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Oil costs are again reacting to China’s Covid news, with the government easing some of its Covid restrictions and raising hopes that China’s oil demand can start to recover.
Oil Price Alert: This week’s Global Energy Alert looks at Ukraine’s latest developments, and Russia’s withdrawal may be a precursor to additional attacks on critical infrastructure across the country. Meanwhile, our industry leader believes a smart counter-industry is brewing for an inventory that collapsed this week. Sign up today, and if you don’t take advantage of it after the first month, we’ll give you your money back.
november 11th 2022
Knowledge of U. S. inflation U. S. Better than expected and the long-awaited relaxation of China’s Covid regulations helped a significant drop in oil costs this week, with ICE Brent back at $96-97 consistent with the barrel. The surge in coronavirus cases in China, replicating or in some cases exceeding 2020 contagion levels, has caused spillover effects on oil markets, however, Beijing’s shifting lockdown stance is partly offsetting those fears. year decline in demand for the first time in two decades. There is still a lot of pessimistic news, but if China continues to open up, the costs will continue to rise.
The Chinese government has eased its zero COVID needs despite emerging cases across the country, reducing quarantine periods for incoming travelers and their close contacts and fines for airlines carrying inflated passengers, raising hopes for normalization in China.
Referring to Deal Hope, Iran on the IAEA scale in. Iran agreed to a stopover through the UN nuclear watchdog to discover the origin of uranium waste discovered at 3 sites, potentially mitigating one of the main obstacles to Iran’s nuclear talks after years of Tehran’s not easy closure of the IAEA investigation.
U. S. crude oil expansionCiting inflation and supply chain constraints, the Energy Information Administration cut its forecast for U. S. crude oil production expansion. The U. S. population in 2023 at 21%, expecting a buildup of 480,000 b/d next year.
Africa insists on fossil fuel prosperity. The COP27 summit in Sharm el-Sheikh, Egypt, continues to highlight the vast divide between the OECD and African countries, with African countries saying they must be allowed to expand their oil and fuel to help lift others out of poverty, resisting calls for deep emissions cuts.
U. S. oil major ExxonMobil (NYSE:XOM) has achieved an oil yield of 30 meters (98 feet) with its Bavuca South-1 exploration well off the coast of Angola, the first Block 15 deepwater discovery in 20 years with the prospect of loading 40,000 b/d. to the total production of the block.
Usa. The U. S. is financing Indonesia’s pivot from coal. Usa. The U. S. and Japan will offer $15 billion in force transition budget to Indonesia if it starts phasing out its many coal-fired power plants early, helping the government meet its goal of expanding the share of renewables to 23% by 2025.
Energy consumption in the United States has never been better. According to the EIA, electric power consumption in the U. S. The U. S. will reach a record 4036 KWh in 2022, up 3% from last year, as warmer temperatures and developing economic activity continue to drive increased electricity intake.
Even those values are enough to drill in the Arctic. Norway’s Equinor (NYSE:EQNR) and its partners postponed a final investment resolution in the world’s northernmost Wisting offshore oil field, leading to sky-high costs and supply chain bottlenecks that drove the value of the project. to $10 billion.
EU regional aid blocks the energy transition. The European Court of Auditors found that the €12. 5 billion spent between 2014 and 2020 in seven coal-producing regions in the EU actually had a remarkably limited effect on the energy transition, widening the possibilities that phasing out coal in Europe would take longer than expected.
The Chinese are worried about sun deliveries. According to media reports, more than 1,000 shipments of solar panels and polysilicon cells worth millions of dollars have accumulated at U. S. ports. It has been the U. S. since June, as the government continues with seizures, due to considerations about the hard labor of slaves in Xinjiang.
Cheniere wants more time for repair. The largest exporter of U. S. LNGCheniere Energy (NYSEAMERICAN: LNG) has been asking Louisiana regulators for 18 months to upgrade nearly part of their turbines because they still exceed new air pollutant limits, making liquefied fuel more difficult. Export the winter.
Suriname is looking for a drilling boost. Wanting to stick to Guyana’s upstream miracle, its South American neighbor, Suriname, is expected to offer six offshore blocks located about 200 km offshore in its upcoming license circular with a risk-free resource outlook of 41 billion barrels.
Demand for Eagle Ford Shale declines. APA Corp (NASDAQ: APA) will reportedly sell about 212,000 net acres of oil and fuel generating land in the Eagle Ford and Austin Chalk basins for about $500 million, as part of its return to West Texas, where it will double Permian production. .
By Tom Kool for Oilprice. com
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