HOUSTON, April 1, 2024 /PRNewswire/ — Darcy Partners (“Darcy”), a leading provider of technology-focused market intelligence to the energy sector, recently announced awards for the Top Innovators across five key areas in the upstream Oil & Gas value chain.
The cut in oil production measure put in place by the Organisation of Petroleum Exporting Countries (OPEC+) towards the end of last year may be yielding the desired results.
Despite being blessed with abundant oil and gas resources, Wood Mackenzie, also known as WoodMac, a global provider of data and analytics for the energy sector, has said that Africa will account for only 6% of global upstream investment over the next ten years, noting that the Continent’s production will drop from a projected 12.4 million Barrels of Oil Equivalents Per Day (BOEPD) in 2024, to 10.1 million in 2033 due to under-investment.
PetroChina Co. Ltd. has reported CNY 161.15 billion ($20.6 billion) in net income for 2023, up 8.3 percent compared to 2022 as growth in both upstream and downstream output offset weaker oil prices.
Crude oil prices were in the red today after the Energy Information Administration reported an inventory build of 3.2 million barrels for the week to March 22.
Oil prices fell for a second day, dropping more than 1% on Wednesday on surging U.S. stockpiles and signs that the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week.
Kazakhstan’s GDP is expected to grow at a moderate pace in the next two years, driven by oil and consumer spending.
Inflation is likely to remain above target in the short term, but is projected to decline over time.
The World Bank recommends reforms to improve the effectiveness of monetary policy and reduce the budget deficit.
India’s inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea, the government said, highlighting the need to diversify trade routes.
Global oil prices settled lower Friday for a third day in a row as the US dollar rose to the highest level in more than a month in the wake of the move by the Fed to pencil in three possible rate cuts this year, dovish remarks from the Bank of England and the surprise rate cut from the Swiss National Bank.
China’s largest oil refiner Sinopec (0386) saw its net profit fall about 13 percent to 58.3 billion yuan (HK$63.87 billion) in 2023 from a year ago due to decreased energy prices, and announced a final dividend of 0.2 yuan apiece.