Oil futures jumped by about 1% on Monday as a potential hurricane approaching the U.S. Gulf Coast helped oil prices to recover some of the previous week’s heavy losses.
South Sudan and China National Petroleum Corporation (CNPC) are discussing the idea to build an alternative oil pipeline from the landlocked African country to Djibouti via Ethiopia to boost export capabilities, the presidency has said.
China National Petroleum Corporation (CNPC) and its listed company PetroChina are looking to buy oil and gas exploration and production assets and LNG opportunities globally in what could be a revival of deal-making for the Chinese state giant after two decades.
New technology is unlocking new fields – and the wider world is buying, if not the West
audi Arabia is expected to ship lower volumes of crude oil to the world’s top importer, China, next month, as official Saudi term prices were raised for September.
The field is estimated to contain more than 100 billion cubic meters of natural gas and lies in an average water depth of approximately 1,500 meters.
Crude oil prices continued to fall on Tuesday, with WTI trading just above $75 and Brent slipping below $80.
Concerns about Chinese demand continue to drag prices lower, with expectations of China’s manufacturing activity shrinking for a third month in a row.
In some bullish news, Venezuela’s election results could lead to tighter US sanctions and lower oil supply.
Venezuela has granted two Chinese companies, Anhui Erhuan Petroleum Group and Kerui Petroleum, oil production contracts in the Acema, Oritupano-Leona and Mata fields and in the Ayacucho 2 block in the Orinoco Belt, sources related to the negotiations said July 25.
Despite cutting off most European customers from its pipeline natural gas supply, Russia still sends nearly the same volumes of gas to Europe via pipelines as it does to its key new energy market China, according to Bloomberg calculations based on gas flows.
SCMP: Angola was the No. 2 exporter of oil to China in 2010, second only to Saudi Arabia, by last year, it had plummeted to No. 8.
Angola–and other African oil producers–have a hard time luring investors to further develop its oilfields and boost infrastructure.
China is pivoting heavily to the GCC, aggressively seeking energy tie-ups with Saudi Arabia, UAE, Bahrain, Kuwait, Oman, and Qatar.