Crude hovered near $68/bbl amid signals that an Iran nuclear accord may live on, even without the U.S.
Oil prices were down on markets in New York and London Apr. 27. After a slight dip to settle at $74.64/bbl, Brent crude futures aren’t far from the $75/bbl-level last reached in late 2014. US West Texas Intermediate crude also settled downward at $68.10/bbl.
Abu Dhabi National Oil Co. (ADNOC) has signed an agreement appointing JODCO Lower Zakum Ltd., a wholly owned subsidiary of Japan’s Inpex Corp., as the asset leader for Abu Dhabi’s Lower Zakum concession area.
Chevron Corp. reported earnings of $3.6 billion for this year’s first quarter compared with $2.7 billion in the same quarter in 2017. The company attributes cash flow and earnings increases to “a powerful combination” of expanding upstream margins and volumes.
Pierre Andurand, one of oil’s most prominent hedge fund managers, said the current reluctance of energy companies to invest in new production meant $300/bbl was “not impossible” within a few years.
Operators of offshore oil and gas projects have slashed costs during the oil-price slump, but they also are working to avoid the boom-bust cycles of the past, panelists told an Apr. 30 session at the Offshore Technology Conference in Houston.
Europe’s oil refineries are increasingly missing out on Russian crude as the world’s biggest energy producer directs more and more barrels by pipeline to China.
Marathon Petroleum Corp. agrees to buy rival oil refiner Andeavor for $23.3 billion.
Oil prices gain as the risk of renewed US sanctions on Iran.
Brent crude oil rose above $75/bbl on the London market during Apr. 24 trading, its highest since 2014. The Apr. 23 settlement for Brent’s June contract was $74.71/bbl. Analysts attributed rising oil prices to uncertainty about possible sanctions against Iran.