Category Archives: News

Global oil supply has seen a notable increase, climbing by 290,000 barrels per day in October, reaching approximately 102.9 million barrels daily. This rise is largely attributed to Libya resuming crude production, offsetting declines from other producers like Kazakhstan and Iran. Despite these gains, OPEC+ has delayed lifting voluntary production cuts until January 2025, aiming […]

The African Energy Chamber (AEC) has officially endorsed the Congo Energy & Investment Forum (CEIF), a groundbreaking event set to take place in March 2025. Announced during African Energy Week: Invest in African Energies in Cape Town by the Republic of Congo’s Ministry of Hydrocarbons, this forum represents a monumental step for the nation as […]

India’s Oil and Natural Gas Corporation (ONGC) is making headlines with its strategic plan to build two advanced offshore jack-up drilling rigs domestically, valued at approximately $500-$550 million. This move aims to replace older rigs, some of which have been operational for over four decades, while also fostering growth and innovation in India’s shipbuilding industry. […]

Angola’s LNG project is gearing up for a major expansion, with new supplies of natural gas expected in the coming year. This project, which has been running below its full capacity, is now poised for growth, driven by rising global demand for liquefied natural gas (LNG), especially in Asia and Europe. A Landmark Investment in […]

October marks the sixth consecutive month of lower imports compared to 2023. China’s crude oil imports continued to decline in October, marking the sixth consecutive month of slower arrivals than in the same period last year. According to data from China’s General Administration of Customs, cited by Reuters, last month saw crude imports drop to […]

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 […]

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 […]