Traders are not buying the oil deficit story. That’s the conclusion that forces itself based on the latest oil and fuel buying and selling developments ahead of the latest OPEC+ meeting.
Following the recent slew of major cooperation agreements (including in energy, security, and logistics) between various permutations of Iran, Iraq, Russia, and China, another set of agreements – this time between Iran and Oman – allows Beijing to further consolidate its grip over the principal oil transit routes from the Middle East. It also allows it the opportunity to develop another major source of liquefied natural gas (LNG) supplies, to the detriment of the U.S.’s key allies in Europe.
Crude oil prices inched higher today after the Energy Information Administration reported an inventory decline of 500,000 barrels for the week to June 9.
It is common knowledge among business circles that aligning executives’ financial incentives with company strategy can help inspire management to deliver superior results.
The energy crisis is not over yet, Klaus Müller, the president of Germany’s energy regulator, told the Funke media outlet on Wednesday.
The Northern Regional Security Council (REGSEC) has given the firmest assurance yet about its resolve to maintaining the present stability in the region, as the Ghana National Petroleum Corporation (GNPC) prepares to begin drilling an oil and gas exploration well in the Voltaian Basin next year.
Following the failed Presidential elections of December 2021 and its negative impact on the oil and gas industry, Libya’s oil production started to get back on track in the second half of 2022, aimed at boosting production in line with high global demand and elevated prices. And things are looking up for 2023, with increased foreign investment in Libya’s oil and gas sector, as well as support from the IMF.
The Biden administration on Friday ordered a 20-year ban on new oil and gas drilling leases within 10 miles of the Chaco Culture National Historical Park in New Mexico, according to multiple reports.
A global shortfall in crude oil supply is set to deepen in the third quarter as the world’s top exporter Saudi Arabia pledged extra output cuts from July in a move likely to push Brent towards $100 a barrel by the end of the year, analysts said.
Chinese contractor China Petroleum Engineering and Construction (CPECC) has won a major contract from ADNOC Onshore, the onshore unit of ADNOC, to upscale production of its mature fields.