In this week’s news update, Hess and ExxonMobil confirm crude oil exports to Europe, and disagreements during a meeting of OPEC rule out a production cut.
Some of the world’s largest oil producing countries ended talks late April 17 without an agreement on whether to cap production, amid tensions between Iran and Saudi Arabia.
Members of OPEC disagreed even before the meeting began, with Saudi Arabia and Russia said to have agreed to cap production at current rates, while Iran refused to alter production until a pre-sanctions level is restored.
Saudi Arabia then ruled out a production cut unless Iran agreed to one also.
Rig Count Continues Drop
The number of rigs exploring for oil and natural gas in the U.S. declined by three last week to 440, according to oilfield services company Baker Hughes on April 15.
The Houston-based company says 351 rigs sought oil and 89 for natural gas. A year ago, 954 rigs were active.
Texas lost three rigs and Alaska, North Dakota, Pennsylvania and Wyoming each declined by one. New Mexico gained two rigs while Kansas and Louisiana gained one each.
Arkansas, California, Colorado, Ohio, Oklahoma, Utah and West Virginia were unchanged.
Hess, ExxonMobil Announce Crude Oil Exports
Oil and gas producer Hess announced on April 15 that it has sold Bakken crude for export from the U.S. Gulf Coast to Europe, the first reported shipment of North Dakota crude since Congress lifted the ban on exporting crude.
Hess said 175,000 barrels of Bakken crude left in early April and is being transported to a European refinery, according to Reuters. The company did not name the customer.
On April 14, ExxonMobil confirmed that it was shipping roughly 18,000 barrels of offshore oil produced from its Gulf of Mexico field to a refinery in Rotterdam, Netherlands.
Comments