President Vladimir Putin said Russia would see higher oil and gas revenues by the end of the second quarter and that “positive trends” across the economy were gathering pace due to rising global oil prices.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) says oil output dropped to an average of 1,268,202 barrels per day (bpd) in March 2022.
Despite OPEC+’s surprise production cut, the global oil market will remain in surplus this year and next as demand growth could be hurt by lower-than-expected economic growth in the coming months, the U.S. Energy Information Administration (EIA) said in its latest Short-Term Energy Outlook (STEO).
The Western embargoes on seaborne imports of Russian crude and refined products have upended traditional oil shipping routes and resulted in inefficient trade patterns that make shipping fuels more expensive and boost demand for tankers carrying petroleum products.
The current optimism in Europe about future energy security is once again based on the wrong assessments. An increasing amount of reports published during the last couple of weeks are warning that if Europe is not getting its act together, it could be facing a possible new energy crisis or at the very least a repeat of very high prices during the winter of 2023-2024.
The on-off-on-off US$27 billion four-pronged megadeal between TotalEnergies and the Federal Government of Iraq appears to be back on again, although it is not quite the deal that the French oil and gas supermajor first had in mind.
Oil prices have been largely rangebound since the OPEC+ announcement that it would cut production sent prices soaring at the start of last week. While strong U.S. job growth and the resultant strengthening of the dollar took some steam out of the rally, demand optimism and Russia’s production cut helped to keep prices from falling.
Russia’s crude oil exports by sea plunged last week, the most since December 2022, to below 3 million barrels per day (bpd), the lowest level in eight weeks, tanker-tracking data compiled by Bloomberg showed on Tuesday.
Crude oil prices will slide by 24.1% to an average $73.1 a barrel in 2023, the International Monetary Fund has stated in its April 2023 World Economic Outlook Report.
DHAKA – Jobayer Ahmed’s textile business on the outskirts of Dhaka is going through a rough patch with the energy crisis in Bangladesh.