The U.S. Energy Information Administration (EIA) raised its U.S. crude oil production forecast for 2026 in its latest short term energy outlook (STEO), which was released earlier this month.
Nigeria, Africa’s largest oil producer, is the second most expensive place globally to extract crude oil, BusinessDay has reported.
Oil majors are targeting new oilfields that can be profitable even if oil prices fall to about $30 per barrel, using a third year of rising demand to reshape portfolios amid uncertainty over the industry’s future.