You are Here

Category: Oil

International Oil Petroleum

 US Oil Production Growth to Remain Measured Despite Trump’s Plans

LONDON – US oil and gas companies are unlikely to make significant production increases under president-elect Donald Trump, as the industry remains focused on capital discipline, according to Liam Mallon, head of Exxon Mobil’s upstream division. Speaking at the Energy Intelligence Forum in London on Tuesday, Mallon stated, “We’re not going to see anybody in ‘drill, baby, drill’ mode.” He emphasized that the industry’s focus on economic factors and disciplined capital management will likely prevent

Loading

Read More Here

International Oil Petroleum

Oil Prices Rise Slightly as Dollar Strengthens

Oil futures for January delivery rose to $70.14 per barrel on Friday, marking a 0.06% increase on the New York Mercantile Exchange at the time of reporting. Earlier in the session, prices reached their peak before showing potential support at $66.53 and resistance at $70.75 per barrel. The U.S. Dollar Index Futures, which tracks the dollar’s performance against a basket of six major currencies, gained 0.51%, trading at 107.48. Meanwhile, on the ICE Futures Exchange,

Loading

Read More Here

International Corporate News Oil Petroleum

Brent Crude Prices Predicted to Drop Amid Global Supply Surplus

The price of Brent crude oil is expected to decline by $5 to $9 per barrel over the next 12 months due to a significant global supply surplus, particularly from non-OPEC (Organization of the Petroleum Exporting Countries) producers, and weakening demand driven by economic uncertainties in China and Europe. These challenges could intensify if the U.S. government under Donald Trump imposes tariffs on imports from China and Europe. According to international experts interviewed by Broadcast,

Loading

Read More Here

Gold International News Oil

Gold and Oil Prices Drop Amid Possible Israel-Lebanon Ceasefire

Gold and oil prices fell by approximately 3% on Monday following reports of a potential ceasefire agreement between Israel and Lebanon, which could ease tensions in the Middle East. By 6:00 PM Luanda time, gold—a traditional safe-haven asset—had dropped by 3.13%, trading at $2,631 per ounce. This decline interrupted a five-session streak of consecutive gains. Market analyst Adrián Hostaled highlighted that, in addition to the potential ceasefire, the nomination of Scott Bressent as the future

Loading

Read More Here

Local News Oil

Angola Approves Special Regime to Boost Hydrocarbon Production

Angola’s President João Lourenço has approved a special legal regime aimed at maximizing hydrocarbon recovery in mature oil concessions within the country’s maritime zone. This initiative, announced in a presidential decree dated November 20, focuses on promoting incremental production in aging fields through enhanced investment opportunities. The regime targets fields that have been operational for over 25 years or have utilized 70% or more of their proven reserves, as defined by the National Oil, Gas,

Loading

Read More Here

Petroleum Local News Oil

New Fuel Stations to Address Supply Issues in Cuanza Norte Municipalities

The fuel supply challenges in the municipalities of Quiculungo and Bolongongo in Angola’s Cuanza Norte province are set to be resolved with the construction of new fuel stations. These two areas, previously lacking such facilities, will soon benefit from the ongoing development of fuel pumps, according to Luís Fernandes, General Director of the Petroleum Regulatory Institute (IRDP). Fernandes shared this update during a Ministry of Mineral Resources, Oil, and Gas meeting held in Cuanza Norte.

Loading

Read More Here

International Corporate News Oil

Mozambique’s ENH Partners with Saipem to Strengthen Offshore Drilling Services

Mozambique’s state oil and gas company, Empresa Nacional de Hidrocarbonetos (ENH), is set to expand its involvement in the country’s hydrocarbon sector by investing in specialized offshore drilling services for exploration and production. On Friday, ENH signed a shareholders’ agreement in Maputo with Saipem International B.V., a subsidiary of the Italian multinational Saipem. The agreement establishes a joint venture between ENH Exploration, a dedicated subsidiary of ENH, and Saipem, aiming to enhance Mozambique’s capacity in

Loading

Read More Here

Corporate News International Oil Petroleum

Dangote Refinery Lowers Fuel Price to N970 in Year-End Gesture

The Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) to N970 per liter, down from the previous N990. This N20 decrease applies to marketers purchasing directly from the refinery, according to a report by The Punch. Anthony Chiejina, Dangote Group’s Chief Branding and Communications Officer, confirmed the adjustment on Sunday, describing it as a gesture of appreciation for Nigerians as the year draws to a close. “This reduction is

Loading

Read More Here

Local Oil Petroleum

Angola’s Fuel Market Remains Reliant on Imports with Decline in Domestic Production

Angola’s fuel market continues to be heavily reliant on imports, reaching approximately 70.15% in the third quarter of this year, a 6.17% increase compared to the previous period. According to the Petroleum Derivatives Regulatory Institute’s Fuel Report, released on Tuesday, there was a 1.17% reduction in imports during this period. The report, reviewed by JA Online, reveals that by the end of Q3 2024, Angola had an operational land storage capacity of 675,968 cubic meters

Loading

Read More Here

International Oil Petroleum

Oil Prices Drop 4.45% Amid Supply Glut and Slowing Demand

The price of a barrel of oil has dropped by 4.45%, settling at $72.25. This decline is largely attributed to an oversupply in the market coupled with weakening demand, especially from China. China, which is a major driver of global oil demand, is facing an economic slowdown. As a result, OPEC has revised its 2024 growth forecast downward, predicting a drop of 135,000 barrels per day in demand. Despite China’s stimulus efforts, oil consumption remains

Loading

Read More Here

1 … 60 61 62 63 64 … 181