The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group recommended that no changes be made to the current oil production quotas during a meeting on Wednesday, as widely expected.
Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and US government data on crude and fuel stockpiles on Wednesday.
Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia’s invasion of Ukraine.
Russia’s deputy foreign minister Sergei Ryabkov said that “small steps” would be needed for Moscow and the United States to come closer to an agreement on bilateral issues, the RIA news agency reported on Monday.
The global oil and gas exploration sector in 2022 had its strongest year in more than a decade in value terms, with at least $33 billion added through new discoveries, a report by consultancy Wood Mackenzie has claimed.
Saudi Energy Minister Prince Abdulaziz bin Salman announced the Kingdom’s strategic plans to increase its production of oil, gas and clean energy.
Turkey has signed a key liquefied natural gas purchase agreement with Oman for 1.4 billion cubic metres of annual gas imports for 10 years.
An oil spill from a trunkline near the city of Omsk in East Siberia has been contained and cleaned-up successfully, three days after the leak was discovered on 27 January, according to Russian state run oil pipeline operator Transneft’s regional subsidiary.
Oil majors are rounding up the 2022 financial year with outstanding profit numbers, a development that faces strong backlash from the Biden Administration.
For the first time in decades, China’s oil and gas demand declined in 2022 as the strict Covid policies curtailed economic growth and mobility. This year, demand is set to rebound thanks to the reopening of the Chinese economy, pushing global oil demand higher and giving Europe a run for its money to stock up on LNG. The pace of recovery in Chinese oil and gas demand will be one of the most important trends influencing oil and gas markets and prices in 2023.