The United States hasn’t been a net exporter of oil and oil products since World War II. Now, it is on course to become a net exporter next year, with oil and product exports already hitting record highs of 3.4 million bpd and 3 million bpd respectively.
After months of remaining resilient in the face of heavy western sanctions, the Russian rouble has finally caved in, slumping past 68 per U.S. dollar to a more than seven-month low on Monday, courtesy of plunging crude prices as well as fears that sanctions on Russian oil could hit the country’s export revenue, Reuters reports.
Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday.
Oil prices rose on Monday after tumbling by more than US$2 a barrel in the previous session as optimism over the Chinese economy outweighed concern over a global recession.
A group of investors has put forward resolutions urging four of the world’s top oil and gas companies to set broad climate targets for 2030, reviving pressure on the sector after a year that saw governments shift their focus to energy security.
A new explosion and inferno has hit a strategic Russian oil and gas field amid suspicions key facilities are being targeted in sabotage attacks linked to Vladimir Putin’s war in Ukraine.
Nigeria recorded a shortfall in crude oil production totalling 6.9 million barrels per day (bpd) between January and November, 2022.
EU ministers have agreed a plan to cap the price of gas, ending months of argument over how to handle the cost of soaring energy prices after Russia cut gas supplies to Europe.
Russia has announced a major cut in the oil export levy in January following the introduction of a price cap on its crude oil by G7 countries and Australia.
In this week’s edition of oil and gas industry hits and misses, one of Rigzone’s regular market watchers looks at what is stifling crude’s upward momentum and focuses on market surprises, as well as some factors to watch next week.