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,
The Cabinda Refinery has already started the process of recruiting personnel, whose company responsible for the selection of candidates is managing, in this first phase, a total of 180 vacancies, for a project that expects to create more than 10 thousand direct and indirect jobs. Candidates must have as necessary requirements at least 10th grade or an equivalent technical course, degrees in technical training areas”, said the administrator of Cabestiva, João Panzo, quoted today by
Atlas Petroleum, as a legacy investor in Equatorial Guinea, has been a partner in Block P prior to Vaalco’s entrance to the block, and remains an investor with active participating interest in Block P Atlas Petroleum notes the recent press statement by Vaalco Energy, Inc. on the Block P Venus discovery Plan of Development (POD). We are in constant communication with the government and have never received a letter from the government or GEPetrol that
This year’s Prospects Forum will showcase a wide range of attractive farm-in and exploration opportunities in established and frontier markets Amidst a recent surge of exploratory drilling in Africa, Africa Oil Week (https://Africa-OilWeek.com) is organizing once again a Prospects Forum to offer a platform that will showcase some of the most attractive farm-in and exploration opportunities on the continent. The Prospects Forum will be moderated and animated by African investment and commodities research agency Hawilti
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
NOV Maintains its Commitment to AOW Africa Oil Week (AOW) (https://Africa-OilWeek.com) is proud to announce NOV’s continued commitment to Africa Oil Week as a Gold Sponsor. The company will be well-represented at AOW – held in the heart of Cape Town. Organised by Hyve Group Plc., this unmissable event will bring leading energy stakeholders together on the 3-7 October in Cape Town under the theme: Sustainable Growth in a Low Carbon World. NOV delivers safe, high-quality,
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
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
It’s been a rough couple of weeks in the energy market. As potential energy company investors, we are not sorry to see the back of last week in particular. That’s the understatement of the year. Pretty near every negative sentiment-Recession, Fed tightening, Dollar strength, China demand, Inventory builds, or what amounts to the entire oil price Closet of Anxieties, came to pass this week. Oil-WTI took a tumble below $80 for the first time since Jan 11th
