Shafaq News/ Iraq’s oil ministry on Tuesday said investments in gas resources is a top priority for the government as it prepares for a new bidding round.
Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday.
Moscow is nevertheless not in competition with other top oil-producing and exporting nations, the foreign minister says
The US Energy Information Administration raised its Brent crude price forecast due to OPEC+ production cuts and falling oil outputs. Still on falling oil outputs, Ghana is facing an economic crisis because of diminishing foreign exchange reserves and high fuel prices. Meanwhile, S&P Global Commodity Insights editors are focusing on the price hikes for hot-rolled coil amid multiple mill outages.
It was a week when oil prices surged to the highest levels in four months, while natural gas futures continued the southward journey.
Day 2 of CERAWeek by S&P Global kicked off in Houston, Texas, with a discussion between Dan Yergin, Vice Chairman of S&P Global, and Mike Wirth, CEO of Chevron. The two touched on several oil and gas industry hot topics, including artificial intelligence, Biden’s LNG ban, Chevron’s dispute with ExxonMobil regarding its stake in the oil-rich Stabroek block offshore Guyana, and more.
Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility of additional attacks on Russian energy infrastructure was raising concerns
Oil dipped as signs of stubborn US inflation whipsawed wider markets and OPEC said its latest supply cuts stalled.
Opec has once again kept unchanged its bullish forecast for oil demand growth this year, even while others including Saudi state-controlled Aramco continue to see much lower levels of growth.
Oil prices closed 1% lower on Friday and fell even more for the week as markets remained wary of soft Chinese demand even as producer group OPEC+ extended supply cuts.