Oil gained as tensions in the Middle East outweighed concerns that there is a supply glut building in the market.
In its latest short term energy outlook (STEO), which was released on February 10, the U.S. Energy Information Administration (EIA) projected that the average Brent spot price will drop in 2026 and 2027.
Oil fell for the first time in three days after Iran confirmed it would hold negotiations with the US, easing the immediate risk of military conflict and supply disruptions from the OPEC producer.
Equinor Brasil Energia has opted for a one-year contract extension with Seadrill for the ultra-deep-water drill-ship West Saturn.
In a market comment sent to Rigzone on Thursday, Mazen Salhab, Head of Market Research at MH Markets, highlighted that oil prices “remain elevated and volatile … as the market prices supply risk and demand uncertainty at the same time”.
President Donald Trump warned Iran to make a nuclear deal with the US or face military strikes far worse than the attack he ordered last June, increasing pressure on the regime and propelling oil prices higher.
Europe is set to receive some of its first shipments of Venezuelan oil in nearly a year after traders rolled out offers worldwide to sell cargoes at the behest of the Trump administration.
Azerbaijan’s state oil company SOCAR has signed an agreement with Italian Eni S.p.A. to acquire a 10% participating interest in the development project of the Baleine oil and gas field located offshore Côte d’Ivoire, Trend reports via SOCAR.
GNPC Explorco, the upstream exploration and production subsidiary of the Ghana National Petroleum Corporation (GNPC), is set to begin crude oil exploration in the Northern Region this year as part of efforts to expand Ghana’s energy sector and drive economic transformation.
Equatorial Guinea, OPEC’s smallest member, has turned to commodity trading companies for prepayment deals on oil and liquefied natural gas to help finance a revival of domestic hydrocarbon production.