The ratio of discovered resources versus demand has dropped in recent decades and is now at around 25%.
Oxy CEO Hollub: “2025 and beyond is when the world is going to be short of oil.”.
Oil industry executives have been warning that new resources, new investments, and new supply will be needed just to maintain the current supply levels as older fields mature.
A cold snap in the U.S. and continued attacks on ships in the Red Sea have boosted bullish sentiment in oil markets, although increasing product stocks could counter that narrative.
PetroChina’s contract to develop the Nahr bin Umar gas field follows the takeover by PetroChina of ExxonMobil’s operator role in the giant West Qurna 1 field.
For China, Iraq’s gas sector is not just potentially massive but is also highly connected to its equally potentially huge oil sector.
Around 70 percent of Iraq’s gas reserves are ‘associated’ with oil fields, and the majority of these fields are located in the southeast of Iraq.
China’s oil imports reached 11.28 million bpd in the previous year, an 11% increase from
2022, driven by strong fuel demand at home and abroad.
Domestic crude oil production in China also hit a record, totaling 208 million tons for the year, averaging 4.2 million barrels per day.
China’s substantial oil storage activities and fuel exports, particularly to Europe post-Russian embargo, highlight both domestic and international demand dynamics.
Japanese shipping operator Nippon Yusen has become the latest among dozens of shipping companies to suspend sailings through the Red Sea.
Beijing has so far remained tight-lipped about the raging war between Israel and Hamas in the Gaza Strip despite China being Israel’s second-largest trading partner.
Beijing has called for an end to attacks on civilian vessels in the Red Sea.
In the turbulent seas of the energy sector, upstream specialist Kosmos Energy (KOS) finds itself adrift. Over a 52-week period, KOS stock has endured a nearly 15% loss. This decline persists in spite of oil-producing nations agreeing to production cuts, a move typically aimed at stabilizing and potentially bolstering crude oil prices.
The Ghana Upstream Petroleum Chamber is a non-profit upstream petroleum organisation which aims to achieve long term success of the upstream petroleum industry in Ghana.