After weeks of rising, oil prices appear to have lost upwards momentum after the 2 April announcement of voluntary output cuts failed to counter worries about demand linked to a weakening economic backdrop and a hawkish Federal Reserve.
We all know who the biggest producers of crude oil in the world are and can list the top three without effort. But here’s the thing – the biggest producers are not necessarily the countries with the biggest reserves.
China’s economy grew by 2.2 percent on a seasonally adjusted basis in the first quarter (Q1), a massive improvement on the previous quarter’s 0.6 percent growth. Also positive from the economic perspective was that this was the third straight quarterly expansion after China began to ease COVID-19 restrictions in the second half of last year.
Russian President Vladimir Putin belied that his invasion of Ukraine in 2022 would go largely unopposed by the U.S. and its allies for the same reason that he was able to invade the country in 2014 and annex Crimea.
Oil prices extended last week’s losses and traded lower early on Monday, weighed down by lingering concerns about demand amid economic growth worries.
Russian plans to increase natural gas exports to China by almost 50 percent this year, Deputy Prime Minister Alexander Novak has said.
LONDON — Turkish Petroleum Corp. (TPAO) has started production from Phase 1 of the deepwater Sakarya field development in the Black Sea.
Nigeria’s oil reserve dropped slightly to 36.966 billion barrels as of January 2023 just as the gas reserves grew slightly, said the Nigerian Upstream Petroleum Regulatory Commission (NUPRC).
Nigeria is suitably positioned to become a superpower in the unfolding energy transition regime given its over 200 million population and abundant energy sources, the Nigerian Upstream Regulatory Commission (NUPRC) has said.
Most international oil companies that operate in Nigeria’s upstream sector redirected their capital investments worth about $21bn to other countries between 2014 and 2022, the Federal Government announced on Thursday.