(Investing)- Saudi Aramco CEO Amin Nasser stated Tuesday that global oil demand remains strong, even before the recent sanctions on Russian firms Rosneft and Lukoil. “Demand is strong even before these sanctions on Rosneft and Lukoil,” Nasser said, adding that “China demand is still healthy.” The CEO projected oil demand growth for next year at 1.1-1.4 million barrels per day,
(World Oil)– Zephyr Energy plc announced the results of an updated Competent Person’s Report (CPR) for its Paradox basin assets in Utah, revealing a major upgrade in reserves and resource estimates for the company’s flagship Paradox project. The report, compiled by Sproule-ERCE International Ltd., shows significant progress as the development advances toward full commercial production. According to the CPR, proved
(World Oil)– The U.S. sealed a trade deal with Pakistan as their officials wrapped up talks in Washington, agreeing to develop oil reserves. The pact involves a reduction of the so-called reciprocal tariffs, especially on Pakistani exports, according to a statement by Pakistan’s finance ministry on Thursday. No details on tariffs were shared by either side. U.S. President Donald Trump
(Reuters) – U.S. Energy Secretary Chris Wright estimates it would take $20 billion and years to accomplish President Donald Trump’s goal of refilling the Strategic Petroleum Reserve to its maximum capacity, the Energy Department said on Friday. Former President Joe Biden’s administration sold nearly 300 million barrels from the reserve including a 180-million-barrel sale in 2022 after Russia invaded Ukraine.
Nasdaq Nov 24 – Any impact on oil prices from a release of crude from strategic petroleum reserves by the United States and other countries may not be sustained for long, JP Morgan Global Commodities Research said on Wednesday. The United States is to release of millions of barrels of oil from strategic reserves in coordination with China, India, South
World Oil WASHINGTON (Bloomberg) –The U.S. will release 50 million barrels of crude from its strategic reserves in concert with China, Japan, India, South Korea and the UK — an unprecedented, coordinated attempt by the world’s largest oil consumers to tame prices that risks a backlash by OPEC+. But the oil market was initially underwhelmed by the details of the
World Oil (Bloomberg) –One hour after U.S. government data showed on Wednesday that American inflation had soared to a 31-year high, President Joe Biden vowed to fight the surge as “a top priority.” Source: World Oil Key to his administration’s response, Biden said in a statement, would be addressing the rising cost of energy — what he described as “the
IFR on target to be first outside company to drill onshore in Mexico in 80 years, anticipates April spud The Calgary-based company announced this morning that its Mexican joint venture Tonalli Energia is mobilizing a rig to begin drilling the Tecolutla block (onshore) in Mexico. The company said the partners had received the final authorization necessary to commence drilling from
