With Africa one of the last frontiers for upstream development, the OPEC+ alliance is courting emerging oil producers on the continent, such as Namibia, Ghana and Senegal, for potential membership.
ConocoPhillips has entered into a definitive agreement with Marathon Oil Corp. to acquire the independent oil and gas E&P company in an all-stock transaction with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt.
Brent crude futures for July delivery added 18 cents, or 0.2%, to US$84.40 a barrel by 0630 GMT. U.S. West Texas Intermediate futures for July climbed 28 cents, or 0.3%, to US$80.11
Eni SPA has finalized its share repurchase program for 2024, earmarking EUR 1.6 billion ($1.7 billion) with an option to raise the package to up to EUR 3.5 billion ($3.8 billion).
The OPEC+ group of oil producers, comprising the Organisation of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2 and will convene online.
Oil markets continue to be lackluster compared with the strength displayed by metals and gas markets.
StanChart has predicted that the bearish sentiment coupled with low market volatility are likely to persist until OPEC+ announces its new policy.
Experts have predicted that positive developments by OPEC+ could trigger another oil price rally.
alks to restart oil exports from Kurdistan are on hold due to a disagreement over oil contracts.
Oil companies operating in Kurdistan refuse to amend their contracts with the region.
Iraq blames oil companies for the impasse, while Kurdistan previously blamed Baghdad.
There seems to be hope in the offing for Nigeria as its dwindling daily oil production turned the corner in April, rising marginally from 1.23 million barrels per day in March to 1.28 mbpd, according to the Organisation of the Petroleum Exporting Countries.
There seems to be hope in the offing for Nigeria as its dwindling daily oil production turned the corner in April, rising marginally from 1.23 million barrels per day in March to 1.28 mbpd, according to the Organisation of the Petroleum Exporting Countries.
High-level OPEC officials unpacked the Organization’s short- to long-term crude oil market perspectives in a special session at the Invest in African Energy forum in Paris on Tuesday.