Crude oil prices look set to record their first weekly gain since mid-April as sentiment about future demand improves amid signs there may be progress on the debt ceiling negotiations in Congress.
Last month, we reported that energy experts have been growing increasingly bearish on the oil price outlook compared to previous sentiment. Four energy agencies including the IEA and OPEC Secretariat have made their predictions for oil demand growth in 2023, with the only common theme being that all four expect demand to grow compared to 2022, but all are less optimistic than they were a year or so ago.
Following a brief respite at the end of last week, the wildfires in Alberta began raging again this week as temperatures rose, threatening the oil sands operations in the province and forcing operators to shut in oil and gas production.
Oil prices shed 1% in Thursday morning trading over American debt and the prospects for a historic default, despite gains on Wednesday driven by demand optimism in the U.S. market.
Latin America’s largest economy Brazil has experienced a massive oil boom over the last decade and a half that saw the country become the top regional and leading global petroleum producer.
The United States and several other Western countries plus Ukraine are calling for increased surveillance for cracking down illicit ship-to-ship transfers of oil, which have soared since the embargoes on Russian crude and product exports came into effect.
RIYADH, May 10, 2023 – Saudi Aramco has made USD 31.9 billion in net profits in Q1 2023, the Saudi NOC announced on Tuesday.
OSLO, May 11, 2023 – Norway has launched its latest oil and gas bid round with 92 new blocks on offer, the Ministry of Petroleum and Energy announced on Monday.
THE Chief Executive Officer of the Ghana National Gas Company (GNGC), Dr Ben K.D. Asante, says natural gas is Ghana’s best stepping stone to a climate-friendly environment powered by renewable energy.
May 10 (Reuters) – A number of oil and gas companies in Canada’s main crude-producing province Alberta restarted shuttered production on Wednesday as wildfires that sparked widespread evacuations eased, although officials warned conditions could deteriorate.