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Oil Market Concerns Almost Exclusively Focused on Strait of Hormuz

Oil market concerns over Middle East hostilities became almost exclusively focused over the past week on the Strait of Hormuz and the potential for short-term disruption. That’s what analysts at Standard Chartered Bank, including the company’s commodities research head Paul Horsnell, think, a new report sent to Rigzone by the Standard Chartered Bank team on […]

OMV Petrom Buys 50 Pct Stake in Gabare Solar Project

“By investing in one of the largest photovoltaic projects in Bulgaria, we are strengthening our presence in this neighboring market and are supporting the region’s energy transition. We believe that natural gas and renewables complement each other and play a key role in reducing emissions while ensuring energy stability”, Franck Neel, OMV Petrom Executive Board Member responsible for the Gas & Power division, said.

OSP, National Security destroy SML’s real-time monitoring system, Oil cartels suspected

Operatives from the Office of the Special Prosecutor (OSP) and National Security have raided the Osu and Tema offices of Strategic Mobilization Ghana Limited (SML) yesterday morning, escalating a bitter dispute over revenue collection in the nation’s petroleum sector that industry sources claim is being orchestrated by entrenched oil cartels.

Oil Prices Slip Despite U.S.-China Talks

“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” U.S. Commerce Secretary Howard Lutnick said, as quoted by Reuters. “The idea is we’re going to go back and speak to President Trump and make sure he approves it. They’re going to go back and speak to President Xi and make sure he approves it, and if that is approved, we will then implement the framework.”

Repsol Taps Halliburton to Support UK North Sea Operations

The Repsol-NEO statement added, “Aligned with market standards in the UKCS, Repsol E&P will retain a [decommissioning] funding commitment up to a nominal amount of $1.8 billion, representing approximately 40 percent of the decom liabilities related to its legacy assets. Repsol E&P will continue to provide decommissioning security for existing Repsol E&P legacy assets”.

Saudi Arabia Cuts Oil Prices for Asia as OPEC+ Adds More Barrels

Saudi Aramco cut the price of its main oil grade to buyers in Asia after OPEC+ continued with its outsized output increases for a third month.

The Saudis led the producer group over the weekend in agreeing to raise production by 411,000 barrels a day in July, a third straight month of outsized hikes. In tandem with US President Donald Trump’s trade war, the supply increases have helped drive benchmark oil prices about 12% lower in London since early April.

South Africa Launches Oil Giant to Revive Energy Sector

South Africa has officially launched the South African National Petroleum Company (SANPC), a new state-owned oil enterprise designed to consolidate and energize the country’s long-stalled hydrocarbons sector. Formed from the merger of PetroSA, iGas, and the Strategic Fuel Fund, SANPC will operate under the Central Energy Fund and is already integrating staff and assets to streamline operations. The aim? Reducing oil imports, bolstering energy security, and tapping into over R95 billion in potential investment.