Crude oil prices inched higher today after the Energy Information Administration reported an inventory decline of 500,000 barrels for the week to June 9.
It is common knowledge among business circles that aligning executives’ financial incentives with company strategy can help inspire management to deliver superior results.
The energy crisis is not over yet, Klaus Müller, the president of Germany’s energy regulator, told the Funke media outlet on Wednesday.
The Northern Regional Security Council (REGSEC) has given the firmest assurance yet about its resolve to maintaining the present stability in the region, as the Ghana National Petroleum Corporation (GNPC) prepares to begin drilling an oil and gas exploration well in the Voltaian Basin next year.
Following the failed Presidential elections of December 2021 and its negative impact on the oil and gas industry, Libya’s oil production started to get back on track in the second half of 2022, aimed at boosting production in line with high global demand and elevated prices. And things are looking up for 2023, with increased foreign investment in Libya’s oil and gas sector, as well as support from the IMF.
The Biden administration on Friday ordered a 20-year ban on new oil and gas drilling leases within 10 miles of the Chaco Culture National Historical Park in New Mexico, according to multiple reports.
A global shortfall in crude oil supply is set to deepen in the third quarter as the world’s top exporter Saudi Arabia pledged extra output cuts from July in a move likely to push Brent towards $100 a barrel by the end of the year, analysts said.
Chinese contractor China Petroleum Engineering and Construction (CPECC) has won a major contract from ADNOC Onshore, the onshore unit of ADNOC, to upscale production of its mature fields.
Several buyers in Asia are looking to buy spot oil cargoes from Russia, Africa, Brazil, or the United States after the world’s top crude exporter, Saudi Arabia, unexpectedly raised its official selling prices for its crude going to Asia in July.
This Monday saw what was perhaps one of the shortest oil price rallies following an OPEC+ meeting.