The top-producing U.S. oil basin, the Permian, is setting records in production, although growth has slowed in recent months as the number of drilling rigs drops.
Heatwaves this summer could lead to a surge in fossil fuel use as many countries worldwide continue to rely on oil, gas, and coal to meet their demand peaks. While many governments are striving to increase their renewable energy capacity in line with a green transition, this is a slow process, with many projects taking several years, or even decades, to complete.
Daily rates for chartering a supertanker to carry oil from the Middle East to Asia have soared this week to the highest since April as the number of cargoes booked this month for Middle East-Asia routes has exceeded expectations, shipbrokers and analysts have told Reuters.
The China National Petroleum Corporation (CNPC), the government-owned parent company of PetroChina, and Cnooc (OTCPK: CEOHF) has kicked off ultra-deepwater exploratory drilling for oil and gas as the country looks to wean itself of foreign oil.
The Kurdistan Regional Government (KRG) has lost $2 billion from oil revenues due to the nearly three-month-long suspension of Kurdish crude oil exports via Turkey, according to estimates by Reuters.
China’s economic data for May disappointed, with growth in industrial output and retail sales slowing from April and youth unemployment hitting a record high.
Crude oil prices were moving higher in early trade on Thursday after tumbling on Wednesday afternoon.
Earlier this month, a senior executive from Pioneer Natural Resources predicted higher oil prices later this year. Demand for crude was rising strongly, executive VP Beth McDonald told Reuters last week, but supply was playing catch-up and without much enthusiasm.
According to the Organization of Petroleum Exporting Countries (OPEC), Nigeria has reclaimed its status as the continent’s top producer of crude oil for the month of May 2023.
ExxonMobil has denied allegations that it illegally lifted Butane at the Bonny River Offshore Terminal (BRT), an offshore terminal in Nigeria.