– Oil wiped out an earlier sharp jump as Iranian media appeared to downplay the impact of Israeli strikes that followed last weekend’s unprecedented bombardment by Tehran.
Nigeria’s crude oil reserves have increased by 1 billion barrels while natural gas reserves have jumped by 2.573 trillion cubic feet (TCF), the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) has said.
Earlier this month, the Science Based Targets initiative caused a revolt among its employees when it announced it would allow the use of carbon credits to offset Scope 3 emissions.
OPEC+ once again extended its oil production cuts this month. The decision was anything but unexpected and, unlike previous production policy announcements, it had the desired effect on prices. However, it could only work for so long. Soon, OPEC will need to make a decision.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, said that the Oil Ministry is taking steps to reach a production capacity of five million barrels per day despite the serious restrictions on oil markets and the OPEC countries’ quota limitations to maintain price stability.
Crude oil prices were in the red today after the Energy Information Administration reported an inventory build of 3.2 million barrels for the week to March 22.
Oil prices fell for a second day, dropping more than 1% on Wednesday on surging U.S. stockpiles and signs that the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week.
Al Ghais highlighted OPEC’s role in addressing global issues like climate change, energy transition
Shafaq News/ Iraq’s oil ministry on Tuesday said investments in gas resources is a top priority for the government as it prepares for a new bidding round.
Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday.