While traders and investors in the paper oil market are focused on looming recessions and interest rate hikes, those on the ground – executives at oil producers and commodity traders – warn of oil price spikes in the future as years of underinvestment have depleted capacity and the potential of new oil production to fill the growing supply gap. Recession Fears Drag Oil $40 A Barrel Down From Spring Peak Growing fears of imminent recessions
Fears of a global recession have caused crude oil prices to fall for most of the quarter that ends today and they are likely to book their first quarterly decline since 2020, according to Bloomberg. “Oil’s poor quarter is clearly a reflection of an oil market that is losing its tightness as global recession risks surge,” Ed Moya, senior market analyst at Oanda, told Bloomberg. “Energy traders clearly expect drastic action by OPEC+.” “Amid so much uncertainty,
This unmissable event will take place in the heart of Cape Town, bringing together leading energy stakeholders from 3-7 October Africa Oil Week (AOW) (https://Africa-OilWeek.com) is proud to announce that Equinor ASA is Titanium sponsor of Africa Oil Week. The company will be represented at AOW – held in heart of Cape Town. Organised by Hyve Group Plc., this unmissable event will take place in the heart of Cape Town, bringing together leading energy stakeholders
HARARE- Australian-listed Invictus Energy has started drilling one of two exploration wells for oil and gas in the northern part of Zimbabwe, the company said on Monday. The 3.5-km deep well, situated in the Muzarabani-Mbire area, is part of the Cabora Bassa project in Zimbabwe, which is 80% owned and operated by Invictus through its interest in Geo Associates. Invictus said in a statement that the drilling of the first well, Mukuyu-1, began on Friday and will last between 50 and 60 days. Mukuyu, which will cost
Earlier this year there were high hopes around the U.S. lifting its sanctions on Venezuela in the face of oil shortages and rising prices, due to the Russian invasion of Ukraine, allowing black gold to once again flow out of the South American oil giant. But this has not yet come to fruition. While some allowances were made for oil trade, Venezuela’s statement to the world is clear – it is ready to pump and
With the EU embargo on imports of Russian oil starting in December, Russia will have to find new homes for around 2.4 million barrels per day (bpd) of its crude and refined product exports, which will be banned from entering EU and G7 countries unless the oil is sold at or below a certain price the buyers expect to set. Even if the price cap mechanism fails to work for the West, as many analysts expect, and
“That would be the road to hell for America,” JP Morgan’s CEO Jamie Dimon said last week, referring to a suggestion that all big banks divest from the oil and gas industry. In the same week, Aramco’s chief executive warned that years of underinvestment in new oil production are beginning to bear fruit, which is an undersupplied market. Despite these statements that suggested oil prices should move higher, oil fell for much of the week. Yet it
Eni’s Chief Operating Officer Guido Brusco told attendees of the Gastech conference in Milan on Tuesday evening that the Italian energy giant “plans to fully replace Russian gas by 2025 helped by east med fields”. At the same time, deputy COO Cristian Signoretto told the conference that Eni would also invest nearly $4.5 billion every year for the next three years in upstream activities in several venues, including Qatar, Congo, Egypt, and Algeria. “We are fully
December WTI crude oil futures are edging higher late Thursday, but struggling to turn higher for the week. The price action has been volatile throughout the week especially today when traders were asked to deal with an aggressive Federal Reserve rate hike from the previous day, a wicked trade in the U.S. Dollar due to a Bank of Japan intervention, and a smaller than expected rate hike by the Bank of England. When the dust
The LPG market specialist is set to make a strong play for natural gas investment and development during African Energy Week 2022 Representing the cleanest fossil fuel as well as the most widely available in Africa – the continent boasts over 620 trillion cubic feet (tcf) of proven gas reserves, with new exploration campaigns set to increase this figure two-fold – monetizing and utilizing gas will enable Africa to make energy poverty history by 2030.
