With an economy so reliant on oil, Iraq has long faced a tough balancing act between the short-term gains that can come from ramping up production and the long-term problems that can arise from overproduction. Last week, the Iraqi oil ministry announced that it was rectifying a swing too far…
Revenues from Qatar’s LNG fields will provide budget surpluses until the 2030s, Fitch said. Fitch Ratings has upgraded Qatar to AA, its third-highest rating, on the back of revenues expected from its expanded gas fields, the agency has said. Revenues from Qatar’s liquified natural gas (LNG) fields will ensure that…
The International Energy Agency says shipping disruptions provide a short-term boost to the oil market with demand at 1.3 million barrels per day. Global oil demand is forecast to grow more than expected due to the rising fuel needs of ships rerouted away from the Red Sea amid attacks by…
The overall expansion of North Field from 77mtpa currently to 142mtpa by 2030 represents an 85 percent increase in production. Qatar has announced new plans to expand output from the world’s biggest natural gas field, saying it will boost capacity to 142 million tonnes per annum (mtpa) before 2030. The…
The US reimposed sanctions after a ban blocking the candidacy of the opposition in Venezuela’s elections was upheld. Venezuela has criticised Washington’s decision to reimpose oil and gas sanctions and warned it could halt deportation flights for Venezuelan migrants who are in the United States without documents. “All of Venezuela…
The structure of the global benchmark Brent crude futures market and some physical markets in Europe and Africa have been reflecting tighter supply partly over concerns about shipping delays as vessels avoid the Red Sea due to missile and drone attacks. The disruptions – which have been the largest to…
In recent weeks, missile and drone attacks on cargo ships crossing the Red Sea have caused the biggest disruption to global trade since the COVID-19 pandemic. Despite delayed supplies, however, oil prices have remained surprisingly stable. In response to Israel’s war on Gaza, Houthi rebels – the Iran-aligned Shia movement…
Some locals flocked to the scene and took the leaking gas from the tanker when it exploded. At least 40 people have died after a gas tanker exploded in northcentral Liberia, the country’s Chief Medical Officer Francis Kateh said on Wednesday. Late Tuesday, a fuel truck crashed in Totota, Lower…
Abuja, Nigeria – On October 30, oil-rich Rivers State, Nigeria’s oil capital, became the latest hub of political drama in the country following the state parliament’s attempted impeachment of Siminalayi Fubara, who had been governor for only five months. The impeachment notice was signed by 24 of 32 lawmakers, all…
Oil minister says the country ‘gains nothing’ from remaining in the group after disagreements emerge over production cuts. Angola says it will leave the Organization of the Petroleum Exporting Countries (OPEC) over a disagreement regarding production quotas, a move that will bring the group down to 12 members. Speaking on…
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