Four Unexplored Indian Basins May Hold More Oil Than The Permian
Four largely unexplored sedimentary basins in India could hold up to 22 billion barrels of oil, S&P Global Commodity Insights has reported. In effect, lesser-known Category II and III basins, namely Mahanadi, Andaman Sea, Bengal, and Kerala-Konkan…
Oil prices fall to snap four-week winning streak as rally stalls out
Crude oil futures fell on Friday, snapping a four-week winning streak as the recent rally lost momentum. Prices rose earlier in the session after two days of gains, as June consumer inflation eased to around its lowest level in more than three years, …
U.S. Oil, Gas Drilling Activity Continues To Drop
The total number of active drilling rigs for oil and gas in the United States fell this week, according to new data that Baker Hughes published on Friday.The total rig count fell by 1to 584 this week, compared to 675 rigs this same time last year.The …
Gasoline Traders Back Out of Nigeria Amid $6B in Unpaid Debt
Industry sources told Reuters on Thursday that Nigeria owes gasoline suppliers over $6 billion in outstanding debt, prompting traders to back out of deals with the state-run oil firm amid criticism that wasteful and corrupt subsidies could cause a rep…
Saudi Aramco Bids for Australian Energy Major
Saudi Aramco is considering a takeover bid for Australian energy major Santos, Bloomberg has reported, citing unnamed sources, who also said the UAE’s Adnoc was also studying an offer for the company.The bids were a demonstration of Middle Eastern en…
Saudi Arabia's Non-Oil Activity Growth Slows Down
Growth in non-oil business activity in Saudi Arabia has slowed down to the lowest in two and a half years, based on the latest PMI data from the kingdom.The Riyad Bank Saudi Arabia Purchasing Managers Index reading for June came in at a seasonally adj…
Oil Prices Hold Gains Amid Geopolitical Uncertainty and Demand Optimism
Crude oil prices today held on to earlier gains made this week that pushed them to the highest in almost two months as fears of a further escalation of violence in the Middle East and expectations of robust demand in the U.S. sparked optimism among tr…
CNOOC Begins Oil Production at South China Sea Field
China’s state-held oil and gas giant CNOOC said on Thursday that it had launched crude oil production from a new development project in the South China Sea.CNOOC, which specializes in offshore exploration and production in China and abroad, announced…
Pemex Tax Payment Deferred as State Oil Firm Struggles With $100-Billion Debt
Mexico has allowed Pemex to defer its June monthly tax payments to July 31 as the government continues to support its state oil giant that has been reeling under $100 billion in debts for years. Petroleos Mexicanos, as Pemex is officially known, has …
Port Maintenance Drags Russia’s Oil Shipments Down to Three-Month Low
Maintenance works at Russia’s busiest oil ports dragged down weekly crude oil shipments to the lowest level in over three months as the ports of Primorsk on the Baltic Sea and Kozmino in the Far East halted vessel departures for four days each in the…
Asia Coal Imports Remain Strong in June
Coal imports into Asia this month are expected to remain strong despite a slight decline in coal demand from China and India—the biggest importers.Japan, the third-biggest, is the only one of the top coal importers in Asia set to see an increase in i…
Citi Forecasts Oil Price Drop to $60s by 2025
Citi predicts that oil prices will plummet to the $60s range by 2025 as inventories build following a tight market this summer, signaling a bearish outlook despite current robust demand and higher prices.Oil has recouped the losses from early June whe…
Eastern Australia at Risk of Imminent Natural Gas Shortages
Australia’s east coast faces natural gas shortages due to supply outages and higher gas-fired power demand amid cold weather and unusually low wind generation, the Australian energy regulator said this week.The Australian Energy Market Operator (AEMO…
French Senate Wants ‘Golden Share’ In TotalEnergies for National Interest
A French Senate report released on Wednesday is calling on the government to scoop up a “golden” share in giant TotalEnergies in an attempt to gain a strategic veto on issues related to climate change and any notion the company may have of relocatin…
Iran Says U.S. Can No Longer Obstruct Its Oil Production and Exports
Any future U.S. administration cannot prevent Iran from boosting its oil production and exports, Iranian Petroleum Minister Jawad Owji said on Wednesday.“With the measures that have been taken in President Raisi’s government in the field of the oil …
Russia Dethrones U.S. as Top EU Natural Gas Supplier
Russia became the biggest supplier of natural gas to Europe last month, for the first time since 2022, replacing the United States at the top spot.“It’s striking to see the market share of Russian gas and [liquefied natural gas] inch higher in Europ…