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.
Africa Oil Corp (TSX:AOI) revealed it repurchased more than 326,000 shares between February 5 and 9, as part of a buyback programme launched in early December.
Over the last decade, the US has become the top producer of crude oil globally, thanks in part to hydraulic fracturing in shale formations.
The US overtook Saudi Arabia and Russia in oil production in 2018, accounting for 14.7% of global crude oil production in 2022.
Despite leading in production, the US still trails in remaining proven reserves underground, ranking seventh globally behind countries like Venezuela and Saudi Arabia.
Barclays announced Friday it will no longer provide direct financing for any new upstream oil and gas, thermal coal expansion projects or related infrastructure to help achieve its net zero goals.
South Africa is preparing to appoint a new chief executive officer of state oil and gas company PetroSA, ending a more than yearlong leadership vacuum, Energy Minister Gwede Mantashe said.