The history of the Middle East since the 1990s has been in many aspects been defined by China’s need to secure sufficient energy to power its economic growth to rival the superpower status of the U.S., and Washington’s efforts to keep these efforts in check.
Oil trading in 2024 was marked by the near complete dominance of algorithmic trading. While not a new trend, algo trading arguably reached its peak last year, with technical analysis largely displacing any factual fundamentals considerations. Instead of making traders money, however, algo trading has lost them money.
Russia has slammed the new hefty U.S. sanctions on its oil industry and exports and vowed to move forward with major domestic oil and gas projects, claiming that it remains “a key and reliable player in the global fuel market.”
Following Friday’s U.S. sanctions against tankers shipping Russian oil, India expects its flows of crude from Russia not to be disrupted until March as the sanctioned tankers will be allowed to discharge until then, a senior Indian government official told Reuters on Monday.
Saudi Arabian Oil Co. on Monday signed 145 deals totaling about $9 billion as part of the oil giant’s In-Kingdom Total Value Add (iktva) program.
Valeura Energy Inc. has said its oil production average hit a record high in the fourth quarter of 2024, with oil sales surpassing production volumes.
Russia has formed a new government commission to coordinate clean up of the biggest spill of oil products in the Black Sea in recent history as the Kremlin continues to assess the full scale of the catastrophe.
The US Supreme Court buttressed efforts by environmental advocates to hold oil companies accountable for climate change, letting Honolulu press a lawsuit that accuses the industry of deceiving customers about the risks posed by fossil fuels.
Russia’s oil proceeds to the state budget increased by almost a third last year to the highest since at least 2018, spurred by higher crude prices as the nation adapted to international sanctions.
Global energy technology company SLB has secured a series of drilling contracts from Shell. SLB said in a media release that it will support Shell’s capital-efficient energy development across its deepwater and ultra-deepwater assets in the UK North Sea, Trinidad and Tobago, Mexico, and others.