Oil prices edged lower on Wednesday following fresh indications of weak demand, and as the market awaited a crucial interest rate decision by the U.S. Federal Reserve.
Oil prices firmed on Friday (17 March) after a meeting between Saudi Arabia and Russia calmed markets amid strong China demand expectations, but were headed for their biggest weekly falls since December as a banking crisis rocked global financial and oil markets.
Oil is coming off its worst weekly rout since April 2020 as the turmoil in the banking sector fuels further concern that the global economy will tip into recession and hit demand, adding to a woeful first quarter for West Texas Intermediate and Brent futures.
Internal tensions are rising within the Net-Zero Banking Alliance, an offshoot of the Glasgow Financial Alliance for Net Zero, as transition-focused members get annoyed that less conscientious ones are being allowed to continue financing oil and gas.
Oil and gas industry contract values saw a significant quarter-on-quarter (QoQ) increase of 27% in Q4 2022, reveals GlobalData, a leading data and analytics company, with Middle East contracts driving this increase
The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Mr Gbenga Komolafe, has said that the current quick-win interventions by the organisation and industry stakeholders could boost Nigeria’s oil production by about 900,000 barrels per day in the short term.
RIYADH, Feb 20 (Reuters) – Decisions by OPEC+ are not politicised and are based on market fundamentals, Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed.
The oil and gas CAPEX market is expected to reach USD 797.66 billion by the end of the current year, and it is projected to register a CAGR of 4.27% during the forecast period.
Capex rose 39% year-on-year to $499bln in 2022, reaching highest level since 2014, according to IEF-S&P Global Commodity Insights report
RIYADH: Saudi Arabia’s Minister of Energy Abdulaziz bin Salman has met with US Senator Mitch McConnell to discuss the Kingdom’s efforts to lead the global energy transition, Saudi Press Agency reported.