SINGAPORE, Dec 5 (Reuters) – Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern.
Brent crude futures LCOc1 edged up 13 cents to $78.16 a barrel by 0106 GMT, while U.S. West Texas Intermediate crude futures CLc1 were up 18 cents at $73.22 a barrel.
Division and dissent within OPEC+ over deeper production cuts led to an unconvincing announcement last week which pushed prices lower.
he only price-swing element in the OPEC+ oil supply cuts was a collective reduction of 696,000 bpd of crude oil from other members besides Saudi and Russian output cut rollovers.
U.S. Deputy Energy Secretary Turk: “We are refilling as much as we can. We have been doing that for the last several months, and at this price level we’ll keep doing it,”.
Part of the reason oil prices went lower rather than higher last week despite the OPEC+ announcement was the suspicion that some of the cuts will remain so only on paper.
Canada’s oil and gas extraction industries deployed CAD 10.6 billion ($7.85 billion) in capital during the third quarter (Q3), up 1.68 percent from the prior three-month period and 12.76 percent from the same quarter last year, official data has shown.
The total number of active drilling rigs in the United States rose by 3 this week after rising by 4 last week, according to new data that Baker Hughes published Friday.
Oil prices extended gains early on Wednesday as a storm continues to disrupt crude loadings in the Black Sea and the market awaits news about the next move from OPEC+ set to hold a meeting on Thursday.
SINGAPORE, Oct 24 (Reuters) – Ghana is looking to boost its oil and gas production by selling more exploration rights, aiming to avoid leaving valuable fossil fuels in the ground and generate revenue to fund its energy transition, a Ghanaian official said on Tuesday.
Sustainability-linked loans, or SLLs, have only been around for a few years. In that short time, they have ballooned into a market worth $1.5 trillion. But now, as scrutiny comes for sustainability claims with no substance, that market faces a reckoning. And so do the banks that lent those money.