Global oil demand is set to increase by 2 million barrels per day (bpd) this year, pushed up by growth in Chinese consumption after the reopening, the International Energy Agency (IEA) said on Wednesday as it raised its 2023 demand growth estimate by 100,000 bpd from last month’s forecast.
Oil prices extends losses on Wednesday (15 February) as a much bigger-than-expected surge in the U.S. crude inventories and anticipation of further interest rate hikes sparked concerns over the prospect of weaker fuel demand and economic recession.
The spate of legal tussles within the petroleum upstream industry poses a real threat to sustainability of the nation’s oil production, say experts.
Russian Deputy Prime Minister Alexander Novak has issued a new warning on a possible cut in the country’s oil production, with his prepared remarks being emailed to media in Moscow.
GEORGETOWN, Guyana, Feb 14, CMC – Suriname President Chandrikapersad Santoki, Tuesday said his Dutch-speaking Caribbean Community (CARICOM) country is open to doing business in all streams of the oil and gas sector as he underscored the importance of the sector to the socio-economic development of the country.
Oil and gas companies had a record year in 2022 and continued to improve their positions in the eyes of investors.
LONDON, Feb 14 (Reuters) – OPEC has raised its 2023 global oil demand growth forecast in its first upward revision for months, due to China’s relaxation of COVID-19 restrictions, and trimmed supply forecasts for Russia and other non-OPEC producers, pointing to a tighter market.
The Chief Executive Officer of Saudi Aramco Amin Nasser has warned that renewable energy won’t be able to replace oil and gas any time soon and that investment in sustainable energy must not come at the cost of investment in hydrocarbons.
French energy giant TotalEnergies SE has put a multi-billion-dollar plan to produce green hydrogen with Adani Group on hold, pending audits of the Indian conglomerate accused of fraud by a U.S. investor.
Declining oil production in many countries and the potential of insufficient crude supply will be a bigger problem for the oil market next year than how demand will evolve, according to the United Arab Emirates (UAE).