Fossil fuel energy companies looking to extract oil and natural gas from U.S. waters in the Gulf of Mexico got a boost on Wednesday, as they secured access to 1.6 million acres of waters offered at auction.
A new Chinese refinery is pushing the price of heavy crude oil higher after a prolonged period of depression.
Following a 10% slump in two weeks, oil prices jumped by 5% on Monday as concerns about the banking sector eased and 400,000 bpd of crude exports from Kurdistan were shut in.
The world’s largest crude oil exporter, Saudi Arabia, is betting big on the growing market for crude China, as Saudi oil giant Aramco is strengthening its downstream presence and crude supply market share in the world’s top importer.
Oil prices ticked up today, after the U.S. Energy Information Administration reported a crude oil inventory draw of 7.5 million barrels for the week to March 21.
Russia’s largest oil firm, state-controlled Rosneft, signed on Wednesday a term agreement with Indian Oil Corporation to raise the supply of Russian crude to India significantly.
Europe’s benchmark natural gas prices rose on Wednesday morning for a third consecutive day of gains amid lower LNG supply due to the nationwide strikes in France and expectations of a colder start to April than usual.
An oil dispute between the Iraqi government and the semi-autonomous Kurdistan region that also involves Turkey has escalated this week, pushing oil prices higher.
Chad’s parliament on Wednesday approved a bill to nationalise oil assets and rights acquired last year by Savannah Energy (SAVES.L) from ExxonMobil’s (XOM.N) affiliate, Esso Exploration and Production Chad.
To this end, Brazil’s Minister of Mines and Energy will launch ‘Potencializa E&P programme,’ which will be presented at the next meeting of the National Council for Energy Policy (CNPE) – still without a set date – aiming to guarantee investments in oil and natural gas exploration and transform Brazil into the fourth largest oil producer in the world.