Posted on · Increased global demand paired with OPEC’s decision to keep supply at current levels means oil is likely to stabilize at $80-plus a barrel for next six months.
Posted on · As Houstonians faced freezing temperatures and widespread power outages last week, the frigid weather also limited oil and gas production in the state. As output starts to stabilize this week, West Texas Crude is trading around $63 dollars a barrel.
Posted on · Plus: the oilfield services sector added more than 8,000 jobs last month after losing more than 100,000 in 2020.
Posted on · Overall in 2020, ExxonMobil recorded more than $21 billions in losses. ConocoPhillips reported $2.7 billion in losses for the year, and BP (which has its US headquarters in Houston) recorded a full-year loss of $5.7 billion.
Posted on · Throughout 2020 producers have had to cope with low prices, and it looks like that struggle will continue into January. Also this week, layoffs at Parsley Energy and Halliburton.
Posted on · As the Coronavirus pandemic and an international price war forced the price of Texas oil to plunge, many producers said they needed it to go back up to at least $40 a barrel. Companies now get to test out if they can survive at that price, as most experts say that's where it's going to sit for the rest of the year.