The inertia of oil prices during the Red Sea oil crisis has made oil traders complacent.
Fears of an escalation of the Israel-Hamas war have subsided amid talks about a ceasefire.
The rerouting of oil tankers directly increases oil demand—by around 200,000 bpd so far.
Africa Oil Corp (TSX:AOI) revealed it repurchased more than 326,000 shares between February 5 and 9, as part of a buyback programme launched in early December.
Over the last decade, the US has become the top producer of crude oil globally, thanks in part to hydraulic fracturing in shale formations.
The US overtook Saudi Arabia and Russia in oil production in 2018, accounting for 14.7% of global crude oil production in 2022.
Despite leading in production, the US still trails in remaining proven reserves underground, ranking seventh globally behind countries like Venezuela and Saudi Arabia.
Barclays announced Friday it will no longer provide direct financing for any new upstream oil and gas, thermal coal expansion projects or related infrastructure to help achieve its net zero goals.
South Africa is preparing to appoint a new chief executive officer of state oil and gas company PetroSA, ending a more than yearlong leadership vacuum, Energy Minister Gwede Mantashe said.
A proposal at the state Capitol to ban new oil and gas drilling in Colorado by 2030 — which sponsors claim is necessary to counteract climate change and address “adverse health impacts” — is raising a furor throughout the industry.
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.