Crude oil prices were trading higher today, on course for another week of gains despite headwinds from the world of geopolitics and another weekly inventory build estimated for the United States.
Crude oil inventories in the United States saw a build of 4.6 million barrels during the week ending February 14, according to new data from the U.S. Energy Information Administration.
ADNOC has completed a marketed offering to institutional investors of 3.1 billion ordinary shares in ADNOC Gas, raising gross proceeds of approximately USD 2.84 billion, ADNOC announced on Friday.
CNOOC Ltd. has achieved first oil in the second-phase development of the Luda 5-2 North field in the Bohai Sea, the fourth project it announced to have been started up in China this year.
The Railroad Commission of Texas assessed $1,346,019 in enforcement docket fines against operators and businesses at the Commissioners’ open meeting on Wednesday.
Exxon Mobil Corp. outlined plans to increase natural gas production from oil-focused Guyana and is considering options to export the fuel to global markets, country manager Alistair Routledge said Wednesday.
The two-year, cost-reimbursable contract extension, centers on providing brownfield EPC services, as well as subsea and integrity management, at the Shell UK-operated St Fergus and Mossmorran onshore terminals and the Nelson, Gannet and Shearwater offshore assets.
Tullow Plc Board Chairman, Phuthuma Nhleko has reaffirmed the company’s strong commitment to the growth of Ghana’s energy sector, highlighting its long-term partnership with the country for close to two decades.
The move higher was driven by a rapid tightening in inventories due to colder weather, lower wind power generation due to low wind speeds and the termination of Russian gas imports via Ukraine.
Europe has been driving global LNG trade since the start of the year, buying every cargo it can to secure energy supply during the coldest months of the year. Once spring comes, however, it will need to begin to refill its fast-emptying storage to prepare for next winter—and its fondness for overregulation may turn suicidal.