LONDON (Bloomberg) --The oil market is getting tighter and there may be even less slack in the system than forecasts suggest. The latest outlooks from the International Energy Agency and the U.S. Energy Information Administration show the world needing more oil this year from the members of the Organization of Petroleum Exporting Countries than...
SINGAPORE (Bloomberg) --Surging demand, fading omicron fears, and OPEC+’s inability to ramp up output have underpinned an eye-watering rally in oil prices. Global benchmark Brent crude has jumped 25% to around $88 a barrel since the end of November. Some in the market now think it’s now a question of when -- not if -- oil hits triple digits,...
Maersk Drilling has been awarded a contract with TotalEnergies E&P Danmark which will employ the high-efficiency jack-up rig Maersk Reacher for well intervention services in the Danish North Sea. The contract is expected to commence in July 2022, with a duration of 21 months. The contract includes options to extend the duration by up to 27 addi...
LONDON (Bloomberg) --OPEC and its allies are increasing oil production but can’t solve all the sector’s issues alone, the United Arab Emirates’ energy minister said. The industry needs investment, through the involvement of international oil companies, in order to provide adequate supplies, Suhail Al-Mazrouei said, according to the UAE’s...
Ghana’s state-owned oil company is progressing with plans to sell liquefied natural gas throughout West Africa after shipments of the fuel begin to flow to an import terminal this year. Tema LNG Terminal Co. is expected to start commercial operations at the plant in the second quarter and can help create an energy hub for the region, Hamis Uss...
MOSCOW (Bloomberg) --Russia may be able to deliver only about half of its scheduled increases in crude production over the next six months, joining the ranks of OPEC+ nations that are struggling to ramp up even as fuel demand rebounds from the pandemic. With crude already trading above $85 a barrel in London, the outlook for Russian output leave...
(Bloomberg) --China’s overseas shipments of fuels fell for a second year as Beijing tightened export quotas, in part to ensure sufficient domestic supply. Gasoline exports in 2021 slid 9.1% from a year earlier to 14.54 million tons, the lowest level in three years, government data show. That’s equivalent to about 333,000 barrels a day, accor...
MOSCOW (Bloomberg) --Russia is keeping Europe’s natural gas market on edge, with no relief in sight from the country’s preliminary supply plans for next month. The nation’s exporter, Gazprom PJSC, again opted not to book any extra pipeline space to ship the fuel westward through Ukraine during a monthly auction on Monday. On top of that, z...
FGSZ Ltd, the owner and operator of the Hungarian high-pressure transmission natural gas pipeline system servicing gas distribution companies, power plants and large industrial consumers has commissioned DNV to assess the suitability for partial to full hydrogen transport of one of FGSZ’s pipelines. The intention of this project is to evaluate th...
(Bloomberg) --The Biden administration is working with oil-producing countries to ensure supply rises to meet demand, according to the White House, as prices surge to the highest level in seven years. The White House plans to continue to monitor prices in the context of global growth and hold discussions with OPEC+ countries as needed, National...