It took less than 20 years for Somoil to become one of Angola’s largest private oil companies, but the company is hardly resting on its laurels.
Oil markets have been relatively quiet this week, with muted trading in both Europe and the Americas ahead of Christmas.
It has long been a point of extreme contention with the U.S. that Iraq continues to rely on neighbouring – sanctioned – Iran for around 40 percent of its power supplies, constituted in large part by imports of gas.
We know that historically, many economies around the world have collapsed. We also know that there is a physics reason why this happens. Growing economies require a growing supply of energy to keep up with a growing population. At some point, the energy supply and other resource needs cannot grow rapidly enough to keep up with population growth. When this happens, economies tend to collapse.
A gas pipeline in central Russia that brings gas from Russia’s Arctic through Ukraine to Europe has been shut following a huge blast that ripped through and left three people dead and one injured, Reuters cited local officials and TASS news agency as reporting.
Crude oil prices could reach $121 per barrel when China’s economy reopens following a string of Covid-related restrictions, Daniel Yergin, vice chairman of S&P Global, told CNBC.
OPEC+ members leave politics out of the decision making process and out of their assessments and forecasting, Saudi energy minister Prince Abdulaziz bin Salman bin Abdulaziz said in an interview with the Saudi state news agency on Tuesday.
The United States hasn’t been a net exporter of oil and oil products since World War II. Now, it is on course to become a net exporter next year, with oil and product exports already hitting record highs of 3.4 million bpd and 3 million bpd respectively.
After months of remaining resilient in the face of heavy western sanctions, the Russian rouble has finally caved in, slumping past 68 per U.S. dollar to a more than seven-month low on Monday, courtesy of plunging crude prices as well as fears that sanctions on Russian oil could hit the country’s export revenue, Reuters reports.
Russia is still considering its response to the $60 price cap on its crude oil, but it is close to completing the work on the countermeasures, Kremlin spokesman Dmitry Peskov said on Monday.