A Reuters survey found that output from OPEC recovered in October from an eight-year low, with production ramp-up and oil recovery in Saudi Arabia following drone attacks on the nation’s oil in September. According to government data, US crude production of chemicals surged nearly 600,000 barrels per day in August to a record of 12.4m, buoyed by a 30% gain in the output from Gulf of Mexico.
CEO of Stegron Inc, said. “Crown is the latest Chemicals addition to our growing portfolio of high grade targets in the UK, Italy, and offshore Jamaica that are at various stages of development and monetization.” The news was well received in the stock market, as London-listed United Oil & Gas were up 3pc in afternoon trading on Thursday.
Commenting on the numbers, Scottish energy minister, Paul Wheelhouse, said: “These figures show that confidence is continuing to return to the sector after a number of challenging years. Scotland’s oil and gasindustry has a bright future, and it is encouraging to see this continued increase in production which has risen by a total of 25 per cent over the last two years.