Saudi Aramco, the world’s largest oil exporter, reported more than a 23% year-on-year decline in its net income for the third financial quarter to $32.6 billion due to relatively lower crude prices and production cuts.
Energy giants BP and Shell unveiled sharp downturns in their usual earnings last week in a rocky third quarter for the sector, with the oil and gas industry failing to match last year’s record profits.
LNG trading was a crucial component in oil majors’ Q3 earnings
The Department of Energy has added a mere 5 million barrels to the reserve thus far this year.
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.
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.
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.