Brent crude was trading down well over 3% on Monday, marking the first time the global benchmark has been below $80 since February, with the U.S. crude benchmark down over 3.5% following the OPEC+ agreement to start phasing out voluntary cuts in October.
Oil prices fell more than $1 on Tuesday, extending losses from a four-month low in the previous session, as investors worried about supply rising later in the year amid signs of weakening U.S. demand.
The Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed on Sunday to extend their voluntary production cuts of 2.2 million barrels of crude oil per day into 2025.
A study by Pickering Energy Partners shows banks across the U.S. are backing away even more from their climate goals and previous wary stance against the oil and gas industry.
Regional banks are actually increasing their efforts to finance the energy industry, rather than using environmental, social and governance policies to avoid making loans to oil and gas operators.
Brent crude futures for July delivery added 18 cents, or 0.2%, to US$84.40 a barrel by 0630 GMT. U.S. West Texas Intermediate futures for July climbed 28 cents, or 0.3%, to US$80.11
Eni today announces the publication of its voluntary sustainability report “Eni for 2023 – A Just Transition,” which traces the progress made over the past year, highlighting the company’s commitment to promoting a just energy transition, aiming for carbon neutrality by 2050.
The OPEC+ group of oil producers, comprising the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2 and will convene online.
Didon Redevelopment is a conventional oil development located in shallow water in Tunisia and is operated by Entreprise Tunisienne d’Activites Petrolieres. According to GlobalData, who tracks more than 34,000 active and developing oil and gas fields worldwide, lies in block Didon, with water depth of around 236 feet.
Repsol has secured a licence from the US Treasury Department to continue and expand its oil and gas operations in Venezuela, Reuters reported, citing sources.
Belgium has approved new quality controls set to suspend the export of cheap, low-quality motor fuels from its ports to West Africa, the government confirmed May 23, in a move that could shift trade flows to alternative supply hubs.