Oil hit a four-month low, and Brent Crude prices slipped below $80 per barrel for the first time since early February.
Third-quarter demand and market balances could be tempting for a reversal of the cuts from October, but OPEC+ is likely to consider balances for Q4 and beyond.
ING analysts Patterson and Manthey: The sell-off in oil this week is overdone.
New build projects drive the upcoming projects landscape in Asia-Pacific constituting 79% of the total projects across the oil and gas value chain.
Saudi Arabia set its flagship Arab Light crude oil official selling price (OSP) to Asia at plus $2.40 versus Oman/Dubai average for July, a document seen by Reuters showed on Wednesday.
There are indications that Nigeria’s 2024 national budget may have come under funding threats following sustained decline in oil price amidst stagnation in crude oil output level.
Block 58 is adjacent to ExxonMobil’s Stabroek block in Guyana, a site with more than 11 billion barrels (bbbl) of recoverable oil and gas.
APA-Brazzaville (Congo) – Production cuts are intended to stabilise the Congolese domestic market while encouraging new investment in oil exploration.
Aker Solutions has secured a ‘sizeable’ long-term frame agreement with Azule Energy to provide engineering, procurement, and construction (EPC) services for brownfield projects and modifications for two floating production, storage, and offloading (FPSO) units in Angola.
Chief Executive Officer of Kenyon International, Dr Victor Ekpenyong, has stated that Nigeria has the potential to increase its oil production and meet local refining needs by tapping into its idle brownfields.
The Aramco US$12 billion share sale sold out shortly after the deal opened.
Aramco’s share sale comes at a time when oil prices remain depressed mainly due to concerns about weak global demand.
Details of the split between local and foreign investors in the offering are yet to emerge.
Ricardo Do Amaral, general manager of Octomar, talks to The Energy Year about the company’s assistance to operators developing their assets and its projects with the Angolan Ministry of Environment. Octomar is an Angolan diving and marine services company offering a variety of offshore tanker terminal and FPSO support services, as well as marine and subsea services and vessels.