Oil prices are on course for their first weekly increase in eight weeks, a shift in sentiment that was driven in large part by the Federal Reserve pledging to cut interest rates next year.
Gazprom and CNPC agreed to increase the volume of Russian gas export to China through the Power of Siberia pipeline next year.
U.S. oilfield services company Halliburton Co. has announced that it will partner with the Libra Consortium, led by Petrobras, to develop a digital twin for the Mero pre-salt field system in Brazil.
A digital twin spans the lifecycle of the actual system, or object it represents, uses simulation, machine learning and reasoning to help decision making and is updated using real-time data.
Other than creating a single, secure repository for all asset documentation, digital twins can have a positive impact on the operational efficiency, cost, reliability and agility of oil and gas companies.
he only price-swing element in the OPEC+ oil supply cuts was a collective reduction of 696,000 bpd of crude oil from other members besides Saudi and Russian output cut rollovers.
Europe has intensified efforts this year to protect its clean energy manufacturing industries and reduce dependence on China for its renewable energy rollout.
Chinese refiners face weaker domestic margins and are grappling with limited fuel export quotas.
Polish oil and gas firm Orlen has provisionally chartered a supertanker to load Venezuelan oil for China, according to a shipbroker and tracking data, following a temporary easing of US sanctions on the South American country.
WoodMac: as the energy transition progresses, refineries face an increasingly Darwinian battle for existence.
WTI crude futures shed more than 3% on Thursday morning
For decades, China has been the leading driver of global oil demand growth thanks to an economy that maintained a blistering growth clip for a long stretch. China’s economy managed to expand at nearly 10% annually ever since Beijing embarked on economic reforms in 1978, ballooning from $1.2 trillion by the turn of the century to nearly $18 trillion in 2021. But as the law of large numbers dictates, that era of exemplary growth could be in the rearview mirror. Economic pundits have predicted that China’s growth rate will slow down to between 2 and 5 percent in the coming years thanks to a declining population and slowing productivity.