Oil prices shed 1% in Thursday morning trading over American debt and the prospects for a historic default, despite gains on Wednesday driven by demand optimism in the U.S. market.
Latin America’s largest economy Brazil has experienced a massive oil boom over the last decade and a half that saw the country become the top regional and leading global petroleum producer.
The United States and several other Western countries plus Ukraine are calling for increased surveillance for cracking down illicit ship-to-ship transfers of oil, which have soared since the embargoes on Russian crude and product exports came into effect.
In its latest Oil Market Report, the International Energy Agency forecast that global oil demand would hit 102 million barrels daily, driven by China, whose oil demand, according to the IEA, reached 16 million bpd two months ago.
The much-touted second shale boom has lately been getting a reality check as equipment demand declines sharply, a worrying sign that drilling in U.S. shale energy regions is leveling off.
Libya’s Oil and Gas Outlook Continues to Look Stronger in The State of African Energy Q1 2023 Report
When global oil prices reached a 15-year high in 2022, Libya, which holds 3% of the world’s hydrocarbon reserves and 39% of Africa’s, was unable to take advantage of the windfall.
The two businesses are expected to pay annual acreage leasing costs for the exploration areas, annual research and training expenses, and exploration area exploration fees.
South Africa is one step closer to having a new entity in charge of petroleum in the country, with a significant merger between PetroSA and other Central Energy Fund (CEF) subsidiaries progressing.
South Australia’s minister for energy and mining has told the industry that the regional government is “at your disposal” as he aims to placate fears of the energy transition.
Integrated energy company Etu Energias – formerly Somoil – has announced plans to increase oil production in Angola to 50,000 barrels per day (bpd) by 2025.