Oil prices fell sharply on Friday amid declining European banking shares and after US Energy Secretary Jennifer Granholm said refilling the country’s Strategic Petroleum Reserve (SPR) may take several years, dampening demand prospects.
The OPEC+ group is not expected to intervene in the oil market with changes to its production policy, likely keeping the current quotas until the end of 2023, despite the oil price plunge and the financial markets turmoil, three OPEC+ delegates told Reuters on Wednesday.
Historically, giant commodity traders such as Switzerland’s Vitol, Glencore, and Gunvor as well as Singapore’s Trafigura have dominated the global oil trade while smaller trading desks that lack the wherewithal and deep infrastructure networks of the giants usually feed on crumbs.
Crude oil prices moved lower today as the Federal Reserve signaled the U.S. economy is not yet out of the woods and the EIA reported yet another weekly build in crude oil stocks.
Oil prices edged lower on Wednesday following fresh indications of weak demand, and as the market awaited a crucial interest rate decision by the U.S. Federal Reserve.
More than half of Europe’s LNG import capacity could become stranded assets by 2030 as current LNG buildout plans are set to vastly exceed projected demand for liquefied natural gas by the end of the decade, the Institute for Energy Economics and Financial Analysis (IEEFA) said in a new analysis this week.
Oil and gas workers are planning to hit fossil fuel firms with a ‘tsunami’ of strikes, unions have announced.
The Ghana Upstream Petroleum Chamber is calling on the government to reconsider the Growth and Sustainability Bill which seeks to impose a one per cent tax on gross production for oil and gas companies.
The Ghana Upstream Petroleum Chamber is warning that the proposed Growth and Sustainability Levy by government could trigger litigation through the international court as it breaches provisions in the petroleum agreements.
The proposed Growth and Sustainability Levy has the potential to dampen investments into oil and gas exploration and trigger litigations, if approved, the Ghana Upstream Petroleum Chamber, has warned