Oil prices climbed sharply on Wednesday even after the International Energy Agency announced the largest coordinated release of strategic oil reserves in its history, underscoring the scale of supply concerns stemming from escalating tensions in the Middle East.
Goldman Sachs has once again revised its oil price outlook, now expecting Brent crude to trade at $71 per barrel in the final quarter of the year, and WTI to average $67 per barrel over the same period, Reuters reported, citing the bank’s analysts.
Refiners are beginning to balk at eye-watering premiums on available oil barrels, threatening to slow down the flow of the world’s most traded commodity as the war in the Middle East upends energy markets. Markups of as much as $40 a barrel above benchmarks in the Middle East, $13 in Brazil and $10 in Azerbaijan […]
Equinor ASA and its partners have discovered more oil, gas and condensate on Norway’s side of the North Sea, with plans to extract the resources via existing infrastructure in the Sleipner and Troll areas. The Byrding C discovery, made five kilometers (3.11 miles) northwest of the Fram field in the Troll area, is estimated to […]
Two oil tankers were hit in Iraqi waters, the latest in a string of attacks on ships in the Persian Gulf that are raising risks to global energy supply from the deepening Middle East war. The strikes on the vessels off the coast of Iraq prompted the nation’s oil terminals to suspend operations. The latest […]
Battalion Oil has agreed to acquire 7,090 net acres in Ward County, Texas, expanding its Monument Draw position in the Permian basin through an all-stock transaction with RoadRunner Resource Holding LLC, formerly Sundown Energy LP. Under the terms of the agreement, Battalion will issue 485,000 shares of common stock in exchange for the assets. The […]
The Government of Guyana, through its Ministry of Natural Resources, is advancing a large-scale 3D multi-client seismic acquisition program offshore, supported by geoscience company Viridien.
The U.S. Department of the Interior’s Bureau of Ocean Energy Management (BOEM) generated nearly $47 million in high bids during its latest Gulf offshore oil and gas lease sale, reflecting continued industry interest in exploration acreage on the U.S. Outer Continental Shelf.
Liquefied natural gas suppliers, including Shell Plc, are declaring force majeure on customers across Asia due to the shutdown at the world’s largest export plant in Qatar, according to people with knowledge of the matter.
TotalEnergies has started production from the Lapa South-West project in Brazil’s Santos basin, about 300 km (186 miles) offshore, adding new output to the company’s existing Lapa field operations.