While a rebound in oil prices on Friday morning may have stopped this from being one of the worst weeks for oil in recent memory, oil markets are struggling to shake the economic gloom and doom that is driving bearish sentiment.
Crude oil prices are set to extend their losing streak to three weeks as recession fears and anxiety about the U.S. banking system prevail over any supply concerns.
The National Petroleum Authority (NPA) has initiated moves to promote fuel trade and investment between Ghana and Mali.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said that it will support indigenous oil and companies with the right policies and regulations to grow.
MUNICH — Saudi Energy Minister Prince Abdulaziz bin Salman met with German Chancellor Olaf Scholz and several government officials on Wednesday during a visit to Munich.
Türkiye has agreed with Russia’s Gazprom on deferring payment for part of the natural gas it imported after a price surge last year, Energy Minister Fatih Dönmez said.
The value and volume of U.S. upstream oil and gas deals fell in the first quarter of the year as companies focused on mature plays and are still watching and waiting for opportunities to snap up undeveloped acreage in the Permian.
OPEC warned the International Energy Agency (IEA) last week that it should be “very careful” about discouraging oil investments. This comes following reports the previous month about the severe underinvestment in oil and gas, as demand for fossil fuels remains high. While organizations such as the IEA and IRENA are calling on companies to shift their funding away from oil and gas to renewable alternatives, to accelerate the green transition, many energy experts are concerned about the lack of funding for fossil fuels, which will still be needed to bridge the gap to green energy security.
Back in late March, the EU Council reached an agreement to extend voluntary 15% gas demand reduction targets because “The EU is not completely out of the energy crisis and Russia continues to use energy as a weapon.”
As many as 125 supertankers were traveling to China at the end of April, carrying the biggest volumes of oil to the world’s top crude buyer in more than two years, according to tanker-tracking data compiled by Bloomberg.