Aker Solutions has secured an engineering, procurement and construction (EPC) contract from Altera Infrastructure for the complete upgrade of a floating production storage and offloading vessel (FPSO) to be redeployed at an Equinor-operated oil and gas field offshore UK.
Oil prices climbed on Monday as the borders reopened in China, the world’s top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns
Russia’s President Vladimir Putin signed a decree on countermeasures against the G7 oil price cap at the end of 2022.
After shedding 8% last week, crude oil prices are trading up over 1.7% by midday Monday.
The Nigerian Upstream Petroleum Regulatory Commission has revealed that crude oil production in Nigeria rose to 1.235 million barrels per day in December 2022, representing the highest output since March when the country produced 1.237mbpd.
Oil markets have been relatively quiet this week, with muted trading in both Europe and the Americas ahead of Christmas.
Crude oil prices could reach $121 per barrel when China’s economy reopens following a string of Covid-related restrictions, Daniel Yergin, vice chairman of S&P Global, told CNBC.
After months of remaining resilient in the face of heavy western sanctions, the Russian rouble has finally caved in, slumping past 68 per U.S. dollar to a more than seven-month low on Monday, courtesy of plunging crude prices as well as fears that sanctions on Russian oil could hit the country’s export revenue, Reuters reports.
Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday.
Oil prices rose on Monday after tumbling by more than US$2 a barrel in the previous session as optimism over the Chinese economy outweighed concern over a global recession.