Oil prices continued to climb on Thursday, with WTI up above $70 and Brent rising to $75.60.
Optimism around both economic growth and oil demand was boosted on Wednesday when the Fed signaled it would cut interest rates next year.
The Fed’s comments also triggered a rally in stocks, bonds, and gold, and sent the U.S. dollar to a four-month low.
A new federal rule designed to slash methane emissions in the industry could force small oil and gas producers to shut down wells and put them out of business.
EPA: Oil and natural gas operations are the nation’s largest industrial source of the “super pollutant” methane.
Environmental organizations and supermajors such as BP welcomed the finalization of the rule.
IEA: Russia’s oil revenues dropped in November.
IEA: Russia’s export revenues for crude and oil products fell by 17% month-on-month in November to $15.2 billion.
Russia’s overall oil shipments declined by 200,000 barrels per day (bpd) in November, the agency noted.
Berkshire Hathaway (BRKa.N) has acquired nearly 10.5 million shares of Occidental Petroleum (OXY.N) so far this week for about $588.7 million, according to a filing at the U.S. Securities and Exchange Commission on Wednesday.
Nigeria’s oil production dropped to 1,250,299 barrels per day in November 2023.
The country’s drilling performance is contained in the latest crude oil and condensate production data of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
According to the report, production decreased by 100,274 bpd in November — a 7.42 percent plunge from the output of 1,350,573 bpd recorded in October 2023.
Malaysia’s upstream oil and gas sector is gathering momentum, with new production sharing contracts (PSCs) providing the impetus for investments in upstream exploration and production, according to BMI, a Fitch Solutions company.
Stepping into 2024, Africa is emerging as a strong contender in the global petroleum market. Boasting crude oil reserves of approximately 125 billion barrels and natural gas reserves of roughly 620 trillion cubic feet (tcf), Africa’s oil and gas industry holds ambitious plans to deliver economic diversification, job creation and energy security through the development and monetization of these resources.
Kontinental Energy Services (KES) has partnered with US-based upstream oil and gas corporation Gulfstream Services Inc. (GSI) for the provision of tools and services. The partnership carries the dual aim of strengthening KES’ capacity to support the development of oil and gas across Africa, while facilitating GSI’s global expansion.
Vietnam finds itself wooed by two large world powers. However, this time, it is not over any geopolitical consideration, but for a resource that the modern world covets: rare earths.
China and the U.S. are locked in a race to court a country that boasts the world’s second-largest rare earth deposits. However, much of Vietnam’s rare earths remain untapped thanks to China’s near-monopoly over global markets. With the West, led by the U.S., no longer wanting to rely on China alone for rare earths supply and processing, Vietnam continues to look like a suitable alternative.
Bill Gates believes we’re going to miss global heating goals based on the current rate of the green transition and thinks that billionaires and governments from rich nations could play a major role in global decarbonization. Gates recently stated that he expects the world to fail to achieve the below 2-degree Celsius heating objective set out in the Paris Agreement, although he praised the rapid adaption of several countries attempting a green transition.