city of Rafah. Meanwhile, German Foreign Minister Annalena Baerbock has expressed concern over …
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Israel Defense Forces (IDF) have started a widespread wave of airstrikes in Lebanon, spokesman Daniel Hagari announced on Wednesday. Earlier today, Israeli National Security Minister Itamar Ben-Gvir said that this morning’s deadly attack in the northern city of Safed, which is believed to have been carried out by the Hezbollah militant group, serves as a …
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Oil supply increases from the Americas will be more than enough to meet demand growth this year, putting downward pressure on oil prices this year in the absence of a major geopolitical escalation in the Middle East, the International Energy Agency’s (IEA) Executive Director Fatih Birol told Bloomberg on Tuesday. The IEA sees global …
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