Oil rises again on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand. After jitters initially, on Monday the mood across financial markets has lifted in the wake of UBS’ takeover […]
Drilling activity in the US oil and gas output increased by 51.3pc on an average yearly basis in 2022, driving crude production up to 11.9mn bl/d and marking a 6.4pc increase compared with the 11.2mn bl/d averaged in 2021. The increased output was augmented by US companies completing a large backlog of drilled-but-uncompleted (Duc) wells […]
Rystad Energy’s research shows that annual greenfield capital expenditure (capex) broke the $100 billion threshold in 2022. It will break it again in 2023. This is the first breach for two straight years between 2012 and 2013. The company claims that the offshore oil and gas sector is set for “the highest growth in a decade […]
Oil prices rise by more than 1% on Friday. This is after better-than-expected U.S. employment data. Both benchmarks fell more than 3% on the week on U.S. interest rate hike jitters. Brent rose $1.19, or 1.5%, to $82.78 a barrel. U.S. West Texas Intermediate crude (WTI) was up 96 cents, or 1.3%, at $76.68. Expectations of further […]
The offshore oil and gas (O&G) sector is set for the highest growth in a decade in the next two years. It is with $214 billion of new project investments in line. Rystad Energy’s research shows that annual greenfield capital expenditure (capex) will break the $100 billion threshold. This is a projection in 2023 and […]
Oil prices could hit the $90-$100 per barrel range in the second half of this year as global demand is set to reach record levels amid constrained supply, Russell Hardy, CEO at the world’s largest independent top energy trader, Vitol Group, told Bloomberg Television on Monday. “The prospect of higher prices in the second half […]
Oil prices rose nearly 2% on Tuesday. It erases the previous session’s losses as hopes for a strong economic rebound in China offset worries about U.S. interest rate hikes. It is dragging down consumption in the world’s biggest economy. Here is how oil rebounds Brent crude futures for April, which expired on Tuesday, settled higher […]
Oil prices rise on Thursday on expectations that Russia will cut its oil exports more than previously announced. International benchmark Brent crude traded at $80.79 per barrel at 9.35 a.m. local time (0635 GMT), up 0.24% from the closing price of $80.60 a barrel in the previous trading session. At the same time, American benchmark […]
Several bills are supporting the Texas oil and natural gas industry. The goal is to protect consumers from California-style regulatory policies. State Sen. Brian Birdwell, R-Fort Worth, and Rep. Brooks Landgraf, R-Odessa, filed companion bills. The bills are SB 1017 and HB 2374 which will protect Texans’ energy choices. If enacted into law, local government […]
The global oil and gas industry profits in 2022 jumped to some $4 trillion. It is from an average of $1.5 trillion in recent years. This is what the head of the International Energy Agency (IEA), Fatih Birol said on Tuesday. Despite those profits, countries depending on oil and gas revenue should prepare to reduce […]
