Saudi Arabia’s crude oil exports dropped in June to the lowest level in 21 months, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.
BEIRUT: Offshore oil and gas exploration in Lebanese waters is expected to begin within weeks following the arrival of a drilling rig at the project site on Wednesday.
The hope for an increase in crude oil production has been rekindled as Nigeria’s crude oil production is expected to rise by at least 350,000 barrels per day, The Whistler reports.
Nigeria’s oil-rich environment has positioned it as a significant energy producer in Africa, boasting one of the largest oil reserves on the continent, along with substantial proven gas reserves.
French oil company Maurel & Prom (M&P) has agreed to acquire Gabon-focused onshore oil upstream and midstream company Assala Energy from private equity fund Carlyle Group for $730m (€671.6m).
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.