Oil price | GUPC

Kazakhstan Eyes Expanded Routes for Oil Exports in 2024

Oil & Gas‚ Oil and Gas Industry | intent | March 12, 2024 | Comment off

Kazakhstan aims to boost its oil exports through the trans-Caspian corridor and to Germany via the Druzhba pipeline, despite potential complications with Russian transit approvals.
The country experienced a 10% increase in oil exports in 2023, reaching over 70 million tons, but saw a 10% drop in revenue due to declining oil prices.
Concerns arise over the Caspian Pipeline Consortium as a Turkish terminal refuses oil deliveries to avoid US sanctions, highlighting the geopolitical complexities affecting Kazakhstan’s export strategies.

Aramco hikes 2023 dividend despite drop in profits

Oil & Gas‚ Oil and Gas Industry | intent | March 11, 2024 | Comment off

Aramco’s 2023 profit, down from a record $161.1bn in 2022, was constrained by lower oil prices, a fall in production and weaker refining margins. But it was still the second-highest ever, Aramco said today.

Oil Dips 1%, Posts Weekly Loss as Markets Weigh Chinese Demand

Oil & Gas‚ Oil and Gas Industry | intent | March 11, 2024 | Comment off

Oil prices closed 1% lower on Friday and fell even more for the week as markets remained wary of soft Chinese demand even as producer group OPEC+ extended supply cuts.

Petrobras profit falls but focus to remain on oil and gas exploration

Oil & Gas‚ Oil and Gas Industry | intent | March 8, 2024 | Comment off

Brazilian state-controlled company Petrobras saw earnings down in the final quarter of 2023, as results were affected by the depreciation of Brent crude prices and lower oil products margins.

Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension

Oil & Gas | intent | March 8, 2024 | Comment off

In an oil market update sent to Rigzone late Tuesday, Rystad Energy Senior Vice President Jorge Leon outlined that OPEC+’s extended production cuts of 1.7 million barrels per day into the second quarter have resulted in an increase of $5 per barrel to Rystad Energy’s previous price projection.

Oil prices nearly flat as market weighs Chinese demand, North America supply increase

Oil & Gas | intent | March 8, 2024 | Comment off

Oil prices were little changed on Thursday as markets weighed new economic data from China against increasing supply from the Western Hemisphere. Brent crude futures settled flat at $82.96 a barrel. U.S. West Texas Intermediate crude futures ended 20 cents lower at $78.93.

Namibia’s hydrocarbon bounty to headline Paris energy forum

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | March 7, 2024 | Comment off

With its burgeoning offshore oil and gas prospects, Namibia is set to firmly establish itself as one of the continent’s hydrocarbon investment hotspots when it headlines the 2024 Invest in African Energy forum scheduled for May in Paris.

Nigeria government optimistic of positive changes, innovation in energy sector says SGF

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | March 5, 2024 | Comment off

The Federal Government has said that the 7th Nigeria International Energy Summit (NIES 2024) would serve as catalyst for positive change, innovation and resilience in view of industry challenges.

New Oil Law Likely To Be The End Of Iraqi Kurdistan’s Independence Dream

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | March 5, 2024 | Comment off

A series of legal rulings by Iraq’s Federal Supreme Court (FSC) on 21 February underlined that the planned New Oil Law being worked on by the government of Iraq in Baghdad will be the final agent of change that will end any semblance of independence for Iraqi Kurdistan. And for Western oil companies working in the region, it looks like the future has been cancelled.

Artificial Intelligence Could Trigger a Natural Gas Boom in Europe

Energy‚ Oil & Gas‚ Oil and Gas Industry | intent | March 5, 2024 | Comment off

When the use of seismic surveys became common place, Oil and gas drillers used to drill only in spots the human eye could detect from seismic and other data, but that’s all changing now. The next round of onshore discoveries is being aided by new Artificial Intelligence and Machine Learning software that sees what we can’t, forever disrupting the exploration game.

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