Oil rises on Monday as the prospect of demand recovery. This is led by China’s loosening of the COVID-19 curb. Moreover, it is due to the United States’ decision to buy back oil for its state reserves. They gained the upper hand over global recession fears. Brent crude futures LCOc1 gained 74 cents, or 0.9%, to $79.78 […]
Some of the Permian Basin’s leading oil and gas companies announced plans to continue increasing extraction operations and investments. This is even as oil prices dipped due to an impending global recession. Much of the spending would go to decreasing the environmental footprint of fossil fuel extraction. Amid shifts in government policies and investor pressure […]
OPEC on Tuesday said it expected to see robust global oil demand growth in 2023. It is a with potential economic upside coming from a relaxation of China’s zero-COVID policies. This year have pushed the country’s oil use into contraction for the first time in years. World oil demand in 2023 will rise by 2.25 […]
Oil rises to over $80 a barrel on Tuesday. It recorded its biggest daily gains in over a month. As investors bought up risk assets after U.S., data pointed to slowing inflation. The market was also buoyed by concerns about supply disruptions. It includes the ongoing shutdown of the Canada-to-United States Keystone crude pipeline. This […]
With oil tumbling ahead of the grueling 2023 recession, the last thing OPEC+ and (bullish) oil traders wanted to see is even more supply coming online. Yet, that’s precisely what the core gulf hub is proposing. According to Bloomberg, the United Arab Emirates – which in recent years has aggressively sought to diversify away from […]
The global offshore oil and gas pipeline market is poised to grow by $3,754.62 million during 2023-2027, accelerating at a CAGR of 5.3% during the forecast period. The market is driven by the economic benefits of offshore pipelines than other oil and gas transportation modes, the surge in E&P activities, and rising global energy demand. […]
U.S. energy firms this week left the number of oil and natural gas rigs operating unchanged for the first time since June, energy services firm Baker Hughes Co said in its closely followed report on Friday. The US oil and gas rig count, an early indicator of future output, remained unchanged at 784 in the […]
Chevron is getting ready to ship the first oil cargo from Venezuela to the United States. This is by late December after the U.S. Administration issued this weekend. It is a six-month license allowing the U.S. supermajor to extract and export oil from the South American country. This is what Bloomberg reports citing a source […]
U.S. upstream oil companies are to bank 68% higher free cash flows per barrel. This was in 2022 as surging prices fuel profits. Output growth lingers at 4.5% year to date, Deloitte consultancy said on Monday. The study illustrates the clash between the White House and oil companies. It is over how skyrocketing profits from […]
– Oil recovers as earnings on the US Gulf Coast-to-China shipping route have soared above $100,000 per day. This is equivalent to $7 per barrel. This is demonstrating the shrinking availability of crude tankers lately. – The Russia-Ukraine war and subsequent sanctions have lengthened the average shipping voyage globally. So now, charterers have fewer options […]
