Fitch Ratings: geopolitical instability in the Middle East continues to drive upward risk for oil.
Increasing regulatory uncertainty is also a risk for oil and gas firms.
Fitch Ratings has also predicted that large spare OPEC+ capacity of over 5 million barrels of oil is likely to dampen the oil price rally.
OPEC only partially delivered new oil production cuts in the first month of its latest supply pact, according to a report from the group.
A Texas company has reached a multimillion-dollar settlement with the federal government and the state of New Mexico to address air pollution concerns in the largest oil and gas producing region in the United States.
Eversource said it would sell its 50 percent share in the 132-megawatt South Fork and the 704-megawatt Revolution offshore wind projects, which it owns jointly with Danish firm Orsted , to Global Infrastructure Partners (GIP).
American Petroleum Institute figures show surprise increase in inventory while, investors are reining in expectations for US rate cuts
•Declares Nigeria’s technical oil production potential stands at 2.26m bpd
•APPO to announce headquarters of proposed African Energy Bank next month
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
Brent, the global benchmark for crude, rose to $83.19/barrel on Tuesday evening, moving up by $1.19 when compared to its cost the preceding day, as latest data from the Federal Government indicated that Nigeria’s oil output increased to 1,426,574 barrels/day in January 2024.
A World Bank blog makes the case for green hydrogen becoming a major economic driver for the economy.
Oil and gas companies and environmental groups on Monday filed dueling legal challenges to the Biden administration’s five-year plan to offer drilling leases in the Gulf of Mexico.
The inertia of oil prices during the Red Sea oil crisis has made oil traders complacent.
Fears of an escalation of the Israel-Hamas war have subsided amid talks about a ceasefire.
The rerouting of oil tankers directly increases oil demand—by around 200,000 bpd so far.