China’s very own state oil giants are saying it. CNPC said earlier this month that it expected demand growth to peak in 2025, moving the peak year from 2030, which was its prediction in 2023. The company cited electric vehicle adoption and LNG truck growth as reasons for its predictions, even though the record share of EVs in total car sales this year has failed to reverse China’s oil demand growth.
The ICC Tribunal concluded that the Branch Profit Remittance tax (BPRT) does not apply to Tullow Ghana’s operations under its Petroleum Agreements for the Deepwater Tano and West Cape Three Points blocks, which include the notable Jubilee and TEN fields offshore Ghana.
The price of crude oil globally ended the Year 2024 in the low $70s per barrel. At this price, the government should seize the opportunity to reduce the prices of fuel and reset the economy. The high price of fuel and food has led to high inflation and high cost of living.
Doubts about oil demand growth will persist beyond 2024, and fears of a price slump will be there to keep them company. That’s according to some recent predictions about the state of the oil market in 2025, which see demand growing, China directing the market, and OPEC still likely to unwind its production cuts.
Back in February, leading energy information company, Energy Intelligence, reported that interest in long-term LNG projects remains robust despite the Biden administration pausing new licenses for LNG export projects still in the planning pipeline.
European countries are ramping up sanctions pressure on Russia as they look to reduce Vladimir Putin’s oil revenues that fund the war in Ukraine.
Dozens of kilometers of Black Sea coastline in Russia’s Krasnodar region have been covered in heavy fuel oil, local authorities and residents reported on December 17, after two oil tankers were heavily damaged during a storm in the Kerch Strait.
Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an inventory decline of 900,000 barrels for the week to December 13.
Germany’s natural gas demand rose by 3.3% in 2024, due to lower prices compared to last year, preliminary estimates by the association of the German utilities, BDEW, showed on Wednesday.
Talos Energy will sell an additional 30.1% interest in Talos Mexico to an entity majority-owned by Mexican player Grupo Carso, the US E&P company said on Wednesday.