OPEC’s de facto leader Saudi Arabia and OPEC+’s other members are discussing an oil production increase, OPEC delegates said on Monday, according to the Wall Street Journal.
Oil prices dropped to trade near two-month lows on Monday, having earlier slid by around $1 a barrel, as supply fears receded while concerns over fuel demand from China and U.S. dollar strength weighed on prices.
The International Energy Forum has called on companies to raise investment in oil (USO) and natural gas (UNG) production to $523 billion a year by the end of this decade to prevent a surge in energy prices and economic unrest. They pointed out how spending on oil and gas projects slumped 30% to $309 billion in 2020 and had only recovered slightly in 2021. Now, you may dismiss these by saying that IEF is close to oil giant Saudi Aramco, and that their business interests are aligned in this matter.
With the biggest energy event in Africa post-COP27 set to take place in Luanda from November 29 to December 1, a strong lineup of regional energy ministers will make their way to Angola to lead discussions on the state of play of their respective energy sectors.
After years of waning activity, oil and gas exploration is heating up in a big way off the coast of Newfoundland and Labrador: over $238 million worth of exploration licences were recently awarded by the provincial-federal regulator.
Eight oil drilling rigs operated in Nigeria in October as against seven in the previous month, the Organisation of Petroleum Exporting Countries has stated.
Back in 2005, the world economy was “humming along.” World growth in energy consumption per capita was rising at 2.3% per year in the 2001 to 2005 period. China had been added to the World Trade Organization in December 2001, ramping up its demand for all kinds of fossil fuels. There was also a bubble in the US housing market, brought on by low interest rates and loose underwriting standards.
During this year’s United Nations (UNFCCC) 27th Conference of the Parties (COP 27) in Egypt, Ghana’s President Akufo-Addo has been teaming up with colleague African presidents to push rich countries who pollute the most to release the $100 billion in climate finance promised to poor countries to help them green their economies and adapt better to climate change.
The establishment of a petroleum hub in the Jomoro District in the Western Region will create about 680,000 jobs, the Western Regional Minister Kwabena Okyere Darko-Mensah has said.
Short-term oil price forecasts have been persistently bullish this year, with most forecasters expecting benchmarks to top $100 sometime next year.