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U.S. E&Ps Reining in Capex, while International Operators Spending More
U.S. oil and gas producers are likely to reduce their capital spending this year by around 8% as they remain “extremely disciplined, yes, really,” based on a global survey by Raymond James & Associates Inc.
Analysts Pavel Molchanov, John Freeman and Graham Price compiled the 2021 projections in the firm’s eighth annual capital expenditure (capex) survey. The 50 publicly traded global exploration and production (E&P) companies sampled provide context about the overall health of the industry and ultimately, the outlook for medium-term oil and gas supply.
Capex plans have been on a roller coaster for the past few years. This year appears to be no different, analysts said.
Oil drops below $64 as rising OPEC+, Iranian output weighs - Netscape Money & Business netscape.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from netscape.com Daily Mail and Mail on Sunday newspapers.
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LONDON (Reuters) - Oil fell to below $64 a barrel on Monday as rising supply from OPEC+ and higher Iranian output countered signs of a strong economic rebound in the United States and expectations of a wider demand recovery in 2021.
FILE PHOTO: A 3D printed oil pump jack is seen in front of displayed stock graph and Opec logo in this illustration picture, April 14, 2020. REUTERS/Dado Ruvic/Illustration
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed on Thursday to monthly production hikes from May to July. OPEC member Iran, exempt from making voluntary cuts, is also boosting supply.