The Tarim Oilfield has produced about 470 million metric tons of oil and gas equivalent over the past 34 years, making it the main producer in China’s ultra-deep oil and gas resources, said the Tarim Oilfield of China National Petroleum Corporation (CNPC), China’s leading oil and gas producer, on Monday.
Citigroup has bucked the bullish oil price forecast trend in analyst circles, expecting oil prices to dip instead of rally further despite OPEC+’s efforts in that direction.
I often get asked by readers of my articles, most of which involve investing in upstream oil and gas producers, and the service providers that support their activities, what the future of liquid, petroleum based fuels might be.
The European Union’s embargo on Russian oil products, which went into effect on February 5, has resulted in the diversion of Russian diesel not only to Asia, Africa and the Middle East, but also increasingly to Latin America.
The surprise huge new cut in oil production from ‘OPEC+’ – the Saudi Arabia-led OPEC group of countries ‘plus’ Russia – highlights that any optimism over a possible rapprochement between Saudi Arabia and its previous key superpower ally, the U.S.
Russia has reduced its crude oil production by 700,000 bpd in March, a person familiar with Russian Energy Ministry figures told Bloomberg.
Crude oil prices started the week steady, with Brent crude trading close to $85 per barrel and West Texas Intermediate at close to $80.50 per barrel as supply constraints came into focus.
Oil prices soared at the start of the week as OPEC+ shocked markets with a production cut announcement, but prices have since been capped by growing fears of demand destruction due to economic woes.
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles.
Oil prices were roughly unchanged on Monday as investors weighed the prospect of tighter supplies from OPEC+ producers from May against concerns about weakening global growth that may dampen fuel demand.