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Oil prices have seen a 4-week losing streak. Recession fears continue to weigh on sentiment in oil markets. Many analysts continue to see a tighter oil market in the second half of 2023. By Irina Slav Crude oil prices have been on a losing streak for four consecutive weeks now, erasing all the gains they…
May 16, 2023
Canadian energy stocks are looking increasingly cheap after the latest selloff in crude prices. Wall Street still believes that Canadian energy stocks will outperform their American brethren. Debt-light Canadian oil and gas producers are poised to reward shareholders again in 2023. By Alex Kimani Earlier in the year, Wall Street was mostly bullish about the…
May 15, 2023
By Irina Slav Nigeria is producing 1 million barrels daily less than it can produce, local media reported today, citing the country’s federal government. The government cited a lack of investments, a shortage of funding sources because of the energy transition, and insecurity among the factors driving the situation. The Nigerian Upstream Petroleum Regulatory Commission…
May 11, 2023
By Alex Kimani The transportation sector is responsible for nearly 60% of global oil demand. BNEF: EVs are currently displacing only 1.5 million barrels of oil demand per day, good for slightly over 1% of global oil demand consumption. Many large forecasters actually believe that oil consumption will grow through 2050. With the global energy…
May 11, 2023
Saudi Arabia, the UAE, Algeria, Egypt, Bahrain, and Iran have formally asked to join the BRICS group of nations. BRICS will hold its annual summit in Cape Town during the first week of June. Bloomberg: BRICS is expected to soon surpass the US-led G7 states in economic growth expectations. By ZeroHedge Saudi Arabia, the UAE,…
May 4, 2023
Suriname's oil boom saw a number of major setbacks in 2022. The final investment decision from Apache and operator TotalEnergies was expected last year but has been delayed. The economic crisis sparked by the pandemic saw Suriname default three-times on its sovereign debt and the country is facing the prospect of yet another default. By…
May 1, 2023
Reuters survey: oil prices are set to rise toward $90 per barrel by the end of this year. So far this year, Brent prices have averaged around $82. Most analysts expect the surprise additional OPEC+ cuts of 1.16 million barrels per day (bpd) between March and December to significantly tighten supply in the second half…
April 28, 2023
By Tom Kool Crude oil prices ticked higher on Thursday, stabilizing after Wednesday’s drop due to sentiments that the OPEC+ late March production cut announcement had already been priced in for the next month, when they go into force. On Thursday at 1:41 p.m. EST, Brent crude was trading at $78.53, up 1.08% for a…
April 27, 2023
By Irina Slav Oil at $200 is a possibility, although unlikely to happen. Possible scenarios include a major escalation in the Ukraine conflict or consistent underinvestment leading to a reduction in supply. Analysts love to say that the cure for high oil prices is high prices, and they are correct. It was the talk of…
April 24, 2023
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Oil prices have seen a 4-week losing streak. Recession fears continue to weigh on sentiment in oil markets. Many analysts continue to see a tighter oil market in the second half of 2023. By Irina Slav Crude oil prices have been on a losing streak for four consecutive weeks now, erasing all the gains they…
May 16, 2023
Canadian energy stocks are looking increasingly cheap after the latest selloff in crude prices. Wall Street still believes that Canadian energy stocks will outperform their American brethren. Debt-light Canadian oil and gas producers are poised to reward shareholders again in 2023. By Alex Kimani Earlier in the year, Wall Street was mostly bullish about the…
May 15, 2023
By Irina Slav Nigeria is producing 1 million barrels daily less than it can produce, local media reported today, citing the country’s federal government. The government cited a lack of investments, a shortage of funding sources because of the energy transition, and insecurity among the factors driving the situation. The Nigerian Upstream Petroleum Regulatory Commission…
May 11, 2023
By Alex Kimani The transportation sector is responsible for nearly 60% of global oil demand. BNEF: EVs are currently displacing only 1.5 million barrels of oil demand per day, good for slightly over 1% of global oil demand consumption. Many large forecasters actually believe that oil consumption will grow through 2050. With the global energy…
May 11, 2023
Saudi Arabia, the UAE, Algeria, Egypt, Bahrain, and Iran have formally asked to join the BRICS group of nations. BRICS will hold its annual summit in Cape Town during the first week of June. Bloomberg: BRICS is expected to soon surpass the US-led G7 states in economic growth expectations. By ZeroHedge Saudi Arabia, the UAE,…
May 4, 2023
Suriname's oil boom saw a number of major setbacks in 2022. The final investment decision from Apache and operator TotalEnergies was expected last year but has been delayed. The economic crisis sparked by the pandemic saw Suriname default three-times on its sovereign debt and the country is facing the prospect of yet another default. By…
May 1, 2023
Reuters survey: oil prices are set to rise toward $90 per barrel by the end of this year. So far this year, Brent prices have averaged around $82. Most analysts expect the surprise additional OPEC+ cuts of 1.16 million barrels per day (bpd) between March and December to significantly tighten supply in the second half…
April 28, 2023
By Tom Kool Crude oil prices ticked higher on Thursday, stabilizing after Wednesday’s drop due to sentiments that the OPEC+ late March production cut announcement had already been priced in for the next month, when they go into force. On Thursday at 1:41 p.m. EST, Brent crude was trading at $78.53, up 1.08% for a…
April 27, 2023
By Irina Slav Oil at $200 is a possibility, although unlikely to happen. Possible scenarios include a major escalation in the Ukraine conflict or consistent underinvestment leading to a reduction in supply. Analysts love to say that the cure for high oil prices is high prices, and they are correct. It was the talk of…
April 24, 2023
