Russia pumped 2.8% lower volumes of crude oil and condensate in 2024 from a year earlier, while its natural gas production rose by 7.6%, Russian Deputy Prime Minister Alexander Novak wrote on Thursday in the energy ministry’s in-house magazine.
Oil traders are making big moves in the Brent-Dubai spread, a contract that lets them bet on the price gap between Middle Eastern crude and global benchmark Brent. The action has hit record levels, thanks to U.S. sanctions on Russian oil that are forcing buyers to look elsewhere for supply, with the situation presenting a lucrative opportunity for traders willing to play.
Last year, Petrobras lowered capital expenditure (capex) for 2025 to $17 billion from an earlier estimate of $21 billion. According to the company, the lower capex is more realistic and in line with its financial wherewithal. In its latest strategic plan, Petrobras plans to invest $102 billion in the 2024-2028 period, good for a 31% increase over the previous plan amid pressure from President Lula for the firm to ramp up investments in a bid to prop up the country’s economy and generate local jobs.
Russia’s oil shipments via the Baltic Sea declined 10% over the final four months of 2024 due to the impact of EU sanctions against Russian oil and gas exports, the Finnish Border Guard has reported. Finland’s Coast Guard monitors the shadow fleet that Russia uses to export crude via the Gulf of Finland.
The General Manager, Corporate Affairs, WAPCo, Dr Issac Adjei Doku, announced these on Wednesday, when he conducted journalists round the Takoradi Regulatory and Metering Station, at Aboadze in the Western Region, where preparatory works are ongoing ahead of a major maintenance on the offshore pipelines.
In a bid to promote local industry participation, Tullow Ghana has partnered Ghanaian company Destra Energy for the execution of the survey. This partnership aligns with Tullow Ghana’s commitment to fostering local involvement in the nation’s oil and gas sector.
American Petroleum Institute (API) President and CEO Mike Sommers issued the following statement on the Senate’s confirmation of former Congressman Lee Zeldin to lead the U.S. Environmental Protection Agency.
Oil prices slipped for a second day on Thursday after U.S. crude stockpiles rose more than expected, though attention remained on tariffs threatened by U.S. President Donald Trump on Mexico and Canada, the two largest suppliers of crude to the United States.
Brazilian state-run oil firm Petrobras (PETR4.SA), opens new tab said on Wednesday that its estimated proven reserves of oil, condensate and natural gas rose to 11.4 billion barrels of oil equivalent (boe) last year from 10.9 billion in 2023.
According to commodity experts, the link between lower oil prices and foreign policy objectives is not a new one: historians have drawn a link between the 1985-86 oil price crash and the fall of the Berlin Wall in November 1989, as well as the dissolution of the Soviet Union in December 1991.