Oil prices, already up around 20% this year, could be boosted by China potentially replenishing its inventories and financial investors increasing their long positions, according to Vitol Group.
Oil headed for a seventh weekly gain as investors fret over a fast-tightening market, geopolitical tensions and freezing weather in the US.
Oil eased from a seven-year high as traders waited to see whether OPEC+ can deliver on its latest promised increase in supply.
Supply and demand fundamentals drive oil prices. Things like OPEC+ production plans and US driving patterns matter the most — until they don’t. That’s when the wizardry of Wall Street takes over, giving prices a push up or down beyond what the physical fundamentals warrant.
Results from the highly anticipated Buffalo-10 well drilled by Carnarvon Energy (ASX:CVN) and Advance Energy (LON:ADV) offshore East Timor have disappointed. Drilling at the redevelopment project was targeting a potential oil bonanza, which now seems unlikely.
As they strain to restore oil production, OPEC and its allies are being left with a diminishing buffer of spare supplies -- potentially setting up crude prices for a sizzling summer.
A key crude pipeline from Iraq to a Turkish port on the Mediterranean Sea was knocked out by an explosion on Tuesday, adding pressure to already tight oil markets and sending prices higher with oil extended gains in Asia from the highest close since 2014.
Inpex is set to start an exploration drilling campaign offshore Japan as it seeks to prove up new oil and gas fields, which if commercialised will mark the nation’s first new offshore gas development in over three decades.
China’s worst Covid-19 outbreak since the inaugural flareup in Wuhan is blunting oil demand growth in the world’s largest crude importer, although most major population centers remain unaffected so far.
Major shale-oil drillers are dreading the prospect of $100-a-barrel crude on fears it will tempt less-disciplined rivals to expand output and create a new supply glut.
ExxonMobil said higher crude oil and natural gas prices boosted quarterly results by as much as $1.9 billion.
Oil edged higher as Libyan supply tightened ahead of an OPEC+ meeting on Tuesday to discuss production policy for February.
Pakistan’s natural gas shortage is hurting its most important export industry, putting even more stress on an economy already struggling with accelerating inflation and a weakening currency.
OPEC and its allies are expected to revive more oil supplies when they meet on Tuesday, underscoring the group’s optimism in the outlook for global demand.
Oil futures in New York dipped after their longest run of gains since February, as the market weighed a series of supply outages against smaller quotas in China, the world’s largest crude importer.
The rapid spread of omicron has yet to dampen road traffic across most of Asia even as it leads to restrictions in parts of Europe, suggesting energy demand in the region may be spared a significant hit.
China's oil consumption is expected to peak at about 780 million tonnes per year (about 111 million barrels) by 2030, driven by strong petrochemical demand, China National Petroleum Corp (CNPC) Economics & Technology Research Institute (ETRI) said on Sunday.
The Covid-19 pandemic has marked the end of an era for Southeast Asia’s combined oil and gas production, pushing the region’s output in 2021 to below 5 million barrels of oil equivalent per day (boepd) for the first time since 1998. Significantly, this threshold is not likely to be exceeded again in the future, despite new project start-ups in coming years, the latest analysis from Rystad Energy shows.
The Indonesian government estimates that $187 billion needs to be invested in its upstream sector to meet its 2030 oil and gas production targets of 1 million barrels per day of oil and 12 billion cubic feet per day of gas. However, this target seems ambitious with major investors seeking to exit Indonesia's oil and gas sector, unless the government can attract local conglomerates.
Oil extended declines as the rapid spread of the omicron variant of the virus increased concerns about the outlook for energy demand.
China, the world’s biggest buyer of crude, is set to start 2022 with a subdued appetite for oil. For that, you can blame -- or thank -- Beijing’s increasingly tough line on the virus, pollution, and rule-breakers.
Halliburton and ExxonMobil are in talks over the latter’s attempt to sell a a stake in the West Qurna-1 oil field in southern Iraq, according to the country’s energy minister.
Buoyed by high oil prices, the bosses of the biggest explorers this week laid out a vision for the energy transition that hinges on more fossil-fuel investment rather than less.
Halliburton, one of the world's largest oilfield services companies, has warned that the world is headed into a period of scarcity for oil after seven years of underinvestment following crude’s plummet from $100 a barrel in 2014.
The new Omicron variant of Covid-19 could cost the global oil market as much as 2.9 million barrels per day (bpd) of demand in the first quarter of 2022, bringing total expected demand down from 98.6 million bpd to 95.7 million bpd, if it triggers more lockdowns or restrictions, Rystad Energy projects.