Oil prices surge after surprise move to cut output

Oil prices have surged after several of the world’s largest exporters announced surprise cuts in production.

The price of Brent crude oil is trading above $84 a barrel after jumping by more than 5%.

The increase came after Saudi Arabia, Iraq and several Gulf states said on Sunday they were cutting output by more than one million barrels of oil a day.

Union Jack Oil plc (LON:UJO) is an onshore oil and gas exploration company with a focus on drilling, development and investment opportunities in the United Kingdom hydrocarbon sector.

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Union Jack Oil

More articles like this

Union Jack Oil

Union Jack acquires interest in German assets through Beacon

United Kingdom-focused Union Jack Oil plc has acquired a 3.22 percent interest in Beacon Energy plc. Beacon is a full-cycle oil and gas company with a portfolio of production, development, appraisal, and exploration onshore Germany through its wholly

Union Jack Oil

Union Jack Oil acquires 3% interest in Beacon Energy

AIM-listed Union Jack Oil, a UK focused onshore hydrocarbon production, development and exploration company, has acquired a disclosable interest in Beacon Energy. Beacon is a full cycle oil and gas company with a portfolio of production, development, appraisal and exploration

Union Jack Oil

Union Jack Oil acquires 3% Interest in Beacon Energy

Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company has announced that the Company has acquired a disclosable interest in Beacon Energy plc (LON:BCE). Beacon is a full cycle oil and gas company with a portfolio

Union Jack Oil

Oil prices surge as stocks drain away from Cushing

U.S. crude oil prices have surged and the futures strip has moved into a sharp backwardation as inventories have drained away from the NYMEX delivery point at Cushing in Oklahoma. Futures prices for crude delivered in October climbed

Union Jack Oil

Oil near 10-month peak on supply tightness

Oil rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds. Benchmark Brent futures edged higher

Union Jack Oil

Installation of jet pump system at Wressle

Union Jack Oil, Europa Oil & Gas (Holdings), and Egdon Resources have announced that the installation of a jet pump system and accompanying surface equipment has commenced at the Wressle hydrocarbon development in England. The process is estimated

Union Jack Oil

Artificial lift aims to boost oil production at Wressle

A statement from Egdon Resources said a downhole jet pump would be installed in an artificial lift at the well, near Scunthorpe in North Lincolnshire. Artificial lift is commonly used to increase production when the energy of the reservoir is

Union Jack Oil

Union Jack Oil downhole jet pump to be installed at Wressle

Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company, has announced that operations have commenced on the Wressle-1 well to install a downhole jet pump and associated surface facilities as part of

Union Jack Oil

Oil settles up

Oil prices closed a volatile session slightly higher on Thursday, falling a dollar a barrel in early trading on demand worries and a strong dollar, but then bouncing back after a report of sliding gasoil stocks in Europe.

Union Jack Oil

Oil is heading well into the $90 range, says analyst

The oil market is in a bullish move and heading well into the $90 per barrel range, Bob McNally, President at Rapidan Energy, told CNBC’s Squawk Box program on Monday. Oil hitting $100 per barrel is “entirely possible,” McNally added.

Union Jack Oil

Union Jack Oil celebrates revenue milestone at Wressle

Union Jack Oil announced that it has reached a significant milestone, generating over $17 million in revenue since bringing the Wressle field online in August 2021. The company expects to maintain positive cash flow and cover capital spending

Union Jack Oil

Oil price rally is gaining serious momentum

The oil markets were slow to react to obviously bullish catalysts such as supply cuts, falling inventories and growing demand when they first kicked in about three months ago. Indeed, it appeared that the bears were about to

Union Jack Oil

Union Jack Oil Landmark US$17,000,000 revenues generated at Wressle

Union Jack Oil plc (LON:UJO) a UK focused onshore hydrocarbon production, development and exploration company, has announced that material landmark net revenues in excess of US$17,000,000 have been achieved from the Wressle hydrocarbon development, located within licences PEDL180 and PEDL182

No more posts to show