Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern.
Brent crude futures LCOc1 edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures CLc1 were up 18 cents at $73.22 a barrel.
COP28 president Sultan Ahmed Al Jaber speaks during a meeting at the United Nations climate summit in Dubai on December 2, 2023. The COP28 conference opened on December 1 with an early victory as nations agreed to launch a “loss and damage” fund for vulnerable countries devastated by natural disasters
This week, the oil market witnessed a significant rebound, driven by a confluence of factors including a weaker dollar and revised demand forecasts from major energy organizations.
Oil prices are on course for their first weekly increase in eight weeks, a shift in sentiment that was driven in large part by the Federal Reserve pledging to cut interest rates next year.
Tokyo Gas Co. said its subsidiary Tokyo Gas America Ltd. will purchase Haynesville shale operator Rockcliff Energy II LLC for about $2.7 billion in a move to expand its U.S. shale gas operations.
Gazprom and CNPC agreed to increase the volume of Russian gas export to China through the Power of Siberia pipeline next year.
(MENAFN) A noteworthy transformation has quietly unfolded in Nigeria’s oil industry over the past year, marked by the exodus of international oil companies from various parts of their operations within the country. The latest development came at the end of last month when Norwegian oil company Equinor finalized the sale of its Nigerian entity to the relatively unknown local firm, Chabal Energy. This move signified the conclusion of Equinor’s three-decade-long association with Africa’s largest oil producer.
The total number of active drilling rigs in the United States fell by 2 this week after climbing by 10 over the course of the last four weeks, according to new data that Baker Hughes published Friday.
U.S. oilfield services company Halliburton Co. has announced that it will partner with the Libra Consortium, led by Petrobras, to develop a digital twin for the Mero pre-salt field system in Brazil.
A digital twin spans the lifecycle of the actual system, or object it represents, uses simulation, machine learning and reasoning to help decision making and is updated using real-time data.
Other than creating a single, secure repository for all asset documentation, digital twins can have a positive impact on the operational efficiency, cost, reliability and agility of oil and gas companies.
Hedge funds have cut their bullish bets on crude oil to record lows.
Money managers have slashed their net long positions in both WTI and Brent crude oil by 59,094 lots to just 149,272 in the week ending December 12.
Crude oil prices have been on the decline over the last month, although spot prices for both benchmarks were trading up on Friday.