Oil prices edged down on Wednesday, extending a 1% drop in the previous session, as worries about China’s struggling economy outweighed declining U.S. stockpiles.
The Permian basin of West Texas and Southern New Mexico is the premier oil and gas basin of the U.S., and one of the most prolific basins in the world. It has helped make Texas the top oil producer in the U.S. and New Mexico number two.
China is expected to import as much as 1.5 million barrels per day (bpd) of crude oil from Iran in August, the highest since 2013, per estimates from data intelligence firm Kpler cited by Bloomberg.
Weaker-than-expected economic data out of China is depressing sentiment on the oil market at the beginning of this week, offsetting growing optimism that the U.S. economy would pull off a soft landing after all the rate hikes from the Fed.
When left-wing Colombian President Gustavo Petro came into power at the beginning of the year, he pledged that he would bring an end to new oil and gas exploration.
Russia took control of the oil sector of the semi-autonomous region of Kurdistan (KRI) in northern Iraq in 2017 for four key reasons, as analysed in depth in my new book on the new global oil market order.
Chinese refiners processed 17.4% more crude oil last month in response to stronger demand for fuels both at home and abroad, state statistics data cited by Reuters has shown.
Russian export of crude oil and petroleum products to Africa has increased by 2.6 times over the past two years, President Vladimir Putin has disclosed.
Gabon has extended several licences of Africa-focused independent oil and gas firm, Tullow Oil Plc, to the year 2046.
Frontera Energy Corporation is completing analysis of the Wei-1 exploration well in Guyana with hopes to upgrade the play’s exploration licence to its development phase, the Canadian E&P company announced on Friday.