Saudi Arabia’s oil giant Aramco looks caught between a rock and a hard place. It seeks to win over new investors, especially foreign ones, while at the same time – as the world’s top crude oil exporter and the biggest OPEC producer – not allowing oil prices to crash.
Annual upstream oil and gas capital expenditures will need to rise by 22 percent by 2030 to ensure adequate supplies due to growing demand and cost inflation, a new report revealed.
OPEC oil output rose in May, as higher exports from Nigeria and Iraq offset the impact of ongoing voluntary supply cuts by some members as part of the OPEC+ agreement, a recent survey has found.
There are indications that Nigeria’s 2024 national budget may have come under funding threats following sustained decline in oil price amidst stagnation in crude oil output level.
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.