Mid-Week Review – December 23, 2020
Pretty soon, we may need more oil than we can produce
The oil industry has always been a boom-and-bust business, and 2020 will go down as the biggest bust in the industry’s history thanks to the double whammy of the coronavirus pandemic and the spring price war between Saudi Arabia and Russia. Click here to read more from CNN.
Venezuela resumes direct oil shipments to China despite US sanctions
Venezuela has resumed direct shipments of oil to China after US sanctions sent the trade underground for more than a year, according to Refinitiv Eikon vessel-tracking data and internal documents from state company Petroleos de Venezuela (PDVSA). Click here to read more from Yahoo.
The name of the game in West Texas oil and gas these days: consolidation
On Monday, Diamondback Energy agreed to buy West Texas’ QEP Resources in an all-stock deal worth about $2.2 billion. It’s the latest in a string of mergers and acquisitions in the oil and gas industry as a result of low oil prices brought on by the coronavirus pandemic. Click here to read more from Marketplace.
Norway supreme court verdict opens Arctic to more oil drilling
Norway’s supreme court upheld government plans for Arctic oil exploration on Tuesday, dismissing a lawsuit by campaigners who said they violated people’s right to a healthy environment. Click here to read more from Reuters.
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