Pakistan has placed its first order for discounted Russian crude oil, a move that could potentially reduce the country’s reliance on Middle Eastern oil producers. The order amounts to around 100,000 barrels per day (bpd) of Russian crude oil, which does not include related products.
Chinese authorities are expected to give much lower fuel export allowances to refiners in the second batch of quotas in the coming weeks amid rising domestic demand, a Reuters survey of state refiners and consultancies showed on Thursday.
The Minister for Energy, Dr. Matthew Opoku Prempeh has revealed that crude condensation of about $2.5m allocated to the Tema Oil Refinery is reportedly missing.
Canada has put 47 concession areas on offer in its latest offshore oil and gas bid round in the eastern province of Newfoundland and Labrador, the Canada-Newfoundland and Labrador Offshore Petroleum Board announced on Monday.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has announced the release of 13 new regulations in the oil and gas industry. These new regulations will be in addition to the six already introduced a few weeks ago.
(Bloomberg) – A senior Nigerian minister urged the country’s president to end a long-running dispute with Eni SpA and Shell Plc to allow the companies to finally develop a prized deepwater oil license.
Demand worries outweighed supply concerns this week to push down oil prices, reinforced by heightened expectations of more U.S. rate hikes that lifted the greenback.
Previously, we reported that energy agencies have been growing more bearish with their forecasts on oil demand growth with four experts including IEA and OPEC Secretariat giving divergent views. Alarmingly, the normally bullish U.S.-based Energy Information Agency (EIA) has cut its forecast in each of the past nine months.
The continuous shift in oil trade flows following the EU embargo on Russian exports is a huge win for the crude from Western Europe’s largest oilfield offshore Norway.
Crude oil prices inched lower today, after the U.S. Energy Information Administration reported an inventory draw of 4.6 million barrels for the week to April 14.