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Posted inExploration & Production

Oil rises further as energy supply crunch continues to eat up global tight supply

by Carla Sertin

Oil prices continue to gain this week as global fuel supply tightness seems to fail to meet the needs of the growing energy demand, with more upside anticipated going forward

The global energy supply crunch continues to show its teeth, as oil prices extend their upward march this week, a result of traders pricing in the ongoing rise in fuel demand – which amid limited supply response is depleting global stockpiles.   The relative calamity of Covid-19 and return to normalized mobility amid an energy […]

Posted inExploration & Production

Oil rises on supply and storage tightness, upside for prices persists

by Louise Dickson, senior oil markets analyst, Rystad Energy

Oil prices returned to gains on Friday as profit taking gave turn to the reality of supply and storage market concerns

Yesterday may have been a day of  profit taking by the most impatient market participants but in tight market conditions that doesn’t last and supply tightness – in conjunction with falling storage levels – helped prices rise again. The upside risk to oil prices is real in the very near-term as there is little incentive […]

Posted inExploration & Production

Oil turbulent as storage level falls further amid trader intent to reap profits

by Louise Dickson, senior oil markets analyst, Rystad Energy

Oil prices rose in early trading hours as US stocks surprisingly fell further, but gains were overturned as traders seem to think it’s a good time to cash in

While the oil market expected crude inventories to finally rise, the EIA report of yet another draw last week helped prices rise even further in early trading, with Brent stunningly hitting a new high in years. The storage level of crude oil is the lowest in years in the largest US hub and that caused […]

Posted inExploration & Production

Oil declines on expected stocks build in the US and China’s coal policy

by Louise Dickson, senior oil markets analyst, Rystad Energy

Oil prices declined today as traders are pricing in an expected build in US crude oil stocks and China’s intent to lower coal prices

Traders are today pricing in the first bearish developments for the oil market in a while, the expected build in US crude stocks and China’s intent to normalize coal prices – which in turn will limit coal to oil switch for power generation. Prices are declining today and the depth of the dive will very […]

Posted inExploration & Production

Oil rises further on energy supply tightness and arrival of cold weather

by Carla Sertin

Oil prices continue their ascent as the global energy supply crunch intensifies and cold weather starts to add weight on the market

The global energy supply crunch and cold weather in the Northern Hemisphere are helping oil prices continue their stunning rally for yet another week. The crunch is not only limited to main fuels for electricity production such as gas and coal, but also extends to oil supply. While it is still unsure just how transitory […]

Posted inEnergy Transition

How the oil and gas industry can turn climate-change ambition into action

by James Thomas, partner, Anil Pandey, senior executive advisor, and Aditya Harneja, manager, with Strategy& Middle East, part of the PwC network

As the stewards of GCC economies, NOCs have a great responsibility to help turn climate change ambitions set by governments into action

National oil companies (NOCs) in the GCC have started to articulate ambitious plans to reduce the greenhouse-gas (GHG) emissions from their operations, which are also part of national agendas against climate change. These goals are challenging, and require NOCs to turn these ambitions into actions. At the same time, NOCs must manage perceptional and commercial […]

Posted inProducts & Services

Tech-enabled asset management holds key for oil & gas upstream industry

by Carla Sertin

Even though this involves  some risk, tech-savvy businesses understand that today's investment can shower massive returns in the future

The upstream oil & gas industry is investing heavily in search for new reserves or resource plays, new extraction technologies, and advancements in operational automation. Even though this involves  some risk, tech-savvy businesses understand that today’s investment can shower massive returns in the future. Regardless of the asset type, the need of the hour is […]

Posted inNews

PIF to transform major offshore oil rig into tourism and entertainment centre

by Carla Sertin

The Public Investment Fund will host three hotels and many entertainment facilities on the former drilling platform

Saudi Arabia’s Public Investment Fund plans to launch The Rig, an entertainment and tourism project set on an offshore rig. The project will be located on the Arabian Gulf, spanning a total area of more than 150,000 square metres. It will include three hotels, world-class restaurants, helipads, and a range of extreme sports and aquatic […]