US crude oil inventories for the week ended May 24, excluding the Strategic Petroleum Reserve, decreased by 4.2 million bbl from the previous week, according to data from the US EIA
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.
Repsol has secured a licence from the US Treasury Department to continue and expand its oil and gas operations in Venezuela, Reuters reported, citing sources.
Oil prices fell in early Asian trade on Tuesday, with investors anticipating higher-for-longer U.S. inflation and interest rates will depress consumer and industrial demand.
Foreign oil companies in Venezuela are concerned they won’t get licenses from the US in time to allow them to operate after May 31.
Oil climbed after government data showed a decline in US stockpiles, signaling a tighter physical market.
Indian oil refiner Reliance Industries has resubmitted a request to the U.S. for an authorization to import crude oil from sanctioned Venezuela, three people close to the matter said, and resume oil trade between the OPEC producer and the once second-largest destination for its oil.
The US Federal government is pushing the development of floating offshore wind even as fixed turbine developments slow.
The size of the U.S. oil and gas deals has hit a record $51 billion during the first quarter of 2024, data provider Enverus said.
The US Bureau of Ocean Energy Management (BOEM) and the Bureau of Safety and Environmental Enforcement (BSEE) have finalized updated regulations for renewable energy development on the US Outer Continental Shelf (OCS).