Giant trading houses and trading desks of integrated oil majors have taken advantage of the extreme volatility in oil and energy prices to make a killing in the markets.
Last month, Singapore-based oil and commodities trading powerhouse Trafigura Group posted the smallest profit since 2020 after oil price volatility dropped to multi-year lows.
Europe’s oil majors are feeling the heat, too, with both BP and Shell Plc warning of impending profit declines at their trading divisions.
New boss Murray Auchincloss, who took the helm in January, has shifted the company’s focus towards high growth and increased returns to shareholders amid weakened profit margins.
Shell UK Ltd. spudded an exploration well in the P2437 license area, UK Southern North Sea.
Petrobras saw its crude oil production increase by 2.6% year-over-year to 2.156 million barrels per day (bpd) in the second quarter, the Brazilian state oil and gas giant said in a production and sales report.
The news agency Reuters has seen something the rest of us haven’t: Internal Mexican government estimates of that country’s future oil production which paint a gloomy picture of rapid decline after 2030. Is this admission just the tip of the iceberg?
Brazil will continue to be a key investment area for ExxonMobil, local CEO Alberto Ferrin told the Latin American Energy Economics Meeting (ELAEE) in Rio de Janeiro.
The Gas-to-Energy project moved closer to fruition yesterday with the signing of a US$8.6 million contract between the Govern-ment of Guyana and Chinese company, Power China, to construct a building to house the National Control Centre, a Depart-ment of Public Information (DPI) release stated yesterday.
Canada-based oil and gas exploration company Eco Atlantic Oil and Gas (Eco) has signed a share cancellation deal with Africa Oil SA Corporation (AOSAC).
Ghana must work towards developing its refinery capabilities to add value to its large crude oil deposits if it desires to take charged of its economy, Executive Chairman of the Sentuo Group, owners of Sentuo Oil Refinery (SOR) Limited, Mr Xu Ningquan has said.
Crude oil prices continued to fall on Tuesday, with WTI trading just above $75 and Brent slipping below $80.
Concerns about Chinese demand continue to drag prices lower, with expectations of China’s manufacturing activity shrinking for a third month in a row.
In some bullish news, Venezuela’s election results could lead to tighter US sanctions and lower oil supply.