Oil production in Guyana declined to an average 611,000 barrels per day in April from 627,000 bpd the previous month, according to a bulletin released by the government on Friday. All oil and gas output in the South American nation is controlled by a consortium of U.S. companies Exxon Mobil and...
Oil & Companies News
U.S. retail gasoline prices heading into Memorial Day weekend are at a four-year low
The retail price for regular-grade gasoline in the United States on May 19, the Monday before Memorial Day weekend, averaged $3.17 per gallon (gal), 11% (or 41 cents/gal) lower than the price a year ago. After adjusting for inflation (real terms), average U.S. retail gasoline prices going into...
Oil heads to first weekly loss since April on OPEC+ supply hike prospect
Oil prices dropped for a fourth consecutive session on Friday and were set for their first weekly decline in three weeks, weighed down by renewed supply pressure from another possible OPEC+ output hike in July. Brent futures fell 48 cents, or 0.8%, to $63.96 a barrel by 0635 GMT. U.S. West Texas...
US says there are significant undiscovered oil and gas resources in Wyoming
A new federal assessment has identified significant undiscovered, technically recoverable oil and gas resources in parts of Wyoming, Utah and Colorado, the U.S. Interior Department said on Wednesday. WHY IT’S IMPORTANT The resources identified by the U.S. Geological Survey in what is known as the...
Lifting US sanctions on Iran could crush China’s ‘teapot’ oil refineries: Bousso
The possible lifting of U.S. sanctions on Iran’s oil exports could deal a fatal blow to independent Chinese refineries that have thrived by processing Tehran’s discounted crude, while also putting further downward pressure on oil prices. President Donald Trump has taken a dual-track strategy with...
Oil prices fall 1% on potential further increase to OPEC+ output
Oil prices fell 1% on Thursday after a report that OPEC+ is discussing a production increase for July, stoking concerns that global supply could exceed demand growth. Brent futures fell 64 cents, or 1%, to $64.27 a barrel by 0800 GMT. U.S. West Texas Intermediate crude dropped 59 cents, or 1%, to...
https://www.hellenicshippingnews.com/oil-prices-fall-1-on-potential-further-increase-to-opec-output/
Woodside expects global gas demand to rise by 50% from now to 2030, CEO says
Woodside Energy, Australia’s top natural gas producer, expects global gas demand to increase by 50% from now to 2030, CEO Meg O’Neill said. “The message is very clear, consistent, around the desire for more affordable reliable energy for nations on their journey towards net zero and gas is...
US shale to plateau if oil stays in current range, ConocoPhillips CEO says
U.S. shale oil output will flatten out if prices remain where they are now and will start to decline with prices in the $50s per barrel, the CEO of ConocoPhillips COP said on Tuesday in the latest prediction that oil’s slump could curb U.S. supply. The comments from Conoco CEO Ryan Lance come as...
WGC-Sinopec sees China gas demand peaking near 620 bcm between 2035 and 2040
China’s natural gas demand is expected to peak at about 620 billion cubic metres (bcm) between 2035 and 2040, Ma Yongsheng, chairman of state oil and gas major Sinopec Corp 600028, said on Wednesday. Speaking at the World Gas Conference, Ma said the Asia-Pacific region had become the core engine of...
Estimated 6 billion barrel shale oil reserve in southeast Turkey, minister says
U.S. oil producer Continental Resources estimates there is a shale oil reserve of 6.1 billion barrels in Turkey’s southeastern Diyarbakir Basin, the Turkish energy minister said. If confirmed, such reserves would place Turkey above some OPEC members such as Congo or Gabon, and other major producers...