The Western embargoes on seaborne imports of Russian crude and refined products have upended traditional oil shipping routes and resulted in inefficient trade patterns that make shipping fuels more expensive and boost demand for tankers carrying petroleum products.
The current optimism in Europe about future energy security is once again based on the wrong assessments. An increasing amount of reports published during the last couple of weeks are warning that if Europe is not getting its act together, it could be facing a possible new energy crisis or at the very least a repeat of very high prices during the winter of 2023-2024.
The on-off-on-off US$27 billion four-pronged megadeal between TotalEnergies and the Federal Government of Iraq appears to be back on again, although it is not quite the deal that the French oil and gas supermajor first had in mind.
Oil prices have been largely rangebound since the OPEC+ announcement that it would cut production sent prices soaring at the start of last week. While strong U.S. job growth and the resultant strengthening of the dollar took some steam out of the rally, demand optimism and Russia’s production cut helped to keep prices from falling.
Russia’s crude oil exports by sea plunged last week, the most since December 2022, to below 3 million barrels per day (bpd), the lowest level in eight weeks, tanker-tracking data compiled by Bloomberg showed on Tuesday.
Crude oil prices will slide by 24.1% to an average $73.1 a barrel in 2023, the International Monetary Fund has stated in its April 2023 World Economic Outlook Report.
DHAKA – Jobayer Ahmed’s textile business on the outskirts of Dhaka is going through a rough patch with the energy crisis in Bangladesh.
The Tarim Oilfield has produced about 470 million metric tons of oil and gas equivalent over the past 34 years, making it the main producer in China’s ultra-deep oil and gas resources, said the Tarim Oilfield of China National Petroleum Corporation (CNPC), China’s leading oil and gas producer, on Monday.
Citigroup has bucked the bullish oil price forecast trend in analyst circles, expecting oil prices to dip instead of rally further despite OPEC+’s efforts in that direction.
I often get asked by readers of my articles, most of which involve investing in upstream oil and gas producers, and the service providers that support their activities, what the future of liquid, petroleum based fuels might be.