Barclays predicts Brent crude oil will reach $100 per barrel following the US and Israel's strike on Iran
Barclays increased its Brent crude oil futures forecast to around $100 per barrel, up from $80.00 on Friday, following the bombing of several Iranian sites by Israel and the United States. Oil markets may have to confront their worst fears Monday. The bank stated in a report that…
OPEC+ could consider a larger increase in oil production, according to sources after the Iran strike
Two sources said that OPEC+ could consider a bigger than planned 'output increase' on Sunday. Leading producers Saudi Arabia and?UAE had already boosted exports to prepare for a possible oil disruption due to the U.S. - Israel attack on Iran. The eight members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies…
Iran's main oil, gas and infrastructure production
On Saturday, Israel and the United States launched an offensive against Iran. The attack could cause oil and gas production to be disrupted and damage the energy infrastructure in the Middle East. Iran is the third-largest oil producer in the Organization of Petroleum Exporting Countries (OPEC). It pumps 4.5% or so of world oil.
Sources: Saudi Arabia increases oil production and exports to prepare for a US attack against Iran
Saudi Arabia has increased its oil exports and production as part of an emergency plan, in case a U.S. attack on Iran disrupts Middle East supplies. Two sources familiar with this plan told Reuters on Wednesday. The Saudi Government Media?Office did not respond immediately to a comment request on the plan. Donald Trump, the U.S.
Sources say that OPEC+ will consider an increase in oil production of 137,000 bpd for April.
OPEC+ is likely to consider raising its oil production by 137,000 barrels a day in April, according to three sources familiar with OPEC+'s thinking. The group is preparing for the peak summer demand, and tensions between the U.S. The resumption 'would allow OPEC leaders Saudi Arabia and other members…
Angola’s national oil company is looking to diversify its business into minerals that are critical.
Sonangol, the state-owned Angolan oil company, said Wednesday it wants to diversify its business into minerals that are critical for economic growth. Sonangol's executives told a press conference that the company made a net profit of over $750 million by 2025. This is compared to 736 billion kwanzas (about $807 million) in 2024.
Cenovus, a Canadian company, beats its fourth-quarter profit expectations and begins redevelopment at the former MEG site
Cenovus Energy announced on Thursday that it has begun drilling new oil wells at its Christina Lake Oil Sands site in 'northern Alberta,' formerly owned MEG Energy. The plan will increase the company’s production this year as well as by 2027. The Canadian oil sands company, which…
What is the current status of international oil companies operating in Venezuela?
Here are some key facts about the international oil companies operating in Venezuela. The country has vast oil reserves, but a dilapidated infrastructure. In the early 2000s, the then-President?Hugo Chavez took assets from foreign oil companies to strengthen the control of the state-owned PDVSA over the oilfields in Venezuela.
Libyan traders bring in Western traders to counter Russian fuel flow
Three trading sources have confirmed that global oil traders and firms including Vitol Trafigura, and TotalEnergies won the tenders for supplying gasoline and diesel to Libya. The country is allowing large Western companies a broader access and reducing its imports of Russian petrol.
Maurel & Prom, a Venezuelan oil firm, says that teams are fully mobilised after the US issued key authorization.
Maurel & Prom has a team in Venezuela that is fully mobilised, and'ready for the next stages of development', said its chief executive on Thursday. This was after the U.S. - added the French oil producer?to a a list of companies authorized to increase operations in Venezuela.
Indonesia and US firms sign trade, investment agreements worth $7 billion
The U.S. ASEAN Business Council reported that Indonesian & U.S. firms signed 'trade and investment agreements worth more than $7 bn? on Wednesday, a day before Indonesian President Prabowo?Subianto meets with U.S. president Donald Trump for a meeting to sign a final deal. According to a U.S.
Iraq approves an 'amicable agreement' with Russia's Lukoil regarding the transfer of operations for giant fields
According to a press release, the 'Iraqi Cabinet approved a "friendly settlement" with Russia's Lukoil on Tuesday regarding the transfer of the West Qurna 2, a giant oil field in the west of Iraq to the state-run Basra Oil Company. Last month, Iraqi nationalised the oilfields after the U.S.
Oil majors buy up West African oil blocks to prepare for the next Brazil
Chevron, TotalEnergies and other oil majors are snatching up offshore blocks off the coast of West and Southern Africa. Geology, regulatory reforms and the need to replenish the reserves have prompted the search for the next Brazil. Companies are restocking oil and gas assets…
Maurel & Prom hopes for a resumption of Venezuelan oil sales boosted with the easing of sanctions
Maurel & Prom, a French oil producer, is optimistic that it will be able to resume the export of Venezuelan crude oil soon after the United 'States government eased'sanctions against the country on Friday. On Friday, the U.S. government issued two general licenses, allowing major energy companies to operate in OPEC-member Venezuela.
TotalEnergies and Petrobras purchase land north of Namibia's massive Mopane discovery
Both TotalEnergies, the French oil giant, and Petrobras, the Brazilian firm acquired a 42.5% share in an offshore exploration license. The firms are looking to "develop" oil in one of last frontiers in exploration. Total has expanded its holdings in South Africa, where the company hopes to become the first oil producer by the end decade.
EIA data show that US oil demand and production fell to multi-month highs in November.
Data from the Energy Information Administration on Friday showed that U.S. oil output fell to its lowest level since July in November, while oil demand dropped to its lowest level since April. The EIA reported that the crude oil output fell to 13,78 million bpd during November. This is down 82,000 compared to October's record 13.86 million.
Namibia's Energy Ministry blasts TotalEnergies and Petrobras for failing to follow procedure
Namibia expressed concern that TotalEnergies and Petrobras acquired new offshore positions within the Luderitz basin without notifying the energy ministry and/or obtaining the necessary approval. Both French and Brazilian oil companies, TotalEnergies & Petrobras, announced on…
Namibia Flags Approval Need for TotalEnergies, Petrobras Offshore Stakes
Government officials stated on Sunday that Namibia would not recognize the purchase of offshore stakes by TotalEnergies or Petrobras announced last week until the oil companies followed the proper approval route.A spokesperson for the Presidency, Jonas Mbambo confirmed that "no…
Venezuela tensions are set to ease, resulting in a rise in the oil production potential of Guyana
Experts in geopolitics and oil said that the tiny oil-producing country of Guyana, which is already one of the fastest-growing economies in the world, has a window for expansion due to the ongoing U.S. activities in Venezuela. The growth potential of the oil and gas industry will…
Norway oil investment set to decline by 2026, according to a survey
A 'quarterly survey' of the oil and gas industry revealed on Thursday that Norwegian investments in the sector are likely to?decline this year and next, as fewer new projects are being undertaken and more field?developments have been completed. Norway is the world's second largest…