Government & Regulatory | Production Rates | Curtailment/Shut-In | OPEC
More OPEC Cuts? Russia, Saudi Arabia Reportedly Mulling Further Action
Print
|
Additional OPEC cuts could be on the horizon as Saudi Arabia and Russia remain open to further action, according to a report by Bloomberg.
In a joint statement, the Russian Energy Minister Alexander Novak and Saudi Prince Abdulaziz bin Salman said they will be "closely monitor[ing] the oil market and are prepared to take further measures jointly with OPEC+ and other producers if these are deemed necessary."
This statement came on the heels of a phone call between Novak and bin Salman. Any additional cuts would be in addition to the existing 9.7 million barrel per day cut agreed to by OPEC on April 13, 2020.
Additionally, Saudi's state-run oil company Saudi Aramco announced that is it targeting 8.5 MMBbls/d of supply beginning in May (down 4 MMBbls/d (or 32%) from April supply levels).
More Government & Regulatory News
EIA’s “Glut” Calls: The 2025 Surplus Claim — and How 2021–2024 Forecasts Actually Held Up
The “~2.2 MMb/d glut in 2025” framing traces to the EIA’s Short-Term Energy Outlook (STEO), December 2025. EIA doesn’t usually write “glut” in the tables—what they publish is…
Dallas Fed Energy Survey: What Oil and Gas Executives Are Really Saying
The latest Dallas Fed Energy Survey shows a U.S. oil and gas industry that is not collapsing—but is clearly constrained. Executives are operating in a defensive posture, focused…
MEG Energy Rejects Strathcona Resources' $6 Billion Takeover Offer
MEG Energy Rejects Strathcona Resources' $6 Billion Takeover Offer Overview of the Offer: Bidder: Strathcona Resources Ltd. Offer: 0.62 Strathcona shares + $4.10 in cash per MEG share…
PDC Energy Second Quarter 2022 Results
PDC Energy, Inc. announced its 2022 second quarter financial and operating results, and provided second half 2022 guidance. The company also announced receiving Completeness Determination on the Guanella…
PDC Energy's 69-Well Kenosha Project Approved by COGCC
PDC Energy Inc. reported that the Colorado Oil and Gas Conservation Commission (COGCC) approved the Company's Kenosha Oil & Gas Development Plan (OGDP) permit application. The Kenosha OGDP,…
International News
A Quiet Capital Pattern Is Forming in North American Upstream — and Almost No One Is Talking About It
A handful of recent transactions and capital raises point to a subtle pattern in North American upstream—one that is easy to miss because each event, on its own,…
EIA’s “Glut” Calls: The 2025 Surplus Claim — and How 2021–2024 Forecasts Actually Held Up
The “~2.2 MMb/d glut in 2025” framing traces to the EIA’s Short-Term Energy Outlook (STEO), December 2025. EIA doesn’t usually write “glut” in the tables—what they publish is…
New E&P Scores Capital; Heading To the MidCon Region
Company Overview 406 Energy, LLC is a newly formed, Houston-based upstream oil & gas development company launched in October 2025 with an initial equity commitment from NGP Natural…
2025 Forecast : Dangerous Time Ahead
This is the time of year when we share a clear view into how we’re thinking about what to expect for drilling and completion activity in 2025. To…
Petrus Resources Ltd. First Quarter 2023 Results
Petrus Resources Ltd. announced first quarter 2023 results. Highlights Higher production – Production was up 54% from 7,379 boe/d(1) in the first quarter of 2022 to 11,385 boe/d…
United States News
Touchstone Exploration, Inc., First Quarter 2023 Results
Touchstone Exploration, Inc., announced first quarter 2023 results. Highlights Produced quarterly average volumes of 2,139 boe/d, representing a 53 percent increase relative to the 1,396 boe/d produced in…
Battalion Oil Corporation First Quarter 2023 Results
Battalion Oil Corporation announced first quarter 2023 results. Highlights Substantial progress on acid gas treating facility as we ramp up gas delivery toward bringing the facility fully online…
Amplify Energy Corporation First Quarter 2023 Results
Amplify Energy Corporation announced first quarter 2023 results. Highlights During the first quarter of 2023, the Company: Achieved average total production of 19.4 MBoepd Generated net cash provided…
Denbury Inc., First Quarter 2023 Results
Denbury Inc., announced first quarter 2023 results. Highlights First quarter 2023 net cash flows provided by operating activities totaled $89 million, and adjusted cash flows from operations(1) totaled…
Evolution Petroleum Corporation Fiscal Third Quarter 2023 Results
Evolution Petroleum Corporation announced fiscal third quarter 2023 results. Highlights Reported sequential growth in revenue of 9% to a record $36.9 million and in net income of 34%…