In a world where some commentators speculate that there is a glut of energy and distillate products as a result of high oil prices, sliding China demand and a looming global recession, Argentina will take the under: as La Nacion reports, on Wednesday refiners and retailers hiked prices between 7.6% and 9.6%, amid what is shaping up as a historic energy crisis.
BP has brought on stream the Seagull oil and gas field in the UK North Sea.
After falling for the first three days of the week, oil prices have started to recover after both the Federal Reserve and Bank of England decided not to hike interest rates.
Despite the falling and flatlining rig count, U.S. crude oil production managed to hit a monthly record-high in August 2023, boosted by productivity gains and more efficient operations.
Oslo-listed oilo and gas independent Panoro Energy has announced a commercial oil discovery at the Hibiscus South well offshore Gabon.
The refinery began the commissioning process in May this year after running years behind schedule at a cost of US$19 billion, above initial estimates of US$12-14 billion
Earlier this week, reports emerged that Chevron was negotiating LNG deliveries for the European Union, looking at contract terms of 15 years.
Petrochemicals have been driving oil demand in recent years but that could all change if new restrictions come into place to curb the production of plastics and other products. The global demand for petrochemicals has been gradually rising over the last two decades, as an increasing number of consumers spend on petrochemical-derived products. There are fears that the industry could continue to drive demand, keeping the world reliant on fossil fuels, long after we shift away from oil and gas for our energy needs unless policy change happens now.
In recent times, fears of a spillover in the conflict between Israel and Hamas, which could embroil Iran and its allies in the region, have offered considerable support to oil prices. Unfortunately for the bulls, the oil price momentum has fizzled out with the war risk premium that helped fuel an oil price rally in the early days of the Israel-Hamas war all but gone thanks to Israel’s ground incursion into Gaza proving to be less extensive than some investors expected.
The energy giant reported earnings of US$6.2 billion between July and September, up sharply on the previous quarter