If it was Russia’s intention to send oil tumbling after its oil minister last week said that OPEC+ has no intentions of cutting production, in the process inviting another round of shorts and bearish CTAs, well… mission accomplished: on Wednesday oil tumbled more than 3% following the latest dismal Chinese PMI data, and followed a 4.4% drop on Tuesday the black gold is now on pace for its worst month since November 2021.
Colombia’s economically crucial energy patch is facing a grave crisis due to its shortage of proven oil and natural gas reserves coupled with leftist President Gustavo Petro’s plan to end awarding new exploration contracts
Oil prices slumped by another 3% early on Wednesday, extending the 4% losses from Tuesday after manufacturing data from China disappointed and the U.S. dollar strengthened.
Commissioning Africa’s largest refinery was supposed to have been one of the first ribbon cuttings of Muhammadu Buhari’s presidency. Instead, it was his last.
PERTH, June 1, 2023 – Woodside Energy has completed the awards for decommissioning of subsea structures at its oil and gas fields offshore Western Australia, the Australian independent announced on Wednesday.
As the primary driver of its economy, the local content regime for the oil and gas sector in Angola is heavily dependent on a robust and efficient financial sector.
As the primary driver of its economy, the local content regime for the oil and gas sector in Angola is heavily dependent on a robust and efficient financial sector.
The Minority in Parliament has called on the government to transfer the shares held by Jubilee Oil Holding Limited (JOHL) to the Ghana National Petroleum Commission (GNPC) to assure citizens that appropriate oversight of the country’s petroleum resources is being exercised by Parliament and other stakeholders.
NIGERIA’s oil production, including Condensate, dropped month-on-month, MoM, by 17.7 per cent to 1.25 million barrels per day, bpd in April 2023, from 1.52 million bpd recorded in the preceding month of March 2023.
With the next OPEC+ meeting taking place this Sunday and the U.S. debt ceiling saga set to draw a conclusion around the same time, oil markets are sure to be on edge all week.