After a major decline that saw oil prices fall to multi-year lows, oil markets appear to have bottomed out and begun an encouraging ascent higher. Over the past two weeks, a general bearish and risk-off sentiment cut across asset markets and triggered a lengthy unwind of speculative positions in oil futures.
New U.S. and Canadian LNG export projects show signs of accelerating but volatile natural gas prices are making bets on future supply and demand difficult, industrial market intelligence provider Industrial Info Resources (IIR) said in new research on Friday.
The statement from the U.S. Energy Secretary that it will be difficult to refill the SPR despite oil prices being in the desired range has added downward pressure to oil prices and limited the potential for a rebound.
Oil prices plunged by 4% early on Friday as the U.S. dollar rallied and banking stocks in Europe crashed in a sign of renewed pressure on the sector.
Oil prices fell sharply on Friday amid declining European banking shares and after US Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.
The Ghana Upstream Petroleum Chamber is calling on the government to reconsider the Growth and Sustainability Bill which seeks to impose a one per cent tax on gross production for oil and gas companies.
The Ghana Upstream Petroleum Chamber is warning that the proposed Growth and Sustainability Levy by government could trigger litigation through the international court as it breaches provisions in the petroleum agreements.
The proposed Growth and Sustainability Levy has the potential to dampen investments into oil and gas exploration and trigger litigations, if approved, the Ghana Upstream Petroleum Chamber, has warned
Saudi Energy Minister Prince Abdulaziz Bin Salman yesterday said that there is a possibility of imposing a price cap on Saudi oil exports and “we will not sell oil to any country that imposes a cap on our supplies.”
President Biden is planning to harm the domestic oil and gas industry and make them less globally competitive despite asking them to produce more energy. Biden’s budget proposal for fiscal year 2024 is for the astounding amount of $6.9 trillion and includes withdrawing tax deductions from oil and gas businesses that other manufacturing entities receive and would harm the small mom-and-pop companies whose production is critical for meeting demand.