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(Reuters) - Oil prices edged down on Friday but were set to post their biggest annual gains in 12 years, spurred by the global economic recovery from the COVID-19 slump and producer restraint, even as infections surged to record highs around the world. Brent crude futures fell 3 cents to $79.50 a barrel at 0718... Continue Reading →
(Reuters) U.S. oil and gas executives are predicting higher production and drilling activity next year as oil prices climb, but say they face sharply higher costs, according to a poll released on Wednesday by the Federal Reserve Bank of Dallas. Some 49% of executives surveyed said they aim to expand output next year, while 15%... Continue Reading →
(Reuters) - Oil prices extended gains on Tuesday, with Brent crude trading near $80 a barrel despite the rapid spread of the Omicron coronavirus variant, supported by supply outages and expectations that U.S. inventories fell last week. Brent crude rose by $1.04, or 1.3%, to $79.64 a barrel by 1119 GMT. U.S. West Texas Intermediate... Continue Reading →
Brazil stuck between a rock and a hard place..... (Reuters) - Brazil's former President Luiz Inacio Lula da Silva, who is currently leading in the polls ahead of next year's election, said if reelected he would seek to build a broad range of alliances in a bid to unite a deeply polarized country. In an... Continue Reading →
(Reuters) - Oil prices slumped more than 3% on Monday as surging cases of the Omicron coronavirus variant in Europe and the United States stoked investor worries that new mobility restrictions to combat its spread could hit fuel demand. Brent crude futures fell $2.42, or 3.2%, to $71.10 a barrel by 1005 GMT while U.S.... Continue Reading →
Oil at $100 a barrel cannot be ruled out in 2023 as supply additions are expected to be too slow to keep up with record demand, according to Goldman Sachs Group Inc. While the bank’s base forecast is for Brent to stay around $85 next year and 2023, it could breach triple digits through either... Continue Reading →
An old offshore platform in the U.S. Gulf of Mexico is set to be converted into a working fish farm, creating a blueprint for future aquaculture re-use projects and providing repurposing options for old oil and gas assets. Innovasea, a provider of aquatic solutions for aquaculture and fish tracking, has helped the Gulf Offshore Research... Continue Reading →
(Reuters) - Oil rose towards $75 on Thursday supported by record U.S. implied demand and falling crude stockpiles, even as the spread of the Omicron coronavirus variant threatens to put a brake on consumption globally. Crude and other risk assets such as equities also got a boost after the U.S. Federal Reserve gave an upbeat... Continue Reading →
(Reuters) - Oil prices fell for a third day straight on Wednesday on growing expectations that supply growth will outpace demand growth next year, even though the Omicron coronavirus variant is not seen curbing mobility as sharply as earlier COVID-19 variants. U.S. West Texas Intermediate (WTI) crude futures fell $1.05, or 1.5%, to $69.68 a... Continue Reading →
(OE) A surge in COVID-19 cases and the emergence of the Omicron variant will dent global demand for oil, the International Energy Agency (IEA) said on Tuesday, but the broader picture is one of increasing output set to top demand this month and soar next year. "The surge in new COVID-19 cases is expected to... Continue Reading →
Brazil Energy Insight 