Crude oil prices turned around on Thursday, erasing most of the week’s earlier losses despite the latest EIA report that indicated crude oil inventories rose more than expected.
Crude oil prices moved higher moments before the Energy Information Administration reported an inventory build of 4.5 million barrels for the week to May 26.
Iraq, OPEC’s second-largest oil producer, exported on average 3.3 million barrels per day (bpd) of oil in May, flat compared to April, according to the Iraqi oil ministry.
Crude oil production from Argentina’s burgeoning shale patch, Vaca Muerta, could surge in the coming years and top 1 million barrels per day (bpd) by the end of the decade – but only if takeaway capacity and rig availability do not limit growth.
Climate activists have scored yet another victory against Big Oil after Norway’s giant sovereign wealth fund announced it will support proposals by ExxonMobil Corp
State-owned Kuwait Oil Co (KOC) has announced plans to award 22 projects to local and foreign firms in the next few months, Zawya Projects reported, citing the Arabic language daily Alanba.
Commissioning Africa’s largest refinery was supposed to have been one of the first ribbon cuttings of Muhammadu Buhari’s presidency. Instead, it was his last.
Cairn Oil & Gas, a subsidiary of Vedanta Resources owned by billionaire Anil Agarwal, has announced that its reserves and resources portfolio in India has surpassed 1 billion barrels of oil equivalent (boe), media reports suggested.
As the green energy push gathers speed, propelling the shift to renewable energy sources forward, this raises concerns about oil and gas projects being in danger of turning into stranded assets while the world hurtles towards net-zero.
Global Energy Monitor analysis shows 30 companies, including UAE’s Abu Dhabi National Oil, contribute to nearly half of the energy industries’ methane emissions.