U.S. Energy Secretary Jennifer Granholm extended an olive branch to the oil and gas industry, telling executives at a meeting in Washington that she recognizes that fossil fuels will be around for a long time, even as the Biden administration works to transition away from them to cleaner alternatives, Bloomberg reports.
The Economic and Financial Crimes Commission (EFCC) has so far recovered over N201 billion from oil firms defaulting on royalties to the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) and the 3 per cent statutory payment to the Niger Delta Development Commission.
Russia is interested in increasing its oil production through projects in Venezuela, Russian deputy prime minister Alexander Novak said on Thursday, according to TASS.
Last week, one of the more bearish articles was published on the oil price outlook as reviewed by commodity analysts at Standard Chartered. According to the analysts, their proprietary crude oil money-manager positioning index that compares net longs across the four main New York and London-based crude contracts relative to open interest and historical norms is currently more negative than those for all other commodities they track.
Oil prices dipped on Thursday as the dollar firmed, while the possibility of further increases to interest rates by global central banks also heightened demand concerns.
HSBC Holdings Plc will no longer finance new oil and gas fields or related infrastructure in a move that climate activists say puts it ahead of many peers in addressing global warming.
The U.S. energy sector has enjoyed bumper profits in the current year, with Big Oil companies setting records left, right and center. And Wall Street is saying the party is set to continue in the coming year.
Nigeria’s crude oil production rose to 1.185 million barrels per day in November 2022, representing the highest output by the country in the past seven months.
Crude oil prices continued climbing higher in early trade today, driven by China’s relaxation of Covid-related restrictions.
Winter is settling across Europe, bringing freezing temperatures that are leading to higher energy consumption, and the EU is still wrangling about the gas price cap that 15 members insisted the bloc implemented to shield them from more price excess. Time is running out for the EU. The 27 members of the EU are currently discussing the cap proposed by the European Commission last month, which did not win unanimous support when it was presented to everyone. On the contrary, the level that the Commission had set for the cap was widely considered to be too high and combined with such conditions as to effectively make the cap impossible to implement.