OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second consecutive downward revision.
Crude oil prices moved higher earlier today on anticipation that tropical storm Francine would disrupt oil and gas production in the Gulf of Mexico.
Abu Dhabi’s national oil company ADNOC is expected to soon make a formal offer to buy Germany’s chemicals giant Covestro for $15.9 billion (14.4 billion euros) including debt, the Financial Times reported on Wednesday, citing sources with knowledge of the plan.
Exxon Mobil (XOM.N) has pulled out of the race to buy half of Galp Energia’s (GALP.LS) stake in a large oil discovery in Namibia that has attracted interest from top energy companies, sources with knowledge of the matter said.
Regulators in Massachusetts and Rhode Island last week made three offshore wind project contract awards totaling 2,878 megawatts (MW) of new offshore wind capacity.
There were indications that Nigeria has gotten close to meeting its 1.7 million barrels per day, bpd, 2024 budget target, yesterday, as oil output rose month-on-month, MoM, to 1.4 million barrels per day, bpd, excluding condensate, in August 2024, from 1.3 million bpd in July 2024, indicating an increase of 3.4 per cent.
The Nigerian National Petroleum Company Limited and its joint venture partner, Chevron Nigeria Ltd, have completed the conversion of five joint venture assets in compliance with the Petroleum Industry Act of 2021.
Crude oil exports from Libya’s major ports have been shut for a week in the latest case of major unrest in the country, an OPEC member that pumps about 1% of world oil output
Chinese state-owned oil and gas giant China National Offshore Oil Corporation (CNOOC) has boosted its natural gas reserves with another discovery, which is said to mark the first major exploration breakthrough in ultra-deepwater carbonate rocks off the coast of China.
U.S. offshore oil and gas producers are evacuating staff and halting operations as Tropical Storm Francine looms, expected to become a Category 1 hurricane. The storm threatens significant disruption to production and export facilities, with potential impacts including heavy rainfall, power outages, and flash flooding in the Gulf region.