The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.7 million barrels in the week ending March 6, after adding 5.6 million barrels in the week prior. Analysts had expected a build of 1.4 million barrels.
Chevron and Shell are reportedly close to sealing deals for oil production in Venezuela following the United States’ takeover of the country’s energy industry, Reuters wrote, citing unnamed sources. Both companies had already secured preliminary deals with the Venezuelan authorities.
Equinor has made commercial discoveries of oil in the Troll area and gas and condensate in the Sleipner area, the company announced on Monday.
Oil prices plunged the most in four years as traders struggled to interpret conflicting signals about whether tanker traffic could soon resume through the Strait of Hormuz, the vital chokepoint for global crude exports.
Frontera Energy Corp. plans to move forward with a $525-million offer from Parex Resources Inc. for its Colombian upstream assets after GeoPark Ltd. declined to match the revised bid.
Fuel prices may rise again soon, but what if higher prices don’t actually reduce petrol consumption in Ghana?
India has invoked emergency powers and ordered oil refiners to maximise production of LPG to avert a cooking fuel shortage following supply disruptions linked to the Middle East crisis, Reuters reported on Friday.
Kuwait Petroleum Corporation (KPC) has implemented a precautionary reduction in crude oil production and refining throughput in Kuwait due to security risks linked to Iranian threats affecting shipping through the Strait of Hormuz, the company announced on Saturday.
Saudi Arabia has started reducing oil production as the crucial Strait of Hormuz chokepoint remains at a near-standstill, even as the kingdom rushes to boosts exports through an alternative route.
Woodside Energy has begun drilling operations at the Trion field in ultra-deepwater Gulf of Mexico waters offshore Mexico, marking a major step forward in the development of one of the country’s most significant offshore projects.