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BP's Bernard Looney forecasts growth in oil demand supported by OPEC+ discipline and lower US production. Despite economic uncertainties, his comments underscore a positive outlook for the oil market.
BP's Bernard Looney forecasts growth in oil demand supported by OPEC+ discipline and lower US production. Despite economic uncertainties, his comments underscore a positive outlook for the oil market.
The United Arab Emirates' oil giant, Adnoc, has announced measures to achieve carbon neutrality by 2045, five years ahead of the original 2050 target, attracting attention as the country hosts COP28 later this year.
The United Arab Emirates' oil giant, Adnoc, has announced measures to achieve carbon neutrality by 2045, five years ahead of the original 2050 target, attracting attention as the country hosts COP28 later this year.
BP saw its net profit fall in Q2 due to lower oil prices, but announced a positive outlook for Q3.
BP saw its net profit fall in Q2 due to lower oil prices, but announced a positive outlook for Q3.
TotalEnergies maintains second-quarter profitability despite lower earnings. The Group is facing criticism over its investments in Russian gas and fossil fuels.
TotalEnergies maintains second-quarter profitability despite lower earnings. The Group is facing criticism over its investments in Russian gas and fossil fuels.
China's petrochemical industry adapts to "Double Carbon" objectives. Sinopec is implementing measures for energy transformation and emissions reduction.
China's petrochemical industry adapts to "Double Carbon" objectives. Sinopec is implementing measures for energy transformation and emissions reduction.
U.S. commercial crude oil reserves recorded a smaller-than-expected drop last week, despite rising demand, according to data from the U.S. Energy Information Agency (EIA). The 600,000-barrel contraction fell short of market expectations, keeping prices slightly down.
U.S. commercial crude oil reserves recorded a smaller-than-expected drop last week, despite rising demand, according to data from the U.S. Energy Information Agency (EIA). The 600,000-barrel contraction fell short of market expectations, keeping prices slightly down.
Tensions and controversies intensify as TotalEnergies begins oil drilling in Uganda for the Tilenga project, raising environmental and human rights concerns.
Tensions and controversies intensify as TotalEnergies begins oil drilling in Uganda for the Tilenga project, raising environmental and human rights concerns.
Kuwait recorded its first budget surplus in nine years, boosted by soaring oil prices, but faces political instability that is hampering necessary economic reforms.
Kuwait recorded its first budget surplus in nine years, boosted by soaring oil prices, but faces political instability that is hampering necessary economic reforms.
Aramco strengthens its position in the Chinese oil market with a key acquisition, finalizing the purchase of a 10% stake in Rongsheng Petrochemical, while the company aims to turn liquids into chemicals to support its long-term growth strategy and strengthen its presence in China, the world's largest crude-importing country.
Aramco strengthens its position in the Chinese oil market with a key acquisition, finalizing the purchase of a 10% stake in Rongsheng Petrochemical, while the company aims to turn liquids into chemicals to support its long-term growth strategy and strengthen its presence in China, the world's largest crude-importing country.
An oil leak at an oil terminal in Ecuador has resulted in at least 1,200 barrels of crude oil being spilled on a tourist beach in the northwest of the country, causing worrying environmental pollution and leading to the beach being closed for the safety of visitors.
An oil leak at an oil terminal in Ecuador has resulted in at least 1,200 barrels of crude oil being spilled on a tourist beach in the northwest of the country, causing worrying environmental pollution and leading to the beach being closed for the safety of visitors.
U.S. crude oil inventories down. Rebound in demand for distillates, despite a slight fall in diesel compared with last year.
U.S. crude oil inventories down. Rebound in demand for distillates, despite a slight fall in diesel compared with last year.
Gasoline prices in Nigeria are at an all-time high, rising 26% since President Bola Tinubu ended the fuel subsidy in May. Rising prices have provoked protests by rights groups and trade unions, while the country remains dependent on imports due to the poor state of its refineries, despite hopes that Dangote's new refinery will fill the fuel gap.
Gasoline prices in Nigeria are at an all-time high, rising 26% since President Bola Tinubu ended the fuel subsidy in May. Rising prices have provoked protests by rights groups and trade unions, while the country remains dependent on imports due to the poor state of its refineries, despite hopes that Dangote's new refinery will fill the fuel gap.
China's crude oil throughput surges, outpacing GDP growth, indicating potential for economic recovery. Refineries expected to increase throughput to meet domestic demand and boost oil product exports.
China's crude oil throughput surges, outpacing GDP growth, indicating potential for economic recovery. Refineries expected to increase throughput to meet domestic demand and boost oil product exports.
OPEC forecasts a persistent increase in global oil demand in the second half of 2023 and into 2024, supported in particular by a continued rebound in the Chinese economy. The cartel estimates that demand will increase by 2.2 million barrels per day in 2024, with strong growth expected in non-OECD countries, particularly China, the Middle East and other Asian countries.
OPEC forecasts a persistent increase in global oil demand in the second half of 2023 and into 2024, supported in particular by a continued rebound in the Chinese economy. The cartel estimates that demand will increase by 2.2 million barrels per day in 2024, with strong growth expected in non-OECD countries, particularly China, the Middle East and other Asian countries.
Oil operations are resuming at two major fields in Libya after being forced to close by protests following the arrest of a former minister. Tensions linked to power struggles continue to weigh on the exploitation of the country's major oil deposits.
Oil operations are resuming at two major fields in Libya after being forced to close by protests following the arrest of a former minister. Tensions linked to power struggles continue to weigh on the exploitation of the country's major oil deposits.
TotalEnergies signs an agreement in Iraq for the exploitation of flared gas and solar energy to contribute to the country's energy autonomy. Projects include a giant solar power plant, increased oil production and the construction of a seawater treatment plant to supply Basra with drinking water.
TotalEnergies signs an agreement in Iraq for the exploitation of flared gas and solar energy to contribute to the country's energy autonomy. Projects include a giant solar power plant, increased oil production and the construction of a seawater treatment plant to supply Basra with drinking water.
The UN welcomes the creation of a commission to distribute oil revenues in Libya, amid quarrels and threats to block exports.
The UN welcomes the creation of a commission to distribute oil revenues in Libya, amid quarrels and threats to block exports.
Sinopec and KazMunayGaz join forces to develop a major polyethylene project in Kazakhstan. This collaboration between the two key players in the oil industry aims to strengthen their partnership and exploit their respective advantages to promote mutually beneficial cooperation.
Sinopec and KazMunayGaz join forces to develop a major polyethylene project in Kazakhstan. This collaboration between the two key players in the oil industry aims to strengthen their partnership and exploit their respective advantages to promote mutually beneficial cooperation.
Colombian oil reserves are dwindling faster than expected, allowing domestic supply only until 2030. This alarming situation calls into question the government's energy transition and is causing concern within the oil industry.
Colombian oil reserves are dwindling faster than expected, allowing domestic supply only until 2030. This alarming situation calls into question the government's energy transition and is causing concern within the oil industry.
Aker BP is about to complete drilling of the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area of the Norwegian North Sea. This discovery increases the resource base for the Yggdrasil development, previously estimated at 650 million barrels (gross). Production is scheduled to start in 2027.
Aker BP is about to complete drilling of the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area of the Norwegian North Sea. This discovery increases the resource base for the Yggdrasil development, previously estimated at 650 million barrels (gross). Production is scheduled to start in 2027.
The United States has renewed the license of four U.S. oil companies to operate in Venezuela for six months, despite the current embargo on Venezuelan oil. This relaxation of sanctions is intended to ensure the safety of personnel and the functioning of operations.
The United States has renewed the license of four U.S. oil companies to operate in Venezuela for six months, despite the current embargo on Venezuelan oil. This relaxation of sanctions is intended to ensure the safety of personnel and the functioning of operations.
Oil and gas companies are investing in green energy while maintaining fossil fuels. Despite emission reduction targets, investment in renewable energy remains low relative to spending on fossil fuels.
Oil and gas companies are investing in green energy while maintaining fossil fuels. Despite emission reduction targets, investment in renewable energy remains low relative to spending on fossil fuels.
Czech oil company Mero has signed an agreement to increase the capacity of the TAL transalpine pipeline, allowing the Czech Republic to free itself from dependence on Russian oil as early as 2025, with $73 million in funding from Mero.
Czech oil company Mero has signed an agreement to increase the capacity of the TAL transalpine pipeline, allowing the Czech Republic to free itself from dependence on Russian oil as early as 2025, with $73 million in funding from Mero.
Petrobras will appeal the ban on drilling near the Amazon, testing the environmental priorities of the Brazilian president. Ibama's decision to block the project is controversial, with experts pointing to shortcomings in the environmental studies. The Brazilian prosecutor's office also recommends rejecting the drilling.
Petrobras will appeal the ban on drilling near the Amazon, testing the environmental priorities of the Brazilian president. Ibama's decision to block the project is controversial, with experts pointing to shortcomings in the environmental studies. The Brazilian prosecutor's office also recommends rejecting the drilling.

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