BOE Report Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out the fossil fuels, Saudi Aramco CEO Amin Nasser said on Monday. The head of the world’s largest energy company urged a re-set of global energy transition plans in remarks
Oil Price BP and the Abu Dhabi National Oil Company (ADNOC) have suspended talks to buy a 50% stake in Israel’s natural gas producer NewMed, due to uncertainty in the region, the Israeli company said on Wednesday. In March 2023, BP and the national oil company of one of the leading Middle Eastern oil and gas producers, the United Arab Emirates (UAE), offered
Nasdaq LONDON/DUBAI – Saudi Arabia and the United Arab Emirates’ national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three sources told Reuters. Other oil companies, including Exxon MobilXOM.N and Occidental PetroleumOXY.N, plan to take advantage of emerging technologies to filter lithium from
World Oil (Bloomberg) – Global oil consumption is strong and the market looks relatively balanced this year as OPEC+ tries to stabilize prices, according to the Chief Executive Officer of Kuwait Petroleum Corp. The market is expected to tighten further as the year goes on, Sheikh Nawaf Al-Sabah, said in an interview. U.S. shale production has helped meet some of
Oil Price Following days of falling prices, U.S. benchmark crude oil prices are trading up 3% on Wednesday on sentiments of tight supply and signals from the Federal Reserve that we can still anticipate interest rate cuts in 2024. At 11:40 a.m. ET on Wednesday, West Texas Intermediate (WTI) was trading up 3.13% at $80.60, breaking the $80 threshold, while Brent crude
Nasdaq LONDON – Gulf oil giants Saudi Aramco 2222.SE and Abu Dhabi National Oil Company (ADNOC) ADNOC.UL are in talks to invest in U.S. liquefied natural gas projects, as they step up competition with oil majors and regional rival Qatar in the booming super-chilled gas market, sources aware of the matter said. The two energy giants are trying to exploit their fossil fuel
Oil Price Global oil supply is sufficient now, but natural declines at oilfields mean that the world would need to find a Saudi Arabia every two years to offset these production drops, Saudi Aramco’s chief financial officer Ziad Al-Murshed has said. Due to the natural decline in operating fields, as many as 6 million barrels per day (bpd) of global
CNBC Saudi’s state-controlled oil giant Aramco suspended its capacity expansion plans because of the green transition, Energy Minister Abdulaziz bin Salman said Monday, stressing that the future of energy security lies with renewables. “I think we postponed this [Aramco capacity] investment simply because … we’re transitioning. And transitioning means that even our oil company, which used to be an oil
Investing NEW YORK – Oil futures were little changed on Monday as rising concerns about global demand caused the market to take a break after prices jumped about 6% last week on worries that Middle East tensions could cause supply problems. Brent futures fell 26 cents, or 0.3%, to $81.93 a barrel by 10:48 a.m. EST (1548 GMT), while U.S. West
Investing Oil rallied after revisions to US data confirmed that inflation is ebbing, boosting confidence that the Federal Reserve will cut interest rates later this year. West Texas Intermediate rallied above $77 a barrel. Prices have been buoyed by the S&P 500 reaching record highs, heightened geopolitical risk going into the weekend and crude crossing major moving averages, said Dennis
Yahoo Finance NEW YORK – Oil prices rose about a dollar a barrel on Monday on concerns that tensions in the Middle East and Russia’s ongoing invasion of Ukraine could curb global supplies. Brent crude futures settled higher by 66 cents, or 0.9%, at $77.99 a barrel and U.S. West Texas Intermediate crude futures settled at $72.78 a barrel, up
World Oil (WO) – QatarEnergy has announced the award of the four main Engineering, Procurement, Construction, and Installation (EPCI) contract packages related to the next development phase of the offshore Al-Shaheen field (Qatar’s largest oil field) to increase production by about 100,000 bopd. The award is part of Project Ru’ya (vision in Arabic), which is the third phase of Al-Shaheen’s
