Drilling activity in the U.S. shale patch is about to rebound later this year and next year as oil prices have strengthened recently, American oilfield services firms said this week.
The direction of oil prices is top news material. Everyone follows oil prices. Many also follow the prices of the most traded oil derivatives, and some may have noticed something rather alarming in the trend of one of these derivatives.
Following several months of increased imports of Russian crude by India, the trend may finally begin to wane as it stockpiles enough to meet the country’s demand. India has favoured Russian crude in recent months due to its discounted prices, making its oil much cheaper than Middle Eastern alternatives.
Energy giants Shell, TotalEnergies and Chevron posted lowered profits in Q2 2023 as commodity prices slump following a high in 2022, Reuters reported on Thursday.
The European Commission has approved around USD 44.3 million to support construction of an onshore LNG terminal in Germany, the executive body of the EU reported on Thursday.
Guyana has extended its deadline for its much-anticipated oil and gas bid round to September 12, 2023, Reuters reported on Wednesday.
For OPEC, it is the best of times and the worst of times – depending on which member you ask. Despite a massive oil price windfall brought on by Russia’s war in Ukraine last year, the OPEC members are reaping massively unequal revenues from a shrinking basket.
Egypt has reportedly green lighted a trio of binding oil and gas agreements in the country, aimed at the drilling of multiple exploration wells, the country’s Cabinet said in a statement.
Abu Dhabi National Oil Company (Adnoc) has awarded a $219 million engineering, procurement and construction contract to compatriot National Petroleum Construction Company (NPCC) for work on a key offshore pipeline replacement project.
Slumping energy prices sent profit and sales at ExxonMobil (XOM) tumbling, and its shares fell 1.6% in early trading on Friday following the news.