As many as 125 supertankers were traveling to China at the end of April, carrying the biggest volumes of oil to the world’s top crude buyer in more than two years, according to tanker-tracking data compiled by Bloomberg.
China’s factory activity dipped in April, the private Caixin purchasing managers’ index has confirmed.
One of my 2023 energy predictions was “Total U.S. oil production will again rise, and set a new annual production record.” The previous annual record was set in 2019 at 12.3 million barrels per day (bpd), and by the end of 2022 monthly production was just about back to that level following the devasting Covid-19 impact on the industry in 2020.
Shell on Thursday became the latest oil major to report first-quarter earnings above expectations and announced additional share repurchases of $4 billion.
According to the Public Interest and Accountability Committee (PIAC)
2022 Annual Report (p. 25), oil production from the Jubilee Field witnessed an increase in production from 27,335,481 barrels at year’s end in 2021 to 30,523,813 barrels at year’s end in 2022.
The G7 group of wealthy countries has committed to a faster phase-out of unabated fossil fuels. The move has been welcomed as a potential step towards a global deal for all countries to do the same, but the G7 members are facing criticism for not matching the pledge with firm action.
The Saudi Arabian Cabinet reviewed developments in the resumption of relations with Iran and approved several agreements, including those in tourism, energy, and agriculture.
African oil and gas executives and Small Medium Enterprises (SMEs) operators will discuss opportunities for investment in the industry at the forthcoming 2023 Offshore Technology Conference(OTC) in Houston, Texas, U.S.
Wall Street investment bank Goldman Sachs has advised investors to buy energy and mining stocks, saying the two sectors are positioned to benefit from economic growth in China. GS’ commodities strategist has forecast that Brent and WTI crude oil will climb 23% and trade near $100 and $95 per barrel over the next 12 trading months, an outlook that supports their upside view for profits in the energy sector.
Crude oil prices moved higher today, after the Energy Information Administration reported an inventory draw of 5.1 million barrels for the week to April 21.