Guyana’s oil exports jumped 164% last year, boosted by growing output and demand for the newest Latin American oil producer’s light sweet crudes, particularly in Europe, where thirsty refiners ramped up imports to replace Russian supplies.
CAIRO – OPEC+ is facing “volatile prospects” in oil markets both in supply and demand, UAE energy minister Suhail al-Mazrouei told Asharq TV on Saturday.
Nigeria and other top African producers are expected to witness upstream revival and the launch of several multi-well drilling campaigns in 2023.
The Biden Administration is finalizing the next five-year offshore leasing program, which has been delayed by several months already, creating yet another uncertainty for the U.S. oil industry which has had to grapple with numerous mixed messages from Washington since President Biden took office.
Earlier this week, the Biden administration rejected the first bids from companies offering to sell crude oil into the strategic petroleum reserve of the country.
It took less than 20 years for Somoil to become one of Angola’s largest private oil companies, but the company is hardly resting on its laurels.
Oil markets have been relatively quiet this week, with muted trading in both Europe and the Americas ahead of Christmas.
It has long been a point of extreme contention with the U.S. that Iraq continues to rely on neighbouring – sanctioned – Iran for around 40 percent of its power supplies, constituted in large part by imports of gas.
We know that historically, many economies around the world have collapsed. We also know that there is a physics reason why this happens. Growing economies require a growing supply of energy to keep up with a growing population. At some point, the energy supply and other resource needs cannot grow rapidly enough to keep up with population growth. When this happens, economies tend to collapse.
A gas pipeline in central Russia that brings gas from Russia’s Arctic through Ukraine to Europe has been shut following a huge blast that ripped through and left three people dead and one injured, Reuters cited local officials and TASS news agency as reporting.