Europe is on track to import this month the highest volumes of diesel from the Middle East and Asia in seven years as the EU turns to alternative supply after the ban on imports of Russian diesel and other fuels took effect on February 5.
After an initially subdued reaction to yet another crude oil build in the U.S. on Thursday, oil prices fell on Friday morning as bearish sentiment built. Speculation of further Russian production cuts and a rebound in Chinese demand had held oil prices higher, but inflation fears and continued inventory builds eventually sent prices lower.
Iraq has been saying it wants to produce more oil and gas for a while now but turning stated ambitions into reality has taken a while.
According to the 2022 BP Statistical Review of World Energy, Venezuela has more proved oil reserves than any other country in the world. Venezuela’s 304 billion barrels of proved reserves just edges out Saudi Arabia’s 298 billion barrels. Both are far ahead of U.S. proved reserves of 69 billion barrels.
China has reopened its doors following its long zero-Covid policy. But now governments and energy firms around the world are waiting to see what this means both for the energy industry and global supply chains. Experts are uncertain if the reopening of China’s borders means that business will resume as usual or whether ongoing disruptions will be seen due to years of closures and industry challenges.
With EU bans on Russian oil and oil-product exports set to go into effect this year in response to Russia’s ongoing war in Ukraine, emerging market producers are poised to gain larger shares of an evolving market.
The price caps on Russian crude oil and refined products appear to be working, analysts and U.S. officials say.
By late 2022 there were considerable concerns and doubts surrounding Suriname’s burgeoning offshore oil boom. Conflicting drilling results and seismic data saw 50% partners in Block 58 offshore Suriname Apache and TotalEnergies delay their financial investment decision, known as a FID.
Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States and concerns over global economic activity.
Report finds four new offshore depots would emit around three times what the entire US emits each year, pushing world closer to climate catastrophe