New entrant countries show great gas supply potential for the region but weigh heavily on mega projects getting the green light and suppression of ongoing civil unrest and domestic instability that is hampering progress in the sector, says GlobalData.
Wood Mackenzie estimates the range of pre-tax future valuations for upstream is US$14 trillion – from US$9 trillion to US$23 trillion – as a result of uncertainty over future oil demand.
Although spending will slowly start to rise from 2022, it will not reach pre-crisis levels in the coming period, according to a Rystad Energy report.
Oil prices rose on Monday as a cyberattack on key pipeline infrastructure in the US made up for bearish news over the pandemic’s further spread in Asia.
According to GlobalData, smaller operators will need government intervention to incentivise carbon capture to promote investments, because these companies will have to expend relatively more resources to lower their emissions as compared to oil giants.
Committed gas investments in MENA for the period 2021-2025 are expected to total US$75 billion – US$9.5 billion less than the previous outlook.
Oil prices are closing the week trimming some gains, but the market trend is positive and the price direction is mostly risk reduction by traders, who are also profiting from earlier gains.
Liam Yates (senior analyst, Middle East upstream, Wood Mackenzie) and Kristina Beadle (analyst, carbon research, Wood Mackenzie) assess the role national oil companies can play in decarbonisation.
Oil prices are rising today as a result of optimism for a coming demand uptick in key economies such as the US, China and the UK, and also assisted by a weak dollar; back to back gains pose a risk amid the worsening Covid-19 situation in India however.
Oil prices are on the rise today but the pandemic is hitting India hard and US crude stocks are forecast to build again.
Oil prices are ticking up today on trader hopes that OPEC+ may address India’s demand destruction with supply policy amendments in its coming meeting.
Oil prices are largely unchanged today as positive developments in the US and Europe face off with increasing Covid-19 infections in India.
Oil prices extended their losses on Thursday as the market priced in concerns over increasing Covid-19 infections in Asia and a surprise US crude stocks build.
Rystad Energy is downgrading its peak oil demand forecast to 101.6 million bpd, a pinnacle that will come in 2026, which is earlier than previously thought.
Oil prices are set to close the week with notable gains as the market got a boost from positivity over the speed of the oil demand’s recovery.