Oil price news
EIA: Decline in natural gas price drove decrease in US oil producer revenue in early 2024
The US Energy Information Administration reports that cash from operations in 1Q24 has decreased due to lower natural gas prices.
Empire Petroleum announces record date for proposed rights offering
Empire Petroleum Corporation has fixed the close of business on 30 September 2024 as the record date for a proposed subscription rights offering.
Saudi Arabia sees July oil exports hitting almost one-year low
Saudi Arabia exported 5.7 million bbl/d of oil in July, the lowest level since August 2023, official data has revealed.
Understanding petroleum product supplied – a proxy for consumption
The US Energy Information Administration (EIA) does not directly survey petroleum consumption; instead, it calculates a similar concept called product supplied from its surveys that span the US petroleum industry. Although it uses petroleum product supplied interchangeably with petroleum consumption, the two are not identical.
Li Xing at Exness offers a comment on oil prices
Li Xing Gan Financial Markets Strategist at Exness says oil prices have paused their decline due to concerns over Hurricane Francine.
OPEC cuts oil demand growth projections
The body’s monthly report indicates a 2025 growth at 1.7 million bpd, slightly below this year’s figure.
Rystad Energy oil macro update: oil market is dominated by a bearish sentiment due to China’s and US’ economic risks
Rystad Energy oil macro update from 11 September.
EIA expects oil prices to increase despite concerns over economic growth and petroleum demand
The EIA expects that Brent crude oil prices will return to above US$80/bbl this month.
Joint study agreement for a feasibility assessment on BECCS in South Sumatra, Indonesia
Marubeni Corporation and Japan Petroleum Exploration Co have entered into a joint study agreement with PT Pertamina and its subsidiary PT Pertamina Hulu Energi to conduct a feasibility assessment on BECCS at a pulp mill and nearby oil field area in South Sumatra Province, Indonesia.
High Permian well productivity, crude oil prices drive U.S. natural gas production growth
The Energy Information Administration estimate that U.S. marketed natural gas production in the Lower 48 states (L48) will grow by 5% in 2023 and 2% in 2024.