he UK government has announced plans to allow a big expansion of drilling for oil and gas in the North Sea in a move that environmental activists have described as a taking a “wrecking ball” to the country’s climate commitments.
State-owned Kuwait Petroleum Corporation (KPC) has reported a decade-high net profit of 2.6 billion Kuwaiti dinars ($8.48 billion) for the financial year ended 31 March, chief executive Nawaf Saud Al-Sabah said on Sunday.
Ever since the U.S. officially ended its ‘combat mission’ in Iraq on 31 December 2021, it has been looking for a way back into the huge but still relatively untapped oil and gas regions of the country, as analysed in depth in my new book on the new global oil market order.
The prospects of China’s oil demand and expected further economic stimulus in the world’s top crude importer have played the biggest role in the oil price rally in July, according to Goldman Sachs.
In this article, I will update the general trends now being observed with daily production out of the Permian basin. In past articles, I’ve discussed the fact that it was clear that the quality of Permian acreage remaining to drill was on the decline.
Newly established commodity trading firms incorporated in Hong Kong and the United Arab Emirates (UAE) have replaced trading and oil giants in handling Russian crude oil and products after the Russian invasion of Ukraine and the EU and G7 sanctions and price caps that followed.
Recent production cuts by Saudi Arabia are beginning to take a toll on the nation’s economy, according to the IMF’s latest World Economic Outlook. The Kingdom’s 2023 GDP growth projections have been significantly reduced, now expected to reach only 1.9%, down from the previously projected 3.1% in May.
Iran’s oil output has jumped to the highest in nearly five years, to 3.1 million barrels per day (bpd), a member of the energy committee at the Iranian Parliament was quoted as saying this weekend.
Ghanaian consumers are likely to see an increase in the price of diesel soon, as bulk distribution companies are compelled to sell stock at losses, if the sharp rises on the international market are not made to reflect at the country’s filling stations.
Tullow Ghana, the operator of the Jubilee Oil field, proudly shared a few weeks ago, that it had successfully delivered first oil from the JSE area – an extension of Ghana’s Jubilee Fields, located offshore Cape Three Points in the Western Region.