Oil major BP on Tuesday reported a nearly 70% year-on-year drop in second-quarter profits on the back of weaker fossil fuel prices, echoing a trend observed across the energy industry.
Israel’s energy minister said on Wednesday that more of the country’s natural gas reserves should be earmarked for export, amid renewed interest in offshore exploration and debate on whether the gas should be kept for domestic use.
The Department of Energy has canceled its offer for the purchase of 6 million barrels for the strategic petroleum reserve amid the latest surge in oil prices.
Spending on conventional oil and gas exploration is rebounding and expected to top $50 billion this year, the highest since 2019, but operators are still waiting for the results they had hoped for. Rystad Energy research shows that despite the rising investments, discovered volumes are falling to new lows.
Happily for Saudi Arabia, it does not take a genius to work out that persuading its OPEC+ brothers to cut their oil production to ramp up prices and then quietly selling additional oil over and above its official quota is a major money spinner.
After climbing by 13% in July, oil prices were dragged lower on the first day of August by further disappointing economic data out of China.
OPEC is producing less oil thanks to the Saudi voluntary cuts and a suspension of crude oil loadings at Nigeria’s Forcados terminal due to a leak risk.
Russia’s diesel and gasoil exports by sea increased by 5% in July compared to June as more refining capacity in Russia returned from seasonal maintenance, Reuters reported on Tuesday, citing data from trade sources and vessel tracking.
Saudi Arabia may raise the price of its crude for the third month in a row for September cargos, according to sources from the refining industry surveyed by Reuters.
Eni Ghana on behalf of its OCTP partners, Vitol Upstream Ghana Ltd (Vitol) and Ghana National Petroleum Corporation (GNPC), together with Volontariato Internazionale per lo Sviluppo (VIS), have handed over scholarship packages to over 1,000 students in 14 communities in the Ellembelle District.