September 10, 2024 Edition
At Valor, our goal is to keep you informed of the latest news and updates from the oil and gas industry. We are committed to sharing the insights and knowledge that our team gathers to help you stay ahead in this dynamic sector. From mergers and acquisitions to regulatory changes and technological advancements, we cover all the key developments that impact the industry. Stay tuned for weekly updates to keep you well-informed.
- Brent oil falls below $70 per barrel, lowest level since December 2021 as OPEC cuts forecast
- Summary: Brent oil prices fell below $70 per barrel for the first time since December 2021, driven by OPEC’s second demand forecast cut in two months and concerns over weakening demand in China.
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- OPEC trims oil demand outlook further amid price slump
- Summary: OPEC slightly lowered its forecast for oil-demand growth in 2024 and 2025 after postponing planned output hikes to stabilize prices, while demand remains strong, particularly in non-OECD countries, and concerns over China’s economic outlook weigh on future price recovery.
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- Texas regulator plugs over 1,000 orphan oil and gas wells in 2024
- Summary: The Railroad Commission of Texas exceeded its goal of plugging 1,000 orphan wells in Fiscal Year 2024 by sealing 1,012 wells using state funds, continuing its national leadership in addressing orphaned wells.
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- Residents flee, oil firms shut offshore production as Storm Francine intensifies
- Summary: Tropical Storm Francine is rapidly intensifying and is expected to become a dangerous Category 2 hurricane, prompting evacuations in Louisiana, oil and gas production shutdowns in the Gulf of Mexico, and posing a significant threat to newly built LNG export plants in the region.
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- North America posts another WoW rig loss
- Summary: North America’s rig count dropped by one to 802, driven by the U.S. cutting one rig, while Canada remained unchanged, with the total U.S. oil and gas rig count down 50 year-on-year.
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- Major oil and gas reserve found in Pakistan’s waters
- Summary: A major oil and gas discovery in Pakistan’s territorial waters has the potential to significantly impact the country’s economy, though drilling and extraction could take several years and require substantial investment.
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The information provided by Valor in this blog is for general informational purposes only, not to provide specific recommendations or legal or tax-related advice. The blog/website should not be used as a substitute for competent legal advice from a licensed professional attorney in your state.
