Crude oil prices moved lower today after the U.S. Energy Information Administration reported an inventory build of 1.6 million barrels for the week to March 10.
The government is weighing up plans to bring in a price floor for the windfall tax amid fears Equinor could pull out of the proposed Rosebank oil and gas project, City A.M. understands.
The oil market is set to swing from a comfortable supply overhang in the first half of 2023 to a deficit in the latter part of the year as the economic rebound in China will push global oil demand to a record high, the International Energy Agency (IEA) said on Wednesday.
Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators.
Tullow Oil plc has said it plans to agree a long-term gas sales agreement with the Government of Ghana covering both Jubilee and TEN fields in 2023.
Equinor has again made an oil and gas discovery near the Troll field in the North Sea. This is Equinor’s eighth discovery in the area since 2019.
With more than $200 billion of greenfield investments expected by 2025, the offshore oil and gas sector is expected to get back in the spotlight, according to Rystad Energy, an energy market intelligence group.
ING is further restricting financing to the oil and gas industry, reducing the volume of traded oil and gas it finances and no longer financing midstream infrastructure for new oil and gas fields, the Netherlands-based bank said on Tuesday.
The 50-day implied volatility rate of oil jumped some 16% amidst the ongoing chaos surrounding the collapse of SVB and Signature Bank, the most since the beginning of the Russia-Ukraine war.
As the old saying goes, “one man’s crisis is another’s opportunity.” Russia’s invasion of Ukraine and the subsequent sanctions and ruined trade relationships with the U.S. and Europe represent a tremendous crisis. But for the country’s long-term ally, India – and to an extent, China – it represents opportunity. From cheap Russian oil and coking coal to steel, India continues to benefit from its close ties to Moscow.