OPEC continues to view the oil market fundamentals as strong with Chinese crude imports set to increase to a new annual record in 2023, the cartel said on Monday, describing the most recent negative market sentiment as exaggerated.
Rating agency, Fitch, is warning that higher-than-expected oil prices in a scenario where the Middle East conflict disrupts oil supply would cause lower economic growth and higher inflation.
Last year, when the European Union found itself in a position to urgently find a replacement for pipeline Russian gas, U.S. LNG producers were hailed as saviors. Dozens of tankers with super chilled liquid gas began arriving at European ports and, from there, into storage for the winter.
Last week, oil prices logged a third straight weekly decline, sinking to the lowest level since mid-July as concerns about demand continue to replace the fear of production outages related to the Middle East conflict. Front-month Nymex crude for December delivery rose 1.9% Friday but settled -4.1% for the week to $77.17/bbl, while January Brent crude recorded a similar weekly decline to $81.43/bbl. December gasoline was down -0.5% for the week to $2.19/gal while December diesel fell -6.2% to $2.74/gal.
Crude oil prices began the new week with a loss earlier today, with a renewed focus on demand in China and the United States weighing on benchmarks.
Ghana places 5th in Africa with highest offshore oil rig demand – African Energy Chamber
Saudi Arabia’s energy minister, Abdulaziz bin Salman, has disclosed that the kingdom signed preliminary agreements with African countries, including Nigeria, on energy-related cooperation.
Veros Petroleum is an oil marketing company that covers various aspects of the oil marketing industry, including retailing, bunkering, bulk distribution, LPG and gas services, and other related sectors. We cater to retail markets with stations dispersed nationwide, primarily in strategic regions, and continue to expand. As one of the rapidly developing companies, we take pride in our competitive pricing, exceptional services, top-notch product quality, and more. Moreover, we also provide bulk supplies to mining and construction sites. Our company was officially registered in 2020, but our journey began back in 2016 when we started as a small supply chain business, dealing with lower volumes and quantities. Over time, we have evolved into the company we are today.
The Nigerian Upstream Petroleum Regulatory Commission did not adhere to its own regulations while implementing the 2020/2021 marginal fields award, the Nigeria Extractive Industries Transparency Initiative had said.
Investors Will Want Kosmos Energy’s (NYSE:KOS) Growth In ROCE To Persist