Oil prices have been largely rangebound since the OPEC+ announcement that it would cut production sent prices soaring at the start of last week. While strong U.S. job growth and the resultant strengthening of the dollar took some steam out of the rally, demand optimism and Russia’s production cut helped to keep prices from falling.
Russia’s crude oil exports by sea plunged last week, the most since December 2022, to below 3 million barrels per day (bpd), the lowest level in eight weeks, tanker-tracking data compiled by Bloomberg showed on Tuesday.
Crude oil prices will slide by 24.1% to an average $73.1 a barrel in 2023, the International Monetary Fund has stated in its April 2023 World Economic Outlook Report.
DHAKA – Jobayer Ahmed’s textile business on the outskirts of Dhaka is going through a rough patch with the energy crisis in Bangladesh.
The Tarim Oilfield has produced about 470 million metric tons of oil and gas equivalent over the past 34 years, making it the main producer in China’s ultra-deep oil and gas resources, said the Tarim Oilfield of China National Petroleum Corporation (CNPC), China’s leading oil and gas producer, on Monday.
Citigroup has bucked the bullish oil price forecast trend in analyst circles, expecting oil prices to dip instead of rally further despite OPEC+’s efforts in that direction.
I often get asked by readers of my articles, most of which involve investing in upstream oil and gas producers, and the service providers that support their activities, what the future of liquid, petroleum based fuels might be.
The European Union’s embargo on Russian oil products, which went into effect on February 5, has resulted in the diversion of Russian diesel not only to Asia, Africa and the Middle East, but also increasingly to Latin America.
The surprise huge new cut in oil production from ‘OPEC+’ – the Saudi Arabia-led OPEC group of countries ‘plus’ Russia – highlights that any optimism over a possible rapprochement between Saudi Arabia and its previous key superpower ally, the U.S.
Russia has reduced its crude oil production by 700,000 bpd in March, a person familiar with Russian Energy Ministry figures told Bloomberg.