Greek shipping tycoons and their tanker companies are moving large volumes of Russian oil and are making a lot of money off these trades, which are mostly shunned by other Western ship owners after the West moved to sanction Russia’s crude.
Earlier this year, Russia said it would reduce its oil production rate by half a million barrels daily in response to Western sanctions and as part of OPEC+ efforts to prop up international oil prices.
After a very fruitful period that saw the energy sector emerge as the best performer in 2022, the oil price rally has ground to a halt and fully reversed course as oil and prices tumbled to multi-year lows. Energy prices have slid again after the Fed hiked interest rates on Wednesday to the highest level in 16 years as it attempts to combat inflation. The price action has come as a surprise considering that U.S. inventories have been steadily falling for weeks.
While a rebound in oil prices on Friday morning may have stopped this from being one of the worst weeks for oil in recent memory, oil markets are struggling to shake the economic gloom and doom that is driving bearish sentiment.
Crude oil prices are set to extend their losing streak to three weeks as recession fears and anxiety about the U.S. banking system prevail over any supply concerns.
The National Petroleum Authority (NPA) has initiated moves to promote fuel trade and investment between Ghana and Mali.
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), has said that it will support indigenous oil and companies with the right policies and regulations to grow.
MUNICH — Saudi Energy Minister Prince Abdulaziz bin Salman met with German Chancellor Olaf Scholz and several government officials on Wednesday during a visit to Munich.
Türkiye has agreed with Russia’s Gazprom on deferring payment for part of the natural gas it imported after a price surge last year, Energy Minister Fatih Dönmez said.
The value and volume of U.S. upstream oil and gas deals fell in the first quarter of the year as companies focused on mature plays and are still watching and waiting for opportunities to snap up undeveloped acreage in the Permian.