Rising geopolitical risk pushed Brent well past $80 last week, but the brief price rally has been dampened by continued economic concerns and a strong supply situation.
The global upstream oil and gas sector ended 2023 on a weak note. Despite the geopolitical tensions and other factors like production cuts, oil prices remained lower during the year as compared to 2022 prices. And the outlook for 2024 has been somewhere near moderate growth.
‘Our pipeline project will not lack gas supply’
The House Commerce and Economic Development committee on Monday passed a bill that would raise future oil and gas royalty rates on a 6-5 vote. HB 48 increases the maximum royalty rates that the State Land Office can charge on certain leases, bringing it more in line with what neighboring states charge. This would not […]
It is the end of an era for Big Oil in California, as the most populous U.S. state divorces itself from fossil fuels in its fight against climate change.
Saudi Arabia’s state-owned oil company, Aramco, has decided to suspend its ambitious plan to boost oil production capacity to 13 million barrels per day (bpd) as per the Saudi government’s request.
AIM-listed Union Jack Oil, a predominantly UK onshore focused production, development and exploration company, has announced details of its initial expansion into the United States of America, with the purchase of three Mineral Royalty packages, brokered by the Company’s agent and adviser, Reach Oil & Gas Inc.
China’s onshore oil inventories have fallen, signaling a potential increase in international market purchases.
Beijing’s oil consumption and reserve levels are key to global price trajectories, with moderate restocking expected due to economic struggles.
While China’s crude imports reached a record high in 2023, its strategic reserve replenishment in 2024 is expected to be cautious and focused on refinery use
Bluebell Capital Partners criticized BP’s plan to reduce oil and gas production by 25% by 2030, labeling it an “irrational strategy”.
The investor group urged BP to cut funding for bioenergy, hydrogen, and renewable projects, claiming the company has “no right to win” in these markets.
Despite pressure, BP’s new leadership, under Murray Auchincloss, plans to continue with the existing renewable energy strategy.
Crude oil inventories at Cushing have dropped to their lowest level for this time of year in over a decade.
The depleting stocks at Cushing and the bearish sentiment on the oil market, especially the recent more negative positioning in WTI Crude, could lead to high prices in the near term.
In the three weeks to January 19, inventories at Cushing fell by more than 5 million barrels.