Oil prices soared at the start of the week as OPEC+ shocked markets with a production cut announcement, but prices have since been capped by growing fears of demand destruction due to economic woes.
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.
Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand.
Italian oil firm Eni, with its partner PetroCi, has celebrated the sail away of the FPSO Firenze to the giant Baleine oil and gas field offshore Ivory Coast.
Crude oil prices have so far held on to their gains from Monday despite the latest PMI reading for China, which showed a decline in March, suggesting hiccups along the way to recovery.
Several of the world’s largest oil exporters have said they are cutting their production levels, which has caused a leap in crude prices.
The African Energy Chamber (AEC) (http://www.EnergyChamber.org) united financiers and energy stakeholders from the UAE, Middle East and Africa during its Invest in African Energy reception in Dubai on Thursday, aimed at cementing deeper, longer-term and mutually beneficial relations between the two regions and advancing shared interests in diversification, energy security and infrastructure development.
Natural gas prices in the United States fell to a 30-month low last week, dropping to $2 per mmBtu. And, while some producers have curbed drilling, the surplus isn’t going away anytime soon.
The U.S. Bureau of Ocean Energy Management (BOEM) has conducted Gulf of Mexico Lease Sale 259, which resulted in $263,801,783 in high bids for 313 tracts spanning 1.6 million acres in the federal waters of the Gulf of Mexico.
A U.S. government auction of oil and gas drilling rights in the Gulf of Mexico generated $263.8 million in high bids, the most of any sale in the region for years and the first test of demand for investment since the Russian invasion of Ukraine.