Page 409 - ஆர்கநைஸேஶந் ஆஃப் தி பெட்ரோலியம் ஏற்றுமதி நாடுகள் News Today : Breaking News, Live Updates & Top Stories | Vimarsana
News Highlights : Top Energy News of the Day
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Basra ports April crude exports avg 2 7 mln bpd -Iraqi News Agency | Hellenic Shipping News Worldwide
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Missed opportunity: hedges to crimp U.S. shale oil producers’ 1Q profit
U.S. oil and gas operators face billions of dollars in hedging losses that will weigh on first quarter earnings as this year’s oil-price recovery left dozens selling their oil at below market prices.
Companies including Cimarex Energy Co XEC.N and Concho Resources that locked in prices on some of their volumes when prices rebounded last year to around $40 per barrel missed some of the price jump, and Concho owner ConocoPhillips COP.N paid millions of dollars to unwind those contracts.
Benchmark U.S. crude prices CLc1 have doubled from year-ago levels, averaging over $58 a barrel for the quarter ended March 31. Hedges and a February freeze that temporarily slowed output, are expected to crimp the benefits of higher prices as U.S. oil producers report earnings in coming days.
OPEC+ gearing for production hike from May
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Oil gains more than 1% on fuel demand optimism
04/28/2021 | 03:31pm EDT
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NEW YORK (Reuters) -Crude prices rose more than 1% on Wednesday, after U.S. distillate inventories posted a large drawdown and refiners ramped up activity to the highest in over a year, boosting hopes for rising fuel demand in the world s top oil consumer.
OPEC+, comprising of the Organization of the Petroleum Exporting Countries and its allies, on Tuesday decided to stick to plans for a phased easing of oil production restrictions from May to July, an indication that the group is confident that global demand will recovery.