Oil price news

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.

Crude oil production in the US has recovered considerably from the lows seen during the first wave of the COVID-19 pandemic and the brief price war between Saudi Arabia and Russia.

Surging oil, gas and power prices, the EU’s goals of becoming less dependent on Russian supplies, and post-Covid-19 pandemic inflation will catapult global energy spending this year.