Following a 10% slump in two weeks, oil prices jumped by 5% on Monday as concerns about the banking sector eased and 400,000 bpd of crude exports from Kurdistan were shut in.
The world’s largest crude oil exporter, Saudi Arabia, is betting big on the growing market for crude China, as Saudi oil giant Aramco is strengthening its downstream presence and crude supply market share in the world’s top importer.
Oil prices ticked up today, after the U.S. Energy Information Administration reported a crude oil inventory draw of 7.5 million barrels for the week to March 21.
Russia’s largest oil firm, state-controlled Rosneft, signed on Wednesday a term agreement with Indian Oil Corporation to raise the supply of Russian crude to India significantly.
Europe’s benchmark natural gas prices rose on Wednesday morning for a third consecutive day of gains amid lower LNG supply due to the nationwide strikes in France and expectations of a colder start to April than usual.
An oil dispute between the Iraqi government and the semi-autonomous Kurdistan region that also involves Turkey has escalated this week, pushing oil prices higher.
Chad’s parliament on Wednesday approved a bill to nationalise oil assets and rights acquired last year by Savannah Energy (SAVES.L) from ExxonMobil’s (XOM.N) affiliate, Esso Exploration and Production Chad.
To this end, Brazil’s Minister of Mines and Energy will launch ‘Potencializa E&P programme,’ which will be presented at the next meeting of the National Council for Energy Policy (CNPE) – still without a set date – aiming to guarantee investments in oil and natural gas exploration and transform Brazil into the fourth largest oil producer in the world.
The Nigerian National Petroleum Company Limited (NNPC) on Tuesday officially kicked off the exploratory drilling campaign in Obi, Nasarawa State, with the assurance that the effort would contribute to its aspiration to grow the country’s crude oil reserves to 50 billion barrels, from the current 37 billion barrels.
Cheiron Energy, the largest independent Egyptian oil and gas E&P company, has announced that the Early Production Facility (‘EPF’) for the GNN oil field in the Gulf of Suez has been brought on stream.