Saudi Arabia said it would extend its voluntary production cuts of 1 million barrels daily of crude until the end of the year.
For decades, China has been the leading driver of global oil demand growth thanks to an economy that maintained a blistering growth clip for a long stretch. China’s economy managed to expand at nearly 10% annually ever since Beijing embarked on economic reforms in 1978, ballooning from $1.2 trillion by the turn of the century to nearly $18 trillion in 2021. But as the law of large numbers dictates, that era of exemplary growth could be in the rearview mirror. Economic pundits have predicted that China’s growth rate will slow down to between 2 and 5 percent in the coming years thanks to a declining population and slowing productivity.
U.S. crude oil exports continue to reshape the global market as America is pumping record volumes of oil and shipping record volumes of it overseas while the OPEC+ group withholds supply to “stabilize the market.”
Australian Energy Producers, representing Australia’s upstream oil and gas exploration and production industry, has urged the Commonwealth to fix – what it deems as – the broken offshore regulatory system after the logjam of energy supply and carbon capture projects awaiting approval was exposed.
Argeo announced on November 9 that it had signed a NOK 55 million (over $4.9 million) contract for the Bonga field subsea assets work program for Shell Nigerian Exploration and Product Company (SNEPCo) and local content partner GOSL.
African Energy Chamber (AEC) Celebrates Panoro Energy’s Hibiscus South Oil Discovery
Kosmos Energy Ltd. has seen net earnings more than triple to $85.19 million for the third quarter against the prior three-month period, and announced a pending takeover of the operatorship of Senegal’s Yakaar-Teranga gas field.
Shell is suing Greenpeace for $2.1 million in damages after the environmental group’s activists boarded the company’s oil production vessel in transit at sea this year, according to Greenpeace and a document seen by Reuters.
A statement posted on the U.S. Office of Cybersecurity, Energy Security, and Emergency Response’s (CESER) website late Monday noted that the U.S. Department of Energy’s (DOE) Office of Petroleum Reserve announced a supplemental solicitation for up to three million barrels of oil for delivery in January 2024.
Seagull has a capacity of 50,000 barrels of oil equivalent gross.