Crude oil production in the United States stayed the same at 12.1 million bpd in the week ending July 29, according to the latest EIA data.
prices of petroleum products on the local market will see the biggest reduction in the next pricing window on August 15th, 2022.
Libya’s oil production has recovered in recent days after the country resumed oil exports last week.
Oilfield services companies are among the biggest winners as demand soars on a favorable mix of exploration and offshore activity.
The tight market may get some relief from recovering Libyan output, which has climbed above one million barrels a day
As more shippers and insurers turn away from handling Russian oil after its invasion of Ukraine, the remaining tankers still willing to handle such sensitive deals are able to charge higher prices.
Oil futures have undergone immense battering recently as fears of a recession come into full force.
Prasad went on to discuss Namibia’s potential to become an energy hub for the region in the coming years, with Shell having already drilled another wildcat 8km from the Graff discovery
As Tullow Oil works to execute its merger with Capricorn Energy, the company is focusing on growth projects.
Oil giant Tullow Oil is expecting to rake in $200 million in free cash flow at an average oil price of $95 a barrel in 2022