Free market forces will compel US oil drillers to curb production automatically without government intervention, said President Donald Trump, in a sign that he has no plans for US oil cuts. Trump also said no one asked him to join a global supply cut deal, but added he would make a decision if the question came up.
Shale pioneer and Continental Resources Executive Chairman Harold Hamm expects US oil producers to voluntarily curb production by roughly 30% to 35% in response to faltering demand and a shortage of storage space. Shut-in production will be restored after demand recovers, Hamm said, adding the Saudi Arabia and Russia will have no choice but to cut output until then.
Scientists analyzed water samples collected in 2013 and 2015 from two sites in northern Siberia's Kolyma River watershed to learn more about the thawing permafrost. Researchers traced the sources of organic carbon in the samples, which were gathered from part of the river and a headwater stream.
Ensuring liquidity for struggling oil producers, particularly smaller ones, was the center of discussions at Friday's meeting between President Donald Trump and oil executives, said American Petroleum Institute President and CEO Mike Sommers. Trump was "very receptive" to the industry's requests for access to federal loans, and there was no talk of government-mandated output cuts, Sommers added.
US operators idled 64 oil and natural gas rigs last week, the largest weekly drop since 2015, bringing the total number of active rigs to 664, according to Baker Hughes. Texas logged the biggest decline, with 30 rigs taken out of service.
A Saudi-Russian agreement to curb oil supply by up to 15 million barrels per day would be unlikely to reduce the near-term oil glut or save US oil producers from having to slash their own production, according to a Morgan Stanley analysis. Production shut-ins in the US look imminent amid local infrastructure bottlenecks, faltering demand and reduced refinery activity, the report said.
President Donald Trump said he's willing to levy tariffs on oil imports if that's what needs to be done to shield the "tens of thousands of energy workers and our great companies that produce all these jobs" from the effects of the oil price crash. However, the American Petroleum Institute and the American Fuel & Petrochemical Manufacturers warned Trump that such a measure would hurt domestic refiners that rely on foreign crude.
The Federal Energy Regulatory Commission will temporarily relax or suspend enforcement of additional regulations in an effort to minimize the impact of the coronavirus pandemic on the electric and natural gas sectors. The commission will also reduce penalties for violating certain rules over the next few months.
Petrobras says it has found oil in an offshore Brazilian well in the Santos Basin pre-salt area's Uirapuru block. The 1,995-meter-deep well is about 200 kilometers off the city of Santos' coast, says Petrobras, which will analyze the discovery's potential.
A magnitude 4.9 earthquake shook Southern California on Friday, although no damage was immediately reported. The quake, felt in San Diego, Los Angeles, Santa Clarita and other areas, was centered about 18 kilometers east-southeast of Anza at a depth of about 11 kilometers on or near the San Jacinto fault system and was followed by several aftershocks, scientists and the US Geological Survey said.