Tag Archives: Oil Price

Several oilfields across Libya have halted production as closures spread, engineers reported on Tuesday, amid a dispute over control of the central bank and oil revenues. Mohammed al-Menfi, head of the Presidency Council in Tripoli, had issued a decision to replace Central Bank head Sadiq al-Kabir and the bank’s board, …

U.S. power generation and electricity demand have risen this year to the highest in at least three years but the 2024 demand likely peaked in July amid peak air conditioning and cooling consumption, Reuters columnist Gavin Maguire reports, citing data from LSEG. U.S. power generation in the Lower 48 states …

As the rivalry over global oil demand projections continues to intensify, supergiant Exxon Mobil on Monday chimed in to forecast that crude demand will continue to be over 100 million barrels per day through 2050, contradicting other forecasts that come in much lower, Reuters reported. The forecast from Exxon, which …

The U.S. State Department is intensifying efforts to derail Russia’s Arctic LNG 2 exports by targeting companies involved in the development of the project and vessels found to have loaded LNG from the facility. Located in the Gydan Peninsula in the Arctic, the Arctic LNG 2 project was considered key …

Namibia has ambitions to become one of the largest oil producers in Africa by 2035, with an average output of half a million barrels daily, displacing Egypt in the top five list, a government official has said. “With four floating production storage and offloading units deployed by 2035, we could …

The spot market price of liquefied natural gas in Asia is on the decline amid signs that seasonal demand for the fuel is peaking. Last week saw the first weekly decline in Asian spot LNG prices in a month, Reuters’ Clyde Russell reported, noting however that prices are still over …

As OPEC+ gears up for its next meeting, the group finds itself at a crossroads that has the potential to sway global oil markets. With the autumn months approaching, key decisions loom regarding whether to proceed with planned production increases or to maintain current output levels. The backdrop to this …

Uncertainty about Chinese oil demand has become the single most important bearish factor for oil. Every time analysts cite lower prices it is because of uncertainty about Chinese demand—or the potential certainty that this demand is not going higher. As the world’s largest importer of oil, the Asian powerhouse has …

The total number of active drilling rigs for oil and gas in the United States fell again this week, according to new data that Baker Hughes published on Friday. The total rig count fell by 1 to 585 this week, compared to 632 rigs this same time last year. The …

Russia has announced that it possesses more than a century’s worth of coal reserves, signaling its enduring role as a key player in the global energy landscape despite facing Western sanctions. According to Alexander Kozlov, Russia’s Minister of Natural Resources and Environment, the country’s coal reserves are estimated at an …