Crude oil prices hit year-to-date lows on Wednesday, with Brent at $72.63 and WTI at $69.19, driven by weak demand in China and other markets.
OPEC+ delayed plans to ease production cuts, but analysts see challenges due to lost market share and declining prices.
Commodity analysts highlight trend-following strategies and potential for a short-covering rally in oil, while the return of Libyan oil adds further downward pressure on prices.
Italian oil and gas contractor Saipem has won two deals worth $1bn from Aramco, Saudi Arabia’s state-owned oil company.
Offshore drilling giant Noble Corporation has completed the acquisition of US offshore rig owner Diamond Drilling, after getting the final permit earlier this week. Noble said that the transaction, valued at around $2.1bn, enhances its position as a leading offshore driller, creating the largest fleet of 7th-generation dual-BOP drillships in the industry. Through this acquisition, Noble will increase […]
Talos Energy Inc. announced that its Ewing Bank 953 well offshore in the U.S. Gulf of Mexico successfully discovered commercial quantities of oil and natural gas. Separately, Talos entered into an agreement to participate in the Sebastian prospect, currently drilling in the Mississippi Canyon Block 387 of the U.S. Gulf of Mexico.
South Sudan and China National Petroleum Corporation (CNPC) are discussing the idea to build an alternative oil pipeline from the landlocked African country to Djibouti via Ethiopia to boost export capabilities, the presidency has said.
Tullow Ghana has awarded Shearwater Geoservices Holding a two-month 4D seismic monitoring contract over the Jubilee field offshore Ghana.
Chevron Corporation is targeting to increase oil and natural gas recovery at the company’s existing Jack/St. Malo and Tahiti facilities in the deepwater U.S. Gulf of Mexico.
Despite concerns about a potential market oversupply, OPEC+ is set to increase production due to a combination of foreign investor interests from without and the need for unity within, according to S&P Global Commodity Insights.
Russian oil companies received payments totaling 163.3 billion rubles from the budget for the fuel damper in August, the Finance Ministry said in materials on forming and utilizing additional oil and gas revenues from the federal budget, as posted on its website.
Investment firm LetterOne, owned in part by sanctioned Russian oligarchs Petr Aven and Mikhail Fridman, has acquired a minority stake (14.87%) in Harbour Energy, which is the UK’s biggest oil and gas company with operations in Norway, Southeast Asia, Germany, North Africa and Argentina.