Oil prices fell US$4 on Monday along with equities as the collapse of Silicon Valley Bank raised fears of a fresh financial crisis, but a recovery in Chinese demand provided support.
The massive disparity between China’s enormous economy-driven energy needs and its minimal level of domestic oil and gas reserves meant that the country was the key driver of the 2000-2014 commodities ‘super-cycle’, characterised by consistently rising price trends for commodities.
Russia’s exports of oil products by sea slipped by 10.4% in February as the EU embargo and the G7 price caps on Russian fuels came into force, Reuters has estimated based on data from industry sources.
Pakistan is looking to buy Russian oil at $50 per barrel, media reported on Sunday, as the South Asian country is grappling with an economic and foreign reserves liquidity crisis.
The drop in oil and natural gas prices this year will limit the global economic downturn, especially in Europe where fears of recession and galloping inflation have subsided.
An oil tanker loaded with Russian crude has been idling off the coast of Ghana for more than two weeks after arriving.
Further analysis of the data also showed that although the volume of crude oil produced during the period was 1,306,304 BPD, the total volume of production output was increased to 1,547,719 BPD, when the blended condensates of 51,664 BPD, and unblended condensates of 189,751 BPD, were added.
Egyptian Minister of Petroleum and Mineral Resources Tarek El Molla has stated that Egypt contributed to securing part of Europe’s energy needs during the global crisis, as an investment in its role as a regional center for energy trade and circulation.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, noted that the UAE will continue to forge ahead to ensure the energy sector reaches new heights through collaboration and a steadfast commitment to excellence and leadership.
Namibia’s state-owned oil company NAMCOR has made a third oil discovery with partners, Shell and Qatar Energy in the Jonker-1X deepwater exploration well in the Orange Basin offshore southern Namibia, it said on Monday.