APA Corporation cites higher tax burdens and regulatory uncertainties as primary reasons for the decision. In a significant development for the UK’s North Sea oil industry, Apache Corporation, a prominent U.S.-based oil producer, has announced plans to cease production at its North Sea assets by 2030. This decision follows the UK government’s recent increase in […]

Oil prices have pulled back from their highs on geopolitical tensions, but there is still a risk of supply disruption in the Middle East, according to Rystad Energy. Crude oil futures rose slightly Thursday after a four-day losing streak as fears of a supply disruption in the Middle East eased and a surplus looms over […]

Saudi Arabia’s decision to reduce crude production will help OPEC+ (includes OPEC members along with Russia) to manage the inventory efficiently. But, it will put global crude prices on a boil. It, in turn, will impact the global economies and pockets of the common man alike. The global oil market witnessed a very rare occurrence […]

India continues to boost imports of Russian crude oil as Russia continues to be the single largest crude supplier to the world’s third-biggest oil importer.   Indian imports of Russian crude jumped by 11.7% in September compared to August, according to tanker data from industry sources reported by Reuters. India imported last month about 1.9 million […]

(WO) – Peru’s government can’t find board members to lead its struggling state-owned oil company more than five weeks after its last board resigned. “It is pretty complicated to find the right people,” Prime Minister Gustavo Adrianzen said on Wednesday during a press conference at his office in Lima. Petroleos del Peru S.A. has been […]

(WO) – Petrobras is pushing to extract as much oil as possible from its existing fields in Brazil while simultaneously hunting for new reserves to prevent production from starting to decline in the 2030s. The mantra “all the oil counts” will guide the company’s next strategic plan that will be unveiled in late November, members […]

Oct 9 (Reuters) – Geopolitical risk premium gauges in the oil market have decreased slightly this week, following sharp increases last week in both Brent implied volatility and call options implied volatility skew, Goldman Sachs said. Oil prices steadied in Asian trading as traders weighed developments in the Middle East conflict against continued bearish expectations […]

(WO) – Iran suffered an oil leak just a few miles from Kharg Island, its top export terminal in the Persian Gulf, according to the semi-official Tasnim news agency, citing a local shipping official. Tasnim’s report gave no information on the cause of the incident, which led to two slicks in the affected area, or […]

CAPE TOWN, Oct 9 (Reuters) – South Africa’s liquefied petroleum gas (LPG) business is poised for a boom, industry executives say, as new distribution hubs, rising power prices and a shift away from dirtier charcoal and paraffin stoves boost demand. State-owned power utility Eskom’s plan to raise next year’s electricity tariff by 36%, the latest […]

(WO) – CNOOC Limited announced that the Liuhua 11-1/4-1 oil development offshore China has commenced production. The project is located in eastern South China Sea and consists of two oil fields, Liuhua 11-1 and Liuhua 4-1, with an average water depth of approximately 305 m. The main production facilities include a new deep water jacket […]