Crude oil inventories at Cushing have dropped to their lowest level for this time of year in over a decade.
The depleting stocks at Cushing and the bearish sentiment on the oil market, especially the recent more negative positioning in WTI Crude, could lead to high prices in the near term.
In the three weeks to January 19, inventories at Cushing fell by more than 5 million barrels.
HOUSTON, Dec 26 (Reuters) – The oil and gas industry went on a $250 billion buying spree in 2023, taking advantage of companies’ high stock prices to secure lower-cost reserves and prepare for the next upheaval in an industry likely to undergo more consolidation.
China’s offshore giant CNOOC aims to raise its oil and gas output to 1.95 million b/d of oil equivalent in 2024, about 5.2% higher from its estimated output of 1.85 million boe/d last year, the state-owned company said late-Jan. 25.
The $2 million Sentuo Oil Refinery has an initial processing capacity of 40,000 barrels per day, scalable to 100,000 barrels when the facility is fully operational
Political instability has hindered Libya’s oil production, but the country is eager to regain its energy prominence with a goal of reaching 2 million barrels per day.
Substantial foreign investment is required to modernize Libya’s aging oil infrastructure, including pipelines and storage facilities.
Despite challenges, Libya’s significant untapped oil reserves present a substantial opportunity for economic growth and energy sector revival.
The bullish case for oil prices was strengthened dramatically this week, with strong U.S. economic data helping to push Brent well past the $80 mark.
Guyana, a tiny South American nation home to more than 800,000 people, made big headlines in December.
The reason? Its neighboring country, Venezuela.
LAGOS/LONDON, Jan 29 (Reuters) – Shell’s exit from Nigeria’s onshore oil sector highlights risks oil majors face in Africa’s biggest exporter but has raised hopes that local firms could reverse the output decline from the Niger Delta, industry officials and analysts said.
Shell – which pioneered Nigeria’s oil industry – is the most prominent Western company to exit the Delta, a region blighted by pollution, oil theft and pipeline vandalism. Those issues have for years stymied investment – and throttled production and government finances.
LONDON, Jan 29 (Reuters) – Oil prices dipped on Monday as China’s ailing property sector took another hit while a drone attack on U.S. forces in Jordan added to supply disruption concerns in the Middle East and Houthi militants stepped up attacks on vessels in the Red Sea.
Peter Uzoho
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has advised prospective buyers of oil and gas assets put on sale during bid rounds to endeavour to carry out proper due diligence checks on the commercial and economic viability of the assets before making payments.