Refining margins in the United States hit $42.41 per barrel on Tuesday, more than double the five-year average for this time of the year, as refinery maintenance and unplanned outages reduce capacity while the global fuel market is tightening with the Chinese reopening and the looming EU ban of Russian fuel imports by sea.
Russia’s oil production and exports have shown remarkable resilience in 2022, but 2023 may be a different story, according to Antoine Halff, the co-founder and chief analyst at Kayrros.
In its latest forecast, the IEA has projected demand to rise by 1.9 million barrels per day to 101.7 million barrels per day (bpd) this year
Over the past three years, the majority of U.S. energy companies have avoided spending big to expand production in the aftermath of the 2020 oil crisis, prioritising returning more cash to shareholders in the form of dividends and share buybacks.
Last year’s seismic disruptions to energy markets made forecasting oil and gas prices particularly tough — and predicting the outlook for 2023 isn’t getting much easier amid persistent geopolitical uncertainty and fears of a global recession
The government has announced plans to review tax exemptions for mining and oil and gas companies in Ghana after the Minister for Finance presented the 2023 Budget and Economic Statement in Parliament on Thursday (24 November).