OIL NEWS

Alaska can be a rugged and unforgiving place, and that’s not just its landscape. Its economy is prone to big booms and wrenching busts. Lately, it has seen more busts.

China National Petroleum Corp. cut its forecast for the nation’s oil demand this year, as a post-Covid economic recovery continues to disappoint.

Oil dropped as broader risk-off sentiment overshadowed news of China’s gradual rollout of stimulus measures to aid its economy.

Global oil demand growth will trickle nearly to a halt by 2028, the International Energy Agency found in its latest Oil 2023 medium-term market report.

First published in 2022, the ban concerns a poster seen in Bristol in southwest England, a TV ad and a video posted on Shell’s YouTube channel.

The IEA has underlined a disconnect between investment sentiment fueled by broader economic fears and tightening supply-demand balances.

Wildfires burning across western Canada have forced thousands of people to evacuate their homes and have prompted some oil and gas companies to curb production as blazes approach pipelines.

Brazilian state oil company Petrobras approved a new fuel pricing policy for gasoline and diesel that will sharply lower costs for motorists, it announced on Tuesday, ditching a more market-based policy in favor of greater flexibility to smooth price swings.

Oil companies have submitted expressions of interest in acreage, according the hydrocarbon minister

Analysts expected to see a dip in net profit this quarter compared to the previous year, as inflation and rising interest rates pressure global demand and stoke fears of a recession.

A “major pullback” in oil prices is a growing risk, according to Joseph Gatdula, the Head of Oil & Gas Research at BMI.

Boskalis announced recently that, through its subsidiary SMIT Salvage, the company reached an agreement with the United Nations Development Program (UNDP) for oil removal from the FSO Safer moored off Yemen’s Red Sea coast.

Geopolitics and the energy transition are the most pressing themes for the oil and gas industry in 2023, according to data and analytics company GlobalData.

Democratic Republic of Congo’s vision of earning billions of dollars in revenue from dozens of landlocked oil blocks will remain distant without a connection to a lone export route to be operated by TotalEnergies SE.

Ruya development aims to achieve plateau oil production of 300,000 bpd from Al Shaheen field.

The International Energy Agency (IEA) is still predicting record world oil demand this year, according to its latest oil market report (OMR).

The Pentagon is sounding alarms over Biden administration plans to advance offshore wind projects along the central Atlantic US coast, warning that almost all of the new terrain eyed for development conflicts with military operations.

Earlier this month, the Bureau of Land Management (BLM) announced that, “consistent with the direction in the Inflation Reduction Act”, its Nevada State Office had released an environmental assessment analyzing four parcels for a proposed competitive oil and gas lease sale in July.