Oil price news

Chinese governmental bodies reviewed the discovery and certified the proven in-place of natural gas and condensate oil at over 50 billion cubic metres and 3 million cubic metres respectively.

Over 80% of the contract value will flow back into the UAE’s economy under ADNOC’s in-country value programme.

From September 1 to November 1, TotalEnergies will lower its petroleum fuel prices sold in service stations by €0.20/litre compared to global market quotation prices, followed by a €0.10/litre reduction from November 1 to 31 December.

According to Rystad Energy analysis, global recoverable oil now totals an estimated 1572 billion barrels, a drop of almost 9% since last year and 152 billion fewer barrels than 2021’s total.

Low-cost tieback expected to add up to 75 000 bbl per day of oil production.

The company has reached an agreement to sell its Romanian upstream affiliate, ExxonMobil Exploration and Production Romania, to Romgaz for more than $1 billion, subject to government approvals.

New geopolitical risk measure designed to gauge oil market sentiment and understand price beyond fundamental forecasts.

The company’s research shows that total free cash flow (FCF), a company’s cash from operations after accounting for outflows and asset maintenance, will balloon to US$834 billion, a 70% increase from the US$493 billion profits in 2021.

The amount received at the closing adds to the amount of US$56 700 paid to Petrobras when the sale contracts were signed, totalling an amount of US$63 000.

Global oil demand is expected to reduce as a result of slowing economic activity and GDP growth cuts.