Benchmark oil contract Brent North Sea hit its highest level since late 2014 on Thursday, breaching US$ 80 per barrel, with some market players predicting it could rise all the way to US$ 100. Higher oil prices, in turn, pushed the shares of energy firms in European stock markets higher, helping London's FTSE to set a new all-time high, and the Paris CAC to establish a fresh 2018 peak.Add your comment!
Geopolitics has taken over the oil market, driving oil prices up to three-year highs. The inventory surplus has vanished, and more outages could push oil prices up even higher. Yet, there are some signs that demand is starting to take a hit as oil closes in on $80 per barrel.Add your comment!
Oil firms, including Norway’s Statoil, U.S.’ Anadarko Petroleum Corp, China’s CNOOC and Malaysia’s Petronas, have shown interest in Argentina’s auction this year of offshore blocks for exploration and production, the country’s energy minister said.Add your comment!
Oil prices rose for the fourth straight day on Monday to hit levels not seen since late 2014, boosted by the latest trouble for Venezuelan oil company PDVSA and the possibility that the United States could re-impose sanctions on Iran.
Brazil’s Raizen Combustiveis SA agreed to buy downstream assets in Argentina from Royal Dutch Shell for US$ 950 million, according to a securities filing on Tuesday. Raízen Combustiveis, a joint venture between Brazil´s Cosan SA Indústria e Comércio and Shell, will have a 20% market share in fuel distribution in Argentina.
Italian energy group Edison, part of French utility EDF, is preparing the sale of its oil and gas unit, the latest power producer to abandon fossil fuels to focus on its retail business, four industry sources said, and quoted by Reuters. Its oil and gas unit includes interests in the Falkland Islands.
Big Oil is due for a disruption.
The pre-sale of Petro began early on Tuesday, the cryptocurrency proposed by the Venezuelan government in recent weeks and backed by the country's natural resources. According to experts, it is “ridiculous”, arguing that the creation of a new currency would aggravate the economic crisis in the Caribbean country.
By Nick Cunningham of Oilprice.com <br />
Shale companies continue to drill at a frenzied pace, adding rigs and breaking U.S. oil production levels with each passing week. Yet, the oil production is becoming increasingly geographically concentrated. Not only is the Permian basin accounting for much of the new oil production in the U.S., but a relatively small number of counties within the Permian are home to most of that action.
For the sixth time Exxon and partners at the Stabroek block offshore Guyana are celebrating another major find in northern South American waters. In effect, Ranger-1 exploration well, the sixth find since discovering Liza in 2015, hit approximately 70m of high-quality, oil-bearing carbonate reservoirs some 60mi northwest of the Liza development.