Russia was shipping more than 3 million barrels per day (bpd) of crude oil to Asia in the week to December 9, the week in which the EU embargo on imports of Russian crude by sea came into force, vessel-tracking data monitored by Bloomberg showed on Monday.
Given the fragile supply-demand balance in the global energy market and the toxic inflation-interest rate mix with which many developed economies have been struggling, news of additional oil and gas supplies is welcome.
Agreements have been signed for the construction of the first utility scale renewable power generation facility within TT, the Utility Scale Solar PV Project. The project is set to deliver 112.2 megawatts (MW) of electricity onto the grid
China, the world’s largest buyer of crude, has opened the door to trading crude oil and natural gas in its local currency, rather than the US dollar, although it’s not clear a change would happen anytime soon.
China, the world’s largest buyer of crude, has opened the door to trading crude oil and natural gas in its local currency, rather than the US dollar, although it’s not clear a change would happen anytime soon.
Nigeria is one of the world’s largest oil producers, yet, has failed to develop an oil refinery sector.
RIYADH — Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said on Sunday that the OPEC+ alliance decision to cut oil production by two million barrels per day was proven to be the correct one when recent developments are taken into consideration.
Oil prices rose as much as more than 1% on Monday as a key pipeline supplying the United States remained shut while Russian President Vladimir Putin threatened to cut production in retaliation for a Western price cap on its exports.
RIYADH: Saudi energy minister Prince Abdulaziz bin Salman said on Sunday the impact of European sanctions on Russian crude oil and price cap measures “did not bring clear results yet” and its implementation was still unclear.
New data released by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) have shown that crude production increased by 177,000 barrels per day in November.