International

Venezuela’s fall leaves world’s richest oil reserves tapped by a single rig

Venezuela’s fall from oil superpower to failing producer can be illustrated in one image: a single drilling rig working the world’s largest oil reserves.

Iraq Gets Serious on Oil Cuts By Asking Buyers to Forgo Cargoes

Iraq has asked some Asia refiners to consider forgoing prompt shipments of its Basrah crude, a potential signal the country is trying to meet the output-cut pledges it made to OPEC at the weekend.

Kuwait to Stop Hiring Foreign Workers for Oil Sector

Kuwait will no longer hire expatriates for jobs in its oil sector as the OPEC member moves to reduce the number of foreigners in the country.

Gasoline Demand Recovery Seen in Saudi Arabia’s Price Strategy

Saudi Arabia priced its lighter crudes at more expensive levels than its heavier grades in most regions, another sign that gasoline is leading the way as the global economy recovers from the coronavirus.

Oxy debates selling down Middle East assets to reduce debt

Occidental Petroleum Corp. is reviewing options for its Middle Eastern assets as it seeks ways to reduce its debt pile, people familiar with the matter said.

Weatherford C-suite leaders step up as CEO McCollum leaves the company

HOUSTON - Weatherford International announced that Mark A. McCollum, President, CEO and a director, has left the company, effectively immediately. Karl Blanchard, executive vice president and COO, and Christian Garcia, executive vice president and CFO, will form the Office of the Chief Executive, reporting directly to the board of directors and will oversee the day to day operations. The board of directors has initiated a search to identify a permanent President and CEO and will work with a leading executive search firm to assist in the process.

Oil prices stumble as Saudis set end date for new OPEC+ cuts

Oil traded near $42 a barrel in London after OPEC and its allies agreed to extend historic output curbs by an extra month, but Saudi Arabia signaled it wouldn’t continue with additional, deeper curbs after June.

Saudis Make Biggest Oil Price Hike in 20 Years After OPEC+ Cuts

Saudi Arabia made some of the biggest price increases for crude exports in at least two decades, doubling down on its strategy to bolster the oil market after OPEC+ producers extended historic output cuts.