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(Reuters) - Oil prices rose on Monday, with Brent reaching $70 a barrel, as data showed China’s economic recovery accelerated at the start of 2021, boosting the energy demand outlook at the world’s largest oil importer. Brent crude futures for May were steady at $69.21, down 1 cent a barrel by 1150 GMT while U.S.... Continue Reading →
(Reuters) - A Brazilian Supreme Court judge on Monday annulled the criminal convictions against former leftist President Luiz Inacio Lula da Silva, a move that could allow the popular politician to run in next year’s presidential election. The decision roiled financial markets and scrambled forecasts for the 2022 race, with many investors betting it would... Continue Reading →
(Reuters) Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security.The Saudi energy ministry said there were no casualties or loss of property from the... Continue Reading →
Oil prices jumped more than $1 a barrel on Friday, hitting their highest levels in nearly 14 months, after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand amid the coronavirus pandemic. Brent crude futures for May rose to as high as $68 a... Continue Reading →
The Falkland Islands government has agreed to extend the terms of several offshore oil and gas licenses, including the one containing the undeveloped Sea Lion field, oil and gas company Rockhopper has informed. To remind, Premier Oil, the operator of the Sea Lion development, in May last year suspended work on the $1.8 billion Sea Lion offshore... Continue Reading →
The OSV sector will be reliant on a hitherto unseen amount of scrapping to balance the market, writes Gregory Brown, Associate Director – Offshore, Maritime Strategies International There is a consensus that an OSV market recovery will only be driven a supply side rationalization. As well as a lack of newbuild activity, that rationalization will... Continue Reading →
While the oil price collapse is still fresh in our minds, rumours are starting to emerge that by the end of next year prices could once again top $100 a barrel. Bloomberg quoted Azerbaijan’s Socar which predicted that global benchmark Brent could hit triple digits in the next 18 to 24 months. Bank of America also... Continue Reading →
(Reuters) - Bank of America (BofA) Global Research lifted its forecast for Brent crude oil prices for this year citing tighter supplies due to the Texas freeze and OPEC+ output curbs and unmatched global monetary stimulus, it said in a note dated Monday. The bank now expects Brent crude oil to average $60 per barrel... Continue Reading →
(Bloomberg) --Brent oil resumed gains, with Goldman Sachs Group Inc. predicting prices will advance into the $70s in the coming months. Futures in London rose back above $63 a barrel after the gradual resumption of some U.S. output following frigid weather put prices under pressure on Friday. A robust recovery in demand from the Covid-19... Continue Reading →
(Reuters) - Oil prices soared on Monday to their highest in about 13 months as vaccine rollouts promised to revive demand and producers kept supply reined in. Brent crude was up 92 cents, or 1.5%, at $63.35 a barrel at 1215 GMT, after climbing to a session high of $63.76, the highest since Jan. 22,... Continue Reading →
Brazil Energy Insight 