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Global oil demand will soar by a record 7 million barrels per day (bpd) in 2021 as the global economy recovers from the coronavirus pandemic but will remain below 2019 levels, OPEC said in its monthly report. It was the first report in which OPEC assessed oil markets next year. It said the forecast assumed... Continue Reading →
Norway's BW Offshore Ltd and DBO Energy are among the firms mulling a bid for Petrobras' Golfinho oilfield cluster, two sources said, as Brazil's state-run oil company seeks to re-spark its asset sale program in the wake of this year's crude price crash. With average daily production of 15,000 barrels of oil and 750,000 cubic meters of gas, Golfinho is... Continue Reading →
Mexico's state oil company Pemex and a private consortium led by U.S.-based Talos Energy Inc have been instructed to come to an agreement detailing how they will jointly develop a large offshore oil find, the energy ministry said on Wednesday. The formal instruction from the energy ministry, dated July 7 but announced in a statement... Continue Reading →
Petroleum consumption growth has been slowing for decades and the industry shows increasing signs of maturity, which will have profound implications for the business strategies of oil-producing companies and countries. Slower growth will intensify intra-company and intra-company competition for market share putting downward pressure on prices, revenues, investment and employment over the next two decades.... Continue Reading →
The COVID-19 pandemic will have a dramatic impact on energy supply and demand in the short term and will have lasting impacts once the pandemic dissipates but on its own will not be enough to advance the world’s progress towards the Paris climate ambitions, classification society DNV GL said. DNV GL said that its energy... Continue Reading →
Brazil’s Petroleo Brasileiro SA is set to receive binding offers for the country’s second-largest refinery on Thursday, five people with knowledge of the matter said, as the state oil company aims to restart a plan to divest more than $10 billion in assets. If the deal for the Landulpho Alves refinery, also known as RLAM,... Continue Reading →
Every day, traders in London congregate at 4 p.m. to buy and sell North Sea oil for half an hour. The window, as it’s known in the industry, is where competition between the most powerful players in the market sets the price of Brent crude. Two months ago, every trader wanted to sell cargoes and... Continue Reading →
Oil rose to above $42 a barrel on Friday, adding to gains in the previous session, after OPEC producers and allies promised to meet supply cuts and signs of demand, hit by the coronavirus crisis, recovering. Iraq and Kazakhstan, during a meeting of an OPEC+ panel on Thursday, pledged to comply better with oil cuts, sources said. This... Continue Reading →
The transition to renewable power from traditional fuels will create a $16 trillion investment opportunity through 2030 as spending shifts to new infrastructure, Goldman Sachs analysts said Tuesday. The bank projects green-energy spending to pass that of oil and gas for the first time ever next year and account for roughly 25% of all energy spending. The... Continue Reading →
The Covid-19 downturn will expedite peak oil demand, putting a lid on exploration efforts in remote offshore areas and as a result, reducing the world’s recoverable oil by around 282 billion barrels, Rystad Energy said in its annual global energy outlook released this week. Per Rystad, a Norway-based energy intelligence firm, global total expected remaining... Continue Reading →
Brazil Energy Insight 