Source Energy Services Ltd., Calgary, Alberta, Canada, announced its financial results for the 12 months ended Dec. 31, 2020.
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This Week’s Market Buzz
• The U.S. oil benchmark, WTI Crude, rose at press time to above $64 a barrel, soaring by more than 5%, after OPEC+ sources began telling reporters that the coalition may be close to agreeing not to increase their collective oil production in April. Brent Crude prices jumped above $67 per barrel, to $67.17, up by 5.10%, after OPEC+ sources…
Read MoreSmart Sand Analyzes Third Quarter; Looks Ahead
Smart Sand Inc. announced results for the third quarter 2020.
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• The Organization of the Petroleum Exporting Countries (OPEC) reached a deal to cut back on oil production by 1.2 million barrels per day to raise global prices. OPEC nations currently produce about 33.7 million barrels of oil per day. Under the deal, they’ll bring that down to 32.5 million barrels per day, with Saudi Arabia, Iraq, UAE and Kuwait making…
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Oil is hovering at about $50 per barrel, down slightly on concern about the economic outlook following Britain’s vote to leave the European Union. OPEC’s oil output has risen in June to its highest in recent history. Nigeria’s oil industry has partially recovered from militant attacks and Iran and Gulf members are now boosting supplies. Returning Nigerian supply will put…
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Crude oil could rise to $60 a barrel by the end of the year, even without any help from OPEC, new Saudi energy minister Khalid Al Falih told CNNMoney. Al Falih was speaking just after OPEC wrapped up a summit in Vienna. During the meeting, OPEC decided against implementing a cartel-wide production quota range, once again failing to reach an…
Read MoreFrac Fights Back
WITH OIL PRICES ON THE RISE, IS THE MARKET FOR FRAC SAND ABOUT TO HEAT UP AGAIN? By Mark S. Kuhar It’s all about oil prices. The dramatic drop in the price of a barrel of oil over the past year has had the frac sand industry scrambling to make ends meet. With drilling at a standstill, only wells currently…
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Oil prices could move back above $50 a barrel within a year as an OPEC initiative to freeze production gains support, according to CNNMoney. That’s the view of Qatar’s energy minister, Mohammed bin Saleh al-Sada, who also holds the rotating presidency of OPEC. “At the moment the best possible feasible proposal is to freeze at the level of production of…
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According to Oil Pro, oil prices rose toward $34/bbl, amid growing chatter about the possibility of OPEC and non-OPEC producers meeting to discuss cutting production levels to support prices. Brent hit $35/bbl after the Russian Energy Minister said Saudi Arabia had proposed cutting oil output by up to 5 percent by each country in order to bolster oil prices. Brent…
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