The Organization of the Petroleum Exporting Countries (OPEC) said global oil demand should grow by 2.2 million barrels per day next year to an average of 104.36 mbd.
Benchmark Brent averaged around US$80 a barrel this year, after a volatile 2022 in which prices surged above US$100 after Russian supplies were disrupted following the Ukraine war
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.