Oil and gas news now

Here are the latest oil and gas news updates:

Global Oil Market

• Oil prices rise as OPEC+ agrees to modest output increase (Reuters) - The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, agreed to increase oil output by 400,000 barrels per day (bpd) in July, a modest increase that is expected to help stabilize the global oil market.
• US oil output to rise by 1.2 million bpd in 2023, says EIA (Platts) - The US Energy Information Administration (EIA) forecasts that US oil production will rise by 1.2 million barrels per day (bpd) in 2023, driven by growth in the Permian Basin and other regions.

Company News

• ExxonMobil to invest $20 billion in Permian Basin (Houston Chronicle) - ExxonMobil announced plans to invest $20 billion in the Permian Basin over the next five years, as the company seeks to increase its oil and gas production in the region.
• Chevron to acquire Noble Energy for $5 billion (Bloomberg) - Chevron announced plans to acquire Noble Energy for $5 billion, a deal that will give the company access to Noble's oil and gas assets in the Permian Basin and other regions.

Regulatory News

• US Senate passes bill to boost oil and gas production (The Hill) - The US Senate passed a bill aimed at boosting oil and gas production in the United States, which includes provisions to streamline permitting and increase access to federal lands.
• EU proposes new rules to reduce carbon emissions from oil and gas (Reuters) - The European Union proposed new rules to reduce carbon emissions from oil and gas production, including a requirement for companies to report their emissions and implement measures to reduce them.

Industry Trends

• Renewable energy to surpass oil and gas by 2050, says IEA (The Guardian) - The International Energy Agency (IEA) forecasts that renewable energy will surpass oil and gas as the world's largest source of energy by 2050, driven by declining costs and increasing adoption.
• Oil and gas companies face growing pressure to reduce emissions (Financial Times) - Oil and gas companies are facing growing pressure to reduce their emissions and transition to cleaner energy sources, as investors and regulators increasingly demand action on climate change.