Shell has become the latest energy giant to report a jump in profits following the sharp increase in oil prices since the beginning of the Iran war.
The United Arab Emirates’ plan to ditch the oil producers’ group Opec and strike out alone is being viewed as a huge blow for the organisation, with one analyst describing it as “the beginning of the end of Opec”.
BP has ousted chairman Albert Manifold with immediate effect, it said on Tuesday, citing governance oversight and conduct issues, only months after his appointment to help oversee a strategy revamp.
Indian refiners turned to imports from Latin America and Africa after supplies from the Middle East were disrupted as the Israeli-U.S. war on Iran restricted shipping in the Strait of Hormuz, data provided by trade sources show.
Refiners in the world’s third-largest oil importer and consumer bought most of their crude from the nearby Middle East until the war broke out at the end of February.
Tight oil has taken a front seat in terms of global oil production and activity growth ever since the so-called shale revolution that kicked off in earnest at the beginning of the last decade – but this year has seen the beginning of a change in this trend. With US tight oil investments expected to decline by about 10% in 2024 compared to last year, US production is only forecast to grow around 400,000 barrels per day (bpd) this year and next – the lowest level of growth for the sector since the Covid-19 pandemic-affected years of 2020 and 2021. At the same time, investments in the offshore sector on the rise and are seen growing around 5% both this year and next.
Sorry, US drivers, but don’t expect pump prices to return to prewar levels any time soon, even if the US and Iran agree to a lasting peace deal tomorrow.
The Ghana Upstream Petroleum Chamber is a non-profit upstream petroleum organisation which aims to achieve long term success of the upstream petroleum industry in Ghana.