Vitol: A slower pace of the energy transition will push peak oil demand beyond 2030.
Vitol CEO Hardy: Overall global demand for oil, natural gas, and coal is also set to peak later than expected as the energy transition is progressing slower than initially thought.
OPEC, which has a vested interest in continued oil demand growth for decades, sees robust demand even in the long term.
Saudi Arabia’s crude production increased to 8.94 million barrels per day in December 2023, a monthly rise of 1.43 percent, according to a Joint Organizations Data Initiative study.
The analysis revealed the Kingdom’s crude exports in December declined by 28,000 bpd to 6.3 million bpd, a 0.44 percent decrease from November.
Benchmark Energy II, which is majority owned by Acacia Research, has agreed to acquire certain upstream assets and related facilities in Texas and Oklahoma, US, from an undisclosed private seller.
A push to replenish depleted oil stocks notably in China, the United States and Europe could buoy demand and prices in coming months, analysts and traders said, as tensions in the Middle East threaten key shipping lanes.
OPEC only partially delivered new oil production cuts in the first month of its latest supply pact, according to a report from the group.
American Petroleum Institute figures show surprise increase in inventory while, investors are reining in expectations for US rate cuts
•Declares Nigeria’s technical oil production potential stands at 2.26m bpd
•APPO to announce headquarters of proposed African Energy Bank next month
Emmanuel Addeh in Abuja and Peter Uzoho in Lagos
The Petroleum Holding Fund (PHF) recorded a total inflow of US$1.06 billion in 2023 despite economic headwinds.
Standard Chartered has predicted very little incremental growth in US crude oil supply in 2024.
Stanchart sees y/y growth U.S. crude production growth decelerating strongly and even turn negative in December 2024.
StanChart says the deceleration in supply growth is the result of capex barely meeting high natural decline rates in shale oil production.
A Nigerian solar plant and an Azerbaijan wind farm were among the 55 projects that received financing worth $1.7 billion from the OPEC Fund for International Development in 2023.
Aligned with the multilateral development finance institution’s Climate Action Plan, support for renewable energy projects constituted nearly 60 percent of all lending in the energy sector, according to a press release.