Crude oil prices hit year-to-date lows on Wednesday, with Brent at $72.63 and WTI at $69.19, driven by weak demand in China and other markets.
OPEC+ delayed plans to ease production cuts, but analysts see challenges due to lost market share and declining prices.
Commodity analysts highlight trend-following strategies and potential for a short-covering rally in oil, while the return of Libyan oil adds further downward pressure on prices.
Italian oil and gas contractor Saipem has won two deals worth $1bn from Aramco, Saudi Arabia’s state-owned oil company.
Offshore drilling giant Noble Corporation has completed the acquisition of US offshore rig owner Diamond Drilling, after getting the final permit earlier this week. Noble said that the transaction, valued at around $2.1bn, enhances its position as a leading offshore driller, creating the largest fleet of 7th-generation dual-BOP drillships in the industry. Through this acquisition, Noble will increase […]
Saudi Arabia’s current account balance is set to flip into deficit as oil prices decline and imports related to huge projects meant to transform the economy rise, the International Monetary Fund said.
The US Department of Interior (DOI) has approved the Maryland Offshore Wind Project, the nation’s tenth commercial-scale offshore wind energy project approved under the current administration.
Talos Energy Inc. announced that its Ewing Bank 953 well offshore in the U.S. Gulf of Mexico successfully discovered commercial quantities of oil and natural gas. Separately, Talos entered into an agreement to participate in the Sebastian prospect, currently drilling in the Mississippi Canyon Block 387 of the U.S. Gulf of Mexico.
South Sudan and China National Petroleum Corporation (CNPC) are discussing the idea to build an alternative oil pipeline from the landlocked African country to Djibouti via Ethiopia to boost export capabilities, the presidency has said.
Tullow Ghana has awarded Shearwater Geoservices Holding a two-month 4D seismic monitoring contract over the Jubilee field offshore Ghana.
Chevron Corporation is targeting to increase oil and natural gas recovery at the company’s existing Jack/St. Malo and Tahiti facilities in the deepwater U.S. Gulf of Mexico.
Despite concerns about a potential market oversupply, OPEC+ is set to increase production due to a combination of foreign investor interests from without and the need for unity within, according to S&P Global Commodity Insights.