January 22, 2025

Citigroup: Sanctions, tight supplies and U.S. policy to drive oil prices higher

January 22, 2025

(Oil Price) – Analysts at Wall Street bank Citigroup have predicted that oil prices will remain elevated in 2025 thanks to U.S. sanctions on oil exports, logistical challenges and strategic policy decisions by major producers and governments. Citigroup notes that Over 180 vessels, integral to transporting Russian crude, are now restricted. Two weks ago, the Biden administration issued sanctions against Russian crude, and

Lyondell to begin closure of Houston refinery this weekend, sources say

January 22, 2025

(Investing) – HOUSTON – LyondellBasell Industries (NYSE:LYB) will begin the permanent closure of its 263,776 barrel-per-day Houston refinery this coming weekend, said people familiar with plant operations. Layoffs of up to 400 employees at the refinery are scheduled to begin two months after the shutdown begins, the sources said. A Lyondell spokesperson did not immediately reply to a request for comment.

How a new Trump Administration could shape U.S.-Africa energy relations

January 22, 2025

(World Oil) – With the inauguration of U.S. President Donald Trump on January 20, the future of American involvement in Africa’s energy sector is set for a significant shift. President Trump’s approach to energy has consistently focused on strengthening American interests, particularly by prioritizing domestic energy production. However, as he aims to reinforce America’s global position, especially in energy-rich regions like

Argentina books biggest energy trade surplus in 18 years

January 22, 2025

(Oil Price) – Argentina’s energy trade surplus surged to its highest level in 18 years in 2024 as exports jumped by 22.3% while imports slumped by 49.4%, data from the Argentinian government showed. The biggest energy surplus in nearly two decades is a win for the first year in office of President Javier Milei, who has promised a domestic energy revolution to

Nigeria leads Africa as top upstream investment destination, AEC says

January 22, 2025

(World Oil) – Nigeria ranks as Africa’s leading destination for upstream oil and gas investment in 2024, research from market intelligence firm Wood Mackenzie shows. The country accounted for three out of four Final Investment Decisions (FIDs) announced by global oil and gas majors, totaling $13.5 billion. The FIDs announced within the Nigerian market included Shell’s $122 million investment in

U.S. natural gas prices rebound amid freezing weather and shrinking inventories

January 22, 2025

(Investing) – U.S. natural gas futures have seen a recovery, compensating for some of the significant losses experienced the previous day. This rebound is occurring as most of the country continues to experience freezing weather this week. Traders are also closely monitoring the outlook for February. Forecaster NatGasWeather.com noted a trend in the overnight data. The last few days of January were slightly

Citigroup: Sanctions, tight supplies and U.S. policy to drive oil prices higher

Lyondell to begin closure of Houston refinery this weekend, sources say

How a new Trump Administration could shape U.S.-Africa energy relations

Argentina books biggest energy trade surplus in 18 years

Nigeria leads Africa as top upstream investment destination, AEC says

U.S. natural gas prices rebound amid freezing weather and shrinking inventories

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