Brent crude is seen averaging $85 per barrel this year, and West Texas Intermediate could see an average price of $79, Goldman Sachs commodity analysts said in a note released Sunday. They added that the supply loss from the crisis is going to peak at 17 million barrels daily.
The Dangote Petroleum Refinery has exported 12 cargoes of refined petroleum products totalling 456,000 tonnes to five African countries, expanding its regional presence amid ongoing fuel supply challenges linked to geopolitical tensions in the Middle East.
Iran has said that United States and Israeli strikes hit its South Pars natural gas field and associated infrastructure, Bloomberg reported on Wednesday.
The analysis will evaluate the potential impacts of well stimulation treatments including hydraulic fracturing, as part of drilling activities.
Oil prices climbed sharply in early Asian trading on Thursday as the Middle East conflict continued to escalate and energy infrastructure was targeted across the Gulf.
The U.S.-Israeli war against Iran poses a fresh threat to Ghana’s inflation outlook through higher oil prices and tighter global financial conditions, even as the same geopolitical uncertainty is pushing up gold prices, the Bank of Ghana Governor said on Monday.
A pipeline leak at Libya’s largest oil field, Sharara, caused a fire on Thursday, prompting a redirection of the flow of oil, the National Oil Corporation said in a statement.
Equinor has made an oil discovery in a wildcat well in a prospect close to the giant Johan Castberg field in the Barents Sea, the Norwegian Offshore Directorate said on Wednesday.
Iran’s oil exports haven’t collapsed since the war in the Middle East began—Tehran continues to ship its oil through the Strait of Hormuz while targeting and warning tankers carrying crude from its Gulf neighbors that their ships would be blown up if they attempt to cross the Strait. Since March 1, the day after the […]
Saudi oil giant Aramco has restarted operations at the Kingdom’s biggest refinery Ras Tanura, which was shut as a precaution in the early days of the war following a drone strike in the area, a source with knowledge of the situation told Bloomberg on Wednesday.