OPEC has lifted its crude oil demand forecast for 2023, to 2.4 million barrels per day (bpd), according to the group’s latest Monthly Oil Market Report (MOMR) released on Thursday.
Bullish sentiment has been growing in oil markets this week, with inflation in the U.S. slowing dramatically and markets tightening on the back of supply disruptions and production cuts.
Libya’s largest oilfield was fully halted amid protests on Friday as tensions in the restive African OPEC producer returned and are set to reduce global oil supply at a time when Saudi Arabia is cutting production by 1 million barrels per day (bpd) and Russia has promised a 500,000-bpd cut to exports in August.
The total number of total active drilling rigs in the United States fell by 5 this week, after a 6-rig increase last week, according to new data from Baker Hughes published Friday.
Oil prices fell by around 1% in early Asian trade on Monday after major Libyan oilfields resumed production over the weekend following a brief shutdown and after China reported second-quarter economic growth below expectations.
Nigerian oil and gas firms, including top international oil companies, have been ranked among some of the worst offenders in the implementation of the 2015 Paris climate deal, multinational nonprofit platform, CDP has said.
Today, Angolan Agency for Oil, Gas and Biofuels (ANPG) has taken a significant step towards environmental protection by implementing a cutting-edge TECH-ECOLOGIA solution developed by National Space Programme Management Office (GGPEN) for spill monitoring.
BW Offshore recently revealed that it had closed the sale of the FPSO Sendje Berge to an undisclosed local FPSO owner and operator for a total consideration of $15 million.
Shell has made a fourth hydrocarbon discovery offshore Namibia, one of the hot spots in offshore exploration right now.
Azerbaijan’s promise to double its annual gas exports to Europe by 2027 may be a step closer to realization with the news that BP has found new gas reservoirs beneath its existing Azeri–Chirag–Gunashli oil field (ACG) in the Caspian Sea.