Nowadays, the oil bulls just can’t catch a proper break. After a heavy selloff following the collapse of Silicon Valley Bank routed the markets, the markets returned to a semblance of normalcy after the 2nd of April decision of some OPEC+ members to make voluntary output cuts.
Earlier this month, the Norwegian energy ministry said the country would be stepping up oil and gas exploration in the Norwegian continental shelf to improve its energy security and the energy security of its friends and neighbors in Europe.
Oil prices rose by nearly 2% early on Tuesday after the Saudi energy minister warned short sellers to “watch out” and as seasonal demand for fuel is set to rise at the start of the U.S. driving season this weekend.
Board Chair of the Ghana National Petroleum Corporation (GNPC), Freddie Blay, has refuted claims of a contract being brokered to sell a 50% stake in Jubilee Holdings Limited to South African oil business, PetroSA, despite the significant revenue this interest has for the state.
Strong demand for oil products is helping to drag oil prices higher, although the risk of a U.S. default and the upcoming OPEC+ meeting are the two major factors oil markets are watching.
India’s spot purchases of crude oil from the Middle East have fallen in recent months, as cheaper Russian spot barrels are making their way to the world’s third-largest crude oil importer, according to the head of the largest Indian refiner.
Chevron Corporation has signed a deal to buy shale firm PDC Energy in an all-stock transaction valued at $6.3 billion, or $72 per share, the U.S. supermajor said on Monday in what could be an acceleration of deal-making in the shale patch.
Baghdad (IraqiNews.com) – The Jordanian Ministry of Energy and Mineral Resources announced on Monday the resumption of Iraqi crude oil exports after it stopped last month, according to a statement issued by the Jordanian ministry.
Africa Oil Corp has submitted withdrawal notices to its joint venture partners on Blocks 10BB, 13T and 10BA in Kenya, to unconditionally and irrevocably, withdraw from the entirety of the joint operating agreements (‘JOAs’) and Production Sharing Contracts (‘PSCs’) for these concessions.
Oil prices slipped on Tuesday as investor concern over the risk of a US debt default dampened risk appetite, although a tighter market due to a seasonal rise in gasoline demand and supply cuts from OPEC+ producers lent support.