OPEC cuts oil production by 1.2 million barrels to offset price
The Organisation of Petroleum Exporting Countries (OPEC) and other major oil producers yesterday agreed to cut about 1.2 million barrels of oil to address falling oil price, which is currently facing a record low of $63 a barrel. The deal made possible by the cartel and allied oil-producing nations including Russia would see the15-member OPEC…
‘Upstream projects getting back on track after oil price slump’
Industry research group, Wood Mackenzie (Woodmac) has said emerging signs of improved execution suggest companies are getting it right after a period of dismal performance on upstream oil and gas projects.
Oil price may hit $75 as industry moves to save $20 billion on drilling
Oil and gas investors, especially stakeholders in upstream are optimistic that the price of oil will soon hit $75 per barrel soon.The experts added that the cost savings and operational improvements are where the gains of the energy sector would be realised going forward as the development would assist the sector....