NorthAmOil - North America Oil & Gas

Saudi, Russia to stick with voluntary output cuts

Saudi Arabia and Russia this week confirmed that they will extend their additional voluntary oil production restraint until the end of the year.

Oil prices defy analysts’ expectations and fall rather than rise after the outbreak of the Israeli-Hamas war

The oil price defied analysts’ expectations and fell rather than rose after the outbreak of the Israeli-Hamas war on October 7. A month later, despite a 3.7% drop in the price of a barrel of Brent, its value has returned to pre-war levels.

NorthAmOil: Profits down at Exxon, Chevron but still buoyant

Democrats seek anti-trust probe of Exxon, Chevron mega-deals

Democrats are calling for the US Federal Trade Commission (FTC) to probe the planned acquisitions, saying they could lead to higher prices for consumers at the pump and could violate anti-trust laws.

Biden’s Alaskan oil plan is ‘major threat’, says oil exec

US President Joe Biden’s plans for the National Petroleum Reserve-Alaska (NPR-A) are a “major threat” to oil companies plans for future drilling in the region, a senior oil executive has said.

Profits down at Exxon, Chevron but still buoyant

Profits at ExxonMobil and Chevron, the two largest US oil and gas companies, fell in the third quarter ended September 30. Exxon reported profits of $9.1bn, while Chevron posted profits of $6.5bn.

Biden delays Gulf of Mexico oil, gas sale

The Biden administration has delayed a planned Gulf of Mexico offshore oil and gas auction on November 8 until an appeals court has ruled on the controversial sale. Biden’s announcement was made on November 2.

Enterprise announces $3.1bn in Permian growth projects

Enterprise Products Partners has announced four new capital projects to support continuing production growth in the Permian Basin.

BP mulling partners to raise US shale output

Oil and gas giant BP is said to be exploring forming joint ventures with US shale gas companies to raise its output and slash costs at its North American onshore gas fields.