ANZ has hardened its stance against funding new oil and gas projects, joining other major banks in aligning lending with the Paris commitment to limiting global temperature increases to “well below” 2 degrees Celsius.
The oil price selloff appears to have been triggered by a return of demand pessimism thanks to last week’s report by the EIA that showed a 7.3M-barrel build in U.S. crude stocks.
Standard Chartered: demand fears are overblown.
StanChart says that traders are betting that OPEC+ will maintain the current levels of production restraint.
Crude oil prices recovered lost territory today after the U.S. Energy Information Administration reported an inventory draw of 1.4 million barrels for the week to May 3.
China’s extraordinary economic expansion almost singlehandedly drove a supercycle in key commodities since the mid-90s.
This robust performance across several major sectors in China’s economy is in sharp contrast to the growth drivers seen last year.
China continues to buy oil from Russia and Iran at a discounted price
With just about seven months to go for the general election this December and with possibly a new government to be sworn-in soon after that, dubious contracts worth millions of dollars are being awarded by the Akufo-Addo/ Bawumia government to their relatives and cronies. One of such dubious contracts is the award of the Ghana Gas Company Phase 2 project to a son of the Nana Asante Bediatuo.
Saudi Aramco’s net income for Q1 2024 fell due to lower crude sales.
The company maintained its $31.1 billion dividend payout despite the profit dip.
This prioritization of shareholder payouts over short-term profit raises questions about Aramco’s strategy.
UK-headquartered oil and gas giant BP has recorded a fall in profit on a quarterly and year-over-year (y-o-y) basis driven by the downturn in energy prices. However, Britain’s oil major still raked in a multimillion-dollar profit in the first quarter of 2024 while upping its oil production ante.
In a bold move, oil companies are significantly ramping up their offshore drilling operations, reflecting a global surge in demand for energy. Despite the increasing push for renewable energy sources, the immediate reliance on traditional oil and gas remains strong, leading to expanded exploration and drilling activities in offshore locations.
BP’s new Azeri-Central-East (ACE) facility is expected to boost oil production by 25 percent.
The ACE facility has the capacity to handle up to 2.6 bcm of gas per year, which could help Azerbaijan meet its gas supply commitments to the European Union.
The launch of the ACE facility comes at a fortuitous time for Azerbaijan, which is heavily dependent on hydrocarbon exports.
The integrated engineering, procurement, construction and installation (EPCI) contract is aimed at expediting the subsea tieback process to extend the life of ageing platforms.