Oil headed for a second weekly drop as optimism over a recovery in Chinese demand dimmed and US stockpiles kept rising.
An OPEC+ committee recommended keeping crude production steady, delegates said, as the oil market awaits clarity on demand in China and supplies from Russia.
China’s Coast Guard maintained near-daily patrols at key features across the disputed South China Sea last year, ramping up its presence as tensions over the waterway with Southeast Asian neighbours remain high, new tracking data shows.
The US said it will increase pressure on China to stop buying Iranian oil, as the White House seeks to enforce sanctions aimed at curbing the Islamic Republic’s nuclear activities.
Shell (LON:SHEL) has signed a Joint Study Agreement with CNOOC, Guangdong Provincial Development and Reform Commission, and ExxonMobil (NYSE:XOM) for the Daya Bay carbon capture and storage (CCS) hub project in China.
Research firm Westwood Global Energy Group has delivered its forecasts for the offshore wind market in the coming year.
Indonesia has deployed a warship to its North Natuna Sea to monitor a Chinese coast guard vessel that has been active in the gas-rich maritime area, the country’s naval chief said on Saturday of an area that both countries claim as their own.
Philippine oil and gas drillers tumbled Wednesday after the top court voided the nation’s 2005 deal with China and Vietnam to jointly explore for oil and gas in the South China Sea, less than a week after President Ferdinand Marcos Jr. agreed to revive similar talks with Beijing.
China National Offshore Oil Corp. pledged higher spending this year as Beijing looks to raise production to safeguard energy security and fuel a rebound in economic growth.
China is importing a wider variety of Russian crudes, including the lesser-known Arco grade, just as the nation doubles down on purchases.
The Indonesian government has approved a plan of development for Harbour Energy’s (LON:HBR) Tuna oil and gas project that includes $3.315 billion worth of cost recovery. Significantly, Indonesia sees the development as a way to assert its sovereign rights in a maritime area also claimed by China.
The Taliban-led administration in Afghanistan signed its first international contract last Thursday to extract oil from the northern Amu Darya basin as the beleaguered group seeks to increase revenue.
International oil price benchmark Brent Crude climbed in the year’s first session as traders digested mixed signals on demand from China, the world’s largest crude importer.
Oil rose as China took more steps to unwind its Covid Zero policy and freezing weather across the US prompted refinery closures in the vital Texas Gulf Coast area.
Oil steadied after a three-day gain as concerns that near-term Chinese demand may decline amid a surge in Covid cases offset support from lower US inventories and a weaker dollar.
President Putin said Kovykta and Chayandinskoye could produce 50 bcm per year.
China and Saudi Arabia signed a number of agreements, including on energy and investments, after their leaders met in Riyadh on Thursday at a summit that showcased deep and growing ties beyond oil.
The King Abdullah Petroleum Studies and Research Center (KAPSARC), a leading Riyadh-based advisory think tank, has signed a memorandum of understanding (MoU) with the Economics & Technology Research Institute (ETRI), a research institute affiliated with the China National Petroleum Corporation (CNPC), to foster cross-regional cooperation in energy research.
Oil fell for a fourth day as warnings from major US banks of a tough outlook for 2023 stoked concern over demand prospects and dented appetite for risk assets including commodities.
OPEC+ responded to surging volatility and growing market uncertainty by keeping oil production unchanged.
The government of Indonesia is reviewing plans to again auction the giant East Natuna Block offshore Indonesia as carbon capture and storage (CCS) technology opens up the development potential of the carbon dioxide (CO2) intense field, according to Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif.
The Shell (LON: SHEL) Penguins FPSO – the oil giant’s first new manned vessel in UK waters for 30 years – is finally due to head to the North Sea.
Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries and its allies will deepen supply cuts to respond to weakening global demand.
The war in Ukraine is strengthening the role of Asia and the Middle East as the world’s main providers of fuels like diesel and gasoline that are crucial to the global economy.
Sinopec has signed up to buy 4 million tonnes per year of LNG from QatarEnergy (QE) for 27 years.