Tag: OPEC

OPEC, US Oil Firms Expect Subdued Shale Rebound Even as Crude Prices Rise

February 22, 2021
Businesscrude pricesEconomiesNatural gasOPECshale oil
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LONDON/HOUSTON—OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC and its allies. OPEC this month cut its 2021 forecast for U.S. tight crude, another term for shale, and expects production to decline by 140,000…

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Oil Gains on Continued OPEC+ Cuts and US Stocks Draw

February 4, 2021
BusinessEconomiesoil pricesOPEC
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LONDON—Oil prices extended gains on Thursday after the OPEC+ alliance of producers stuck to its reduced output policy and U.S. crude stocks fell, with optimism over a new U.S. pandemic relief bill adding further price support. Brent crude futures gained 24 cents, or 0.41 percent, to $58.70 a barrel by 1346 GMT, having earlier hit…

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OPEC Crude Output Cuts Should Help US Shale Profits in 2021

January 11, 2021
BusinessEconomieseconomyoil and gasOPECshale productionUS
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HOUSTON—A decision by OPEC and allied countries to cut crude production through March delivered a late Christmas present for U.S. shale firms that have slashed costs, but any rise in prices spurred by the unexpected move may be just a modest stocking stuffer. U.S. crude oil production has fallen 2 million barrels per day in…

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