International

OPEC Compliance With Output Cuts Was Only 74% In May

Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other.

ConocoPhillips completes sale of interests in Australia

U.S. firm ConocoPhillips announced the completion of the sale of its subsidiaries that hold its Australia-West assets and operations to Australian independent Santos.

BP names David Lawler as America chief

BP has appointed David C. Lawler, CEO of BPX Energy, as chairman and president of BP America Inc., succeeding Susan Dio, effective July 1. He remains CEO of BPX Energy.

Chevron Plans Massive Workforce Reduction

Chevron Corp has plans to cut between 10 percent and 15 percent of its workforce as crude oil prices remain stubbornly low amid the coronavirus pandemic and oversupply.

Oil Climbs Above $34 on Hopes Market May Balance in Coming Weeks

Oil rose above $34 a barrel following a prediction from Russia that the market may rebalance as early as next month after historic output cuts from global producers to drain a glut.

Iranian gasoline starts to arrive in fuel-starved Venezuela

An Iranian tanker carrying gasoline has arrived over the weekend in Venezuelan territorial waters as the country deals with severe fuel shortages and US sanctions.

In the Shadow of War, Libya’s Ailing Oil Industry Gets No Relief

The revival of Libya’s oil industry looks even less certain following recent setbacks suffered by Khalifa Haftar, the commander trying to take over the last swaths of the country outside his control.

Neptune Energy completes Petrel seismic survey offshore Australia

Neptune Energy announced the successful acquisition of the 3D broadband seismic survey of the extensive Petrel field located in the Bonaparte basin of Australia.