Oil prices were largely flat Monday after rallying more than 6% last week on escalating Middle East tensions. The West Texas Intermediate contract for March gained 8 cents to settle at $76.92 a barrel. The Brent contract for April settled at $82 a barrel, down 19 cents or .23%. U.S. crude and the global benchmark popped last week after.
Shareholders in Saudi Aramco will decide whether the world’s largest oil firm will proceed with a new share offering this year, Aramco’s chief executive Amin Nasser said on Monday, as carried by Reuters. Currently, the Kingdom of Saudi Arabia owns just over 98% of Aramco after selling 1.7% in the initial public offering (IPO) in December.
Brazil’s natural gas imports fell to a 20-year low last year, according to data from the National Agency for Petroleum, Natural Gas and Biofuels (ANP). Brazil’s nat gas imports fell to 6.5 billion cubic meters, or 228 billion cubic feet, according to ANP, as the country boosts its hydroelectric capabilities as well as solar and.
After a weak start to the week, crude oil benchmarks appear set for a weekly gain after the news broke that Israel has rejected a ceasefire offer from Hamas. Israeli Prime Minister Benjamin Netanyahu said there was “no other solution than total victory,” which contributed to the bullish oil sentiment. According to Bloomberg, oil’s gains this week have.
The global oil market will require $14 trillion in investments over the next 20 years if oil-producing nations hope to be able to fulfill global energy demands through 2045, OPEC’s Secretary General Haitham al-Ghais said on Tuesday. According to the Secretary-General who spoke at India Energy Week in Goa, oil demand “will continue to rise.
The Saudi government’s order for Aramco to suspend work on expanding its oil production capacity from 12 to 13 million bpd will not hit demand for oilfield services, according to analysts cited in The National. While analysts expect the suspension to affect expansion work at two offshore fields – Manifa and Safaniya – they remain upbeat.
Warren Buffett-backed Occidental Petroleum is predicting an oil supply shortage by 2025 due to global failure to replace crude reserves at a fast enough pace. “We’re in a situation now where in a couple of years’ time we’re going to be very short on supply,” Occidental CEO Vicki Hollub told CNBC at the Smead Investor.
European industries continue to be hesitant about boosting natural gas consumption, although prices are now a fraction of the records seen in 2022 and Europe appears to have put the worst of the energy crisis behind. The still high volatility in gas futures prices, compared to historical averages, and uncertainties ranging from geopolitical flare-ups in.
The United States announced terrorism and sanctions-evasion charges on Friday, including asset seizures, over a billion-dollar network linked to oil trafficking that the U.S. government says helped to finance Iran’s Islamic Revolutionary Guard Corps and other groups, the Department of Justice said in a Friday press release. The U.S. Department of Justice said it seized over.
The Saudi state has ordered energy major Aramco to stop work on expanding its maximum sustainable capacity to 13 million barrels daily, instead keeping it at 12 million bpd. The company said in a statement today that its maximum sustainable capacity is determined by the state under a law from 2017. Aramco added that it would update.
