Oil prices fell by more than $1 a barrel on Thursday after Angola announced it is leaving the Organization of the Petroleum Exporting Countries (OPEC). Brent crude futures were down $1.30, or 1.63%, to $78.40 a barrel by 1419 GMT, while U.S. West Texas Intermediate crude was lower by $1.19, or...
https://www.hellenicshippingnews.com/oil-down-more-than-1-a-barrel-as-angola-decides-to-exit-opec/
Benchmark Dubai crude slipped back into a discount on Thursday amid relatively quiet trade, while Oman and Murban also softened. Chinese refiner Rongsheng Petrochemical bought 3 million barrels of Brazilian and Qatari crude oil via a spot tender, several trade sources said on Thursday. The refiner...
A drive to boost UK energy security is providing some reassurance for a North Sea industry buffeted by tax hikes, environmental opposition and reservoir decline, amid signs of a mini-recovery for oil in the coming years. Never known for over-exuberance, the North Sea industry’s mood has worsened of...
https://www.hellenicshippingnews.com/uk-north-sea-to-see-oil-mini-revival-in-2024-despite-tax-row/
Oil and gas activity remained essentially unchanged and optimism waned as uncertainty jumped, a survey of oil and gas executives by the Dallas Federal Reserve Bank showed. Some of that uncertainty is centered around the lower average oil prices in the fourth quarter and questions over OPEC’s...
Sub-Saharan Africa’s biggest oil producer began 2023 with lofty aims. In a January speech, Mele Kyari, head of state-owned Nigerian National Petroleum Corp, said the country would boost crude production to 2.2 million b/d by year-end, rousing its fragile economy. Domestic refineries, shuttered for...
As we’re approaching the end of 2023, it’s thus far been another noteworthy year for the rig market’s ongoing recovery. The year has brought a further 3% increase in global marketed utilisation versus 2022, a demand increase of 29 rigs, a 7% uptick in average contract duration, 16 further...
Mega-mergers have strengthened U.S. oil majors Exxon Mobil XOM.N and Chevron CVX.N and revived talks of more cross-border M&A. One player looks potentially vulnerable: Britain’s BP BP.L, worth around $100 billion at the end of November. Its valuation is depressed and the abrupt departure of former...
https://www.hellenicshippingnews.com/bp-and-equinor-will-find-common-ground/
The Biden administration on Wednesday will hold an auction of oil and gas leases in the Gulf of Mexico following several delays due to litigation over the drilling industry’s impact on an endangered species of whale. The sale will likely be the last opportunity for oil and gas companies to bid on...
https://www.hellenicshippingnews.com/us-to-hold-gulf-of-mexico-oil-auction-after-string-of-delays/
The U.S.-led coalition imposing a price cap on seaborne Russian oil announced changes on Wednesday to its compliance regime the Treasury Department said will make it harder for Russian exporters to bypass the cap. The Treasury also imposed fresh sanctions on a ship manager owned by the Russian...
The U.S. bought 2.1 million barrels of crude oil, the Energy Department said, as it replenishes the Strategic Petroleum Reserve after the largest sale in history last year. The department said it bought the oil for an average of $74.23 a barrel, well below the average of $95 a barrel that oil was...