Increase in oil prices 2024

Zambia restructures petroleum logistics to stabilise energy supply
Faced with recurrent shortages, Zambia is reorganising its fuel supply chain, notably issuing licences for operating new tanker trucks and service stations to enhance national energy security and reduce external dependence.
Grangemouth Closure: UK Oil Stocks at Highest Level in Three Years
The closure of the Grangemouth refinery has triggered a record increase in UK oil inventories, highlighting growing dependence on imports and an expanding deficit in domestic refining capacity.

Mexco Energy reports 27% increase in annual profit

Mexco Energy Corporation reports an annual net profit of $1.71mn, up 27%, driven by increased hydrocarbon production despite persistently weak natural gas prices in the Permian Basin.
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S&P downgrades Ecopetrol to BB, Moody’s maintains Ba1 rating
S&P Global Ratings lowers Ecopetrol's global rating to BB following Colombia's sovereign downgrade, while Moody’s Investors Service confirms the group's Ba1 rating with a stable outlook.
Shell officially rules out any takeover offer for rival BP
Shell group publicly clarifies it is neither considering discussions nor approaches for a potential takeover of its British rival BP, putting an end to recent media speculation about a possible merger between the two oil giants.

Chinese independent refiners poised to increase fuel oil imports

The anticipated increase in the tax deduction rate may encourage independent refineries in Shandong to restart fuel oil imports, compensating for limited crude oil import quotas.
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Petro-Victory launches fully-funded drilling campaign in Brazil
Petro-Victory Energy Corp. starts drilling of the AND-5 well in the Potiguar Basin, Brazil, as the first phase of an operation financed through its strategic partnership with Azevedo & Travassos Energia.
Port of Corpus Christi expands capacity for large oil tankers
The Texan Port of Corpus Christi has completed major widening and deepening work designed to accommodate more supertankers, thus strengthening its strategic position in the US market for crude oil and liquefied natural gas exports.

BP Prudhoe Bay Royalty Trust puts Prudhoe Bay royalty up for sale

BP Prudhoe Bay Royalty Trust is offering its interest in Prudhoe Bay, North America’s largest oil field, as part of its planned dissolution, assisted by RedOaks Energy Advisors for this strategic asset transaction.
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CNOOC partners with KazMunayGas to explore the Zhylyoi subsoil area
CNOOC Limited’s Hong Kong subsidiary and KazMunayGas have concluded a nine-year exploration and production contract covering nine hundred and fifty-eight square kilometres in Kazakhstan, sharing investment and operations equally.
Trump authorizes China to buy Iranian oil, shaking global oil markets
Donald Trump announced that the United States will no longer oppose Chinese purchases of Iranian oil, immediately triggering a drop in global crude oil prices and profoundly reshaping international energy trade partnerships.

Canadian oil sands production poised to reach record high

Research firm S&P Global Commodity Insights lifts its outlook for the fourth straight year, betting on three point five mn barrels per day from 2025 despite lower prices.
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Enbridge Considers Adding Capacity to Export More Oil to Gulf Coast
Enbridge plans to expand its infrastructure to increase oil transportation from the American Midwest to the Gulf Coast, anticipating rising exports and addressing current market logistical constraints.
US oil stocks fall by 3.1 mn barrels, surprising markets
US commercial crude inventories significantly decline by 3.1 million barrels, widely surpassing initial forecasts and immediately pushing international oil prices higher.

UK reserves underestimated, GBP 165 billion opportunity according to Offshore Energies UK

The UK could have hydrocarbon reserves twice as large as current official estimates, according to Offshore Energies UK, highlighting the impact of fiscal policies on forecasts and the economic future of the North Sea.
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Eni, BP and TotalEnergies partially evacuate Iraq; Lukoil maintains operations
Following US strikes in Iran, international energy companies partially evacuate their teams from Iraq as a precaution, while Lukoil maintains its entire personnel on southern oilfields.
Chinese Refineries Cautious Amid Iran-Israel Tensions Threatening Oil Supply
Chinese independent refineries remain cautious amid rising Iranian crude prices driven by escalating Iran-Israel tensions, potentially threatening access to the strategic Strait of Hormuz.

Gazprom offers Pakistani company Nigerian assets to boost Asian expansion

Gazprom, affected by a historic $6.9bn loss in 2023, is offering Pakistani state-owned firm OGDCL its petroleum assets in Nigeria to strengthen its presence in Asia’s energy market, according to Pakistani sources.
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Trump Warns of Oil Price Surge Following Strikes Against Iran
Donald Trump urges control of oil prices following U.S. military action against Iranian nuclear facilities, amid escalating tensions around the strategic Strait of Hormuz, threatening to significantly impact global markets.
PermRock Royalty Trust distributes $539,693 following decline in oil sales
PermRock Royalty Trust announces a monthly distribution of $539,693 to unit holders, impacted by reduced oil volumes and prices in April, partly offset by increased natural gas sales.
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Global microgrid market to reach 191 billion dollars by 2033
Wood Mackenzie forecasts $1.35 trillion for CCUS and carbon credits markets
Google signs world’s first fusion energy purchase agreement
France Officially Launches Its First Floating Wind Farm in the Mediterranean
Brno rejects EDF lawsuit over Czech nuclear contract
Nigeria struggles to secure $5 billion loan from Aramco
Oil-backed financing is weakened by falling crude prices and persistent production constraints in the country.
Italiana Petroli to Decide Buyer by Late June for Estimated €3 Billion Sale
Italiana Petroli, in negotiations with three potential buyers, is expected to finalize the total sale of the group for around €3 billion by late June, according to several sources close to the matter speaking to Reuters on Thursday.

ExxonMobil tops upstream explorer ranking according to Wood Mackenzie

ExxonMobil has been named the most admired upstream exploration company in Wood Mackenzie’s latest annual survey, recognised for its performance in Guyana and its ability to open new resource frontiers.
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Petronas cuts 5,000 jobs and exposes contradictions in its African operations
Petronas' workforce reduction reignites questions about internal trade-offs, as the group maintains its commitments in Asia while leaving uncertainty over its operations in Africa.
Kremlin Warns of Global Impact from New Russian Oil Price Cap
The Kremlin condemns the European proposal to lower the price cap on Russian oil to $45 per barrel, asserting that this measure could disrupt global energy markets, as the G7 prepares for decisive discussions on the issue.

Libya Hits 12-Year Oil Peak Despite Ongoing Political Instability

Libya's oil production reached a twelve-year high of 1.23 million barrels per day, even as persistent political tensions and violent clashes in Tripoli raise concerns about the sector's future stability.
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Two powerful financial algorithms now dictate global oil prices
According to a study published by The Oxford Institute for Energy Studies, two competing financial algorithms, Risk-Parity and Crisis Alpha, significantly influence oil markets, weakening the traditional correlation with the sector's physical fundamentals.
DNO raises $400mn in hybrid bonds to refinance Sval Energi’s debt
Norwegian producer DNO ASA completed an oversubscribed $400mn hybrid bond private placement to support the integration of Sval Energi Group AS.

Petrobras enters exclusive talks for nine offshore blocks in Côte d’Ivoire

The Brazilian oil group secured approval from Abidjan to begin negotiations for exploring nine deepwater blocks as part of its business partnerships strategy in Africa.
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Shell Shuts Unit After Fire at Its Ethylene Cracker in the U.S.
Shell suspends a unit at its Pennsylvania petrochemical complex following a fire on June 4, with ongoing environmental checks and an internal investigation to determine when the facility can resume operations.
Azerbaijan restarts oil exploration with ExxonMobil, BP and MOL
Baku signs multiple deals with major industry players to boost exploration as oil reserves decline and ACG production slows.

Vallourec completes acquisition of Thermotite do Brasil from Mattr

French group Vallourec announces the integration of Thermotite do Brasil, enhancing its industrial capabilities in Brazil for offshore pipeline coating services.
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US crude oil inventories fall by 4.3 million barrels
Commercial crude reserves in the United States declined more than expected, following increased refinery activity according to EIA data published on June 4.
TotalEnergies strengthens its position in Brazil with additional 3% stake in Lapa field
TotalEnergies has signed an agreement with Shell to increase its stake in Brazil’s offshore Lapa field to 48%, while divesting its interest in Gato do Mato.

SBM Offshore sells its stake in FPSO Aseng to GEPetrol

SBM Offshore has signed a divestment agreement with GEPetrol to fully withdraw from the FPSO Aseng project in Equatorial Guinea, with an operational transition phase of up to one year.
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Meren Energy seeks partners for offshore blocks in Equatorial Guinea
Meren Energy has launched a partial divestment process for its EG-18 and EG-31 assets to attract new partners and reduce its exposure in Equatorial Guinea.
PTAS Aker Solutions secures two-year offshore maintenance contract in Brunei
The oil services joint venture extends its contract with Brunei Shell Petroleum for maintenance and upgrade operations on offshore installations in the South China Sea.

Renaissance Africa Energy finalises takeover of SPDC’s onshore assets in Nigeria

Renaissance Africa Energy confirmed to the Nigerian government the operational takeover of Shell Petroleum Development Company’s onshore assets, stating it had surpassed the 200,000 barrels per day production mark.
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Woodside initiates 65 millions USD arbitration procedure against Senegal
Australian company Woodside Energy has filed a complaint with ICSID against Senegal, challenging a CFA40bn tax reassessment related to the offshore Sangomar oil project.
Nigeria ties tax incentives to performance to revive upstream oil sector
Nigeria introduces a tax credit capped at 20% for oil operators meeting cost reduction targets, with a focus on gas and offshore projects.

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