OPEC+ stunned the oil market, announcing additional surprise production cuts until the end of this year and sending prices up by around $5 a barrel in a single-day surge on Monday.
By approving a scaled-down project for new drilling in Alaska, even the Biden Administration tacitly admitted that oil and gas would be needed for decades regardless of the pace of the energy transition.
The oil market will tighten in the second half of this year, with jet fuel demand driving a rebound in consumption, especially in China, Amrita Sen, Director of Research at Energy Aspects, said at the FT Commodities Global Summit on Tuesday.
The European Commission on Monday proposed extending the emergency measure which targets a 15% reduction in the bloc’s natural gas consumption by another 12 months to the end of the 2023/2024 winter heating season.
Nigeria’s first privately-owned refinery -ND Refineries Limited, has completed the mechanical construction of its fourth train, a 3000 barrels per day (bpd) facility dedicated to produce petrol for the domestic market.
AGM Petroleum Ghana Limited (AGM) has decided to quit the South Deep Water Tano (SDWT) block to after considering all options.
Tullow Oil Plc (TLW.gh) listed on the Ghana Stock Exchange under the Energy sector has released it’s 2022 interim results for the forth quarter.
In a hotly debated move, the Petro administration hiked taxes for Colombia’s oil industry.
Oil prices plunged to more than three-week lows on Friday. This came after a strong jobs data from the United States triggered concerns about rising interest rates, even as investors sought more information on the EU embargo against Russian refined products.
WTI oil held steady at $76 per barrel, after the U.S. Energy Information Administration reported an inventory build of 19 million barrels for the first week of the new year.