U.S. crude oil reserves rose by 1.4 million barrels, contradicting analysts' expectations, while gasoline demand remained high with a notable reduction in inventories.
U.S. crude oil reserves rose by 1.4 million barrels, contradicting analysts' expectations, while gasoline demand remained high with a notable reduction in inventories.
In July 2024, Russian seaborne exports of petroleum products to Asia doubled to 1.1 million tonnes, with increased use of the Cape of Good Hope route to avoid the Suez Canal.
In July 2024, Russian seaborne exports of petroleum products to Asia doubled to 1.1 million tonnes, with increased use of the Cape of Good Hope route to avoid the Suez Canal.
The International Energy Agency (IEA) is revising downwards its forecast for global oil demand in 2025, citing the weakening economy in China as the main brake on growth.
The International Energy Agency (IEA) is revising downwards its forecast for global oil demand in 2025, citing the weakening economy in China as the main brake on growth.
Despite its potential, the Dangote refinery is struggling to secure the necessary volumes of Nigerian crude, revealing flaws in the country's regulatory and supply mechanisms.
Despite its potential, the Dangote refinery is struggling to secure the necessary volumes of Nigerian crude, revealing flaws in the country's regulatory and supply mechanisms.
OPEC (Organization of the Petroleum Exporting Countries) is adjusting its forecast for world oil demand in 2024 slightly downwards, due to economic uncertainties in China, the main driver of global consumption.
OPEC (Organization of the Petroleum Exporting Countries) is adjusting its forecast for world oil demand in 2024 slightly downwards, due to economic uncertainties in China, the main driver of global consumption.
Global overcapacity in the petrochemicals sector, exacerbated by Chinese expansion and energy costs in Europe, is forcing companies to undertake drastic restructuring, including plant closures and strategic consolidations.
Global overcapacity in the petrochemicals sector, exacerbated by Chinese expansion and energy costs in Europe, is forcing companies to undertake drastic restructuring, including plant closures and strategic consolidations.
In July, OPEC+ produced 437,000 barrels per day in excess of quotas, jeopardizing reduction plans and exacerbating the challenges facing an oil market already under pressure.
In July, OPEC+ produced 437,000 barrels per day in excess of quotas, jeopardizing reduction plans and exacerbating the challenges facing an oil market already under pressure.
Goldman Sachs believes that the next US president will have limited means to significantly increase oil supply in 2025, due to low strategic reserves and regulatory hurdles.
Goldman Sachs believes that the next US president will have limited means to significantly increase oil supply in 2025, due to low strategic reserves and regulatory hurdles.
A report by Wood Mackenzie reveals that replacing Norwegian hydrocarbons with imports would increase emissions by 230 million tonnes of CO2 from 2024 to 2040.
A report by Wood Mackenzie reveals that replacing Norwegian hydrocarbons with imports would increase emissions by 230 million tonnes of CO2 from 2024 to 2040.
Harbour Energy confirms the progress of its Talbot project in the North Sea, with commissioning scheduled by the end of 2024, aimed at increasing oil and gas production.
Harbour Energy confirms the progress of its Talbot project in the North Sea, with commissioning scheduled by the end of 2024, aimed at increasing oil and gas production.
Shell and BP will pay around $15 million to the Central Energy Fund to cover the operating costs of the Sapref refinery, as part of their sale to the South African government.
This support is aimed at revitalizing the country's largest refinery.
Shell and BP will pay around $15 million to the Central Energy Fund to cover the operating costs of the Sapref refinery, as part of their sale to the South African government.
This support is aimed at revitalizing the country's largest refinery.
According to Naftogaz, the controversy surrounding the ban on Lukoil oil transit through Ukraine is politicized.
The volumes of oil delivered to Hungary and Slovakia remain unchanged despite the sanctions imposed.
According to Naftogaz, the controversy surrounding the ban on Lukoil oil transit through Ukraine is politicized.
The volumes of oil delivered to Hungary and Slovakia remain unchanged despite the sanctions imposed.
Palmdale Oil strengthens its position in Florida with the acquisition of Maassen Oil Company, expanding its capabilities and distribution network in the Tampa and Fort Myers areas.
Palmdale Oil strengthens its position in Florida with the acquisition of Maassen Oil Company, expanding its capabilities and distribution network in the Tampa and Fort Myers areas.
Saudi Aramco's new official sales prices for September were lower than expected, reflecting weak refining margins in Asia and the forthcoming OPEC+ production increase.
Saudi Aramco's new official sales prices for September were lower than expected, reflecting weak refining margins in Asia and the forthcoming OPEC+ production increase.
Oil prices rose slightly after the publication of a positive indicator on the US economy, reassuring investors about future demand despite persistent geopolitical risks.
Oil prices rose slightly after the publication of a positive indicator on the US economy, reassuring investors about future demand despite persistent geopolitical risks.
Production at Libya's Sharara oilfield is partially halted due to protests, threatening to reduce output to zero according to the National Oil Corporation (NOC).
Production at Libya's Sharara oilfield is partially halted due to protests, threatening to reduce output to zero according to the National Oil Corporation (NOC).
Petrobras, the Brazilian oil company, joins forces with a partner to acquire a 40% stake in Galp's Mopane block in Namibia, with the aim of strengthening its reserves.
Petrobras, the Brazilian oil company, joins forces with a partner to acquire a 40% stake in Galp's Mopane block in Namibia, with the aim of strengthening its reserves.
In July, Russia reduced its crude oil exports to their lowest level in a year, while exports of refined products rose by 6% thanks to the recovery of domestic refineries.
In July, Russia reduced its crude oil exports to their lowest level in a year, while exports of refined products rose by 6% thanks to the recovery of domestic refineries.
