Oil and gas stocks were among the top performers on the S&P 500, with four industry players taking their place in the top 10. The reason for this was a higher price for oil coupled with enhanced volatility. But this is just one aspect of the story.
Over the last year, the U.S. has been ramping up its natural gas production, with plans to develop several more LNG facilities in the south of the country.
As many as 131 companies representing nearly $1 trillion in global annual revenue are urging governments to set targets and timelines for the phaseout of unabated fossil fuels.
The success of COP28 in Dubai, UAE, is facing immense pressure due to the aftermath of the Hamas terrorist attack on Israel and the ongoing Israeli conflict with Gaza.
China is likely to have saved $10 billion on crude oil imports so far this year as it has imported record volumes of cheaper oil from Russia, Iran, and Venezuela—all three under U.S. and Western sanctions, a Reuters analysis showed on Wednesday.
The Nigeria Upstream Petroleum Regulatory Commission (NUPRC) is optimistic that oil and gas production in Nigeria will experience a significant increase in the coming months.
The Organization of the Petroleum Exporting Countries (OPEC) has predicted that world oil demand will rise to 116 million barrels per day by 2045, a larger prediction than its 2022 estimate.
News of a blockbuster oil acquisition by Exxon Mobil suggests more focused consolidation to come in the global energy sector, experts said Wednesday, with one analyst suggesting the trend could drive oil prices down in the long run.
Police in west Norway have increased security measures and patrols at and around oil and gas infrastructure, after the suspected sabotage of the gas pipeline between Finland and Estonia in the Baltic Sea, a police representative told Norwegian daily Bergensavisen (BA).
Oil prices have been buoyed by the Hamas attack on Israel, with a heightened geopolitical risk premium in markets and growing concerns that the U.S. will double efforts to stem Iranian oil flows. Despite the price rise, uncertainty remains in oil markets as to exactly how supply and demand will be influenced.