The OPEC+ group currently doesn’t plan to change the course in its oil production targets after Russia announced a cut in its output for March, two delegates from the OPEC+ alliance told Reuters on Friday.
For decades, the conventional wisdom in macroeconomics has been that high oil and gas prices are frequently the leading cause of high inflation. In fact, many analysts have blamed the two major oil price shocks of the 1970s for high inflation during the decade.
Oil prices jumped more than 2% on Friday, heading for weekly gains, as Russia announced plans to reduce oil production next month after the West imposed price caps on the country’s oil and oil products.
The managing director of the Bulk Oil Storage and Transportation Company Limited (BOST), Edwin Provencal, has said the company is ready to take advantage of the African Continental Free Trade Area (AfCFTA), after revamping its revenue generating infrastructure.
Oil may resume its rally in 2023 as Chinese demand recovers after COVID curbs were scrapped and lack of investment limits growth in supply, OPEC country officials told Reuters, with a growing number seeing a possible return to US$100 a barrel.
Oil prices eased on Monday after rising 2% in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming US inflation data and refinery maintenance in Asia and the United States.
The world’s oil and gas companies enjoyed record-breaking profits in 2022, as energy prices soared for consumers and climate change catastrophes dotted the globe.
PERTH (miningweekly.com) – New data by advisory firm Wood Mackenzie (WoodMac) has shown that 2022 was the strongest year in more than a decade for global oil and gas exploration, led by major discoveries in Namibia, Brazil and Algeria.
The December 2022 US-Africa Leaders Summit hosted by President Biden in Washington highlighted the emerging role of Africa in global affairs, including in the competition with China and Russia. In his address to the Summit, President Biden endorsed the proposal for the African Union to join the G20 and pledged $55 billion in financing and investment over three years.
Puma Energy’s Head of Africa, Fadi Mitri, says the energy industry will be at the heart of the post-pandemic recovery, as it will provide industries with the power required to grow and expand.