In its closely watched Monthly Oil Market Report (MOMR), the group now sees global oil demand growth this year at 3.67 million bpd
OPEC slashed on Tuesday its oil demand growth estimate for 2022 by nearly 500,000 barrels per day (bpd) on the back of lower expected global economic growth with the Russian war in Ukraine and the return of COVID lockdowns in China. In its closely watched Monthly Oil Market Report (MOMR), the group now sees global […]
Sanctions will hit consumers hardest
New sanctions over Russia’s invasion of Ukraine could be “catastrophic” for European products unless imports can be found from new refineries, an expert said Wednesday. Banning oil and product flows from Russia to Europe would create a seismic shock, with more than 55% of European imports of diesel and gasoil coming from Russia,” Rystad Energy’s […]
Rising to the challenge of climate change needs to be part the energy industry’s strategy through this year and beyond
One of the most significant trends of 2022 will be how the oil and gas industry acts against climate change. Already, international and national oil companies (IOCs and NOCs) around the world have ambitious plans to reduce the greenhouse-gas (GHG) emissions from their operations—part of national agendas against climate change. The challenge is now to […]
By unifying business operations into a single interface, oil and gas companies can improve their efficiency, agility and reliability, says Rashesh Mody, Senior Vice President, Monitoring and Control Business Unit, AVEVA.
The shock of the pandemic highlighted the critical importance of agility and adaptability in the oil and gas (O&G industry). But, in an unexpected silver lining, many of last year’s challenges helped reveal areas of low digital maturity, including the industry’s reliance on engineers out in the field and the fact their work was often […]
Ahmed AlMughanni, Senior Vice President, Human Capital and Support Services for ADNOC drilling explains how his firm has sought to deepen diversity and close the gender gap
Since at least 2000, the relative lack of diversity in the global oil and gas industry has been a concern for company leaders around the world. According to research conducted by the World Petroleum Council and Boston Consulting Group and released in December 2021, only 22% of the workforce in the global industry are female, […]
Analysts say the pressure from importing nations and the pace of crude's price rally indicate a potential for OPEC+ to increase output
Investment banking firm Goldman Sachs said on Tuesday that OPEC+ may announce a bigger-than-expected rise in output due to Brent oil prices’ increase to around $90 per barrel, as cited by Bloomberg. The outcome of either an expected hike of 400,000 barrels a day for March versus a bigger increase following Wednesday’s OPEC meet remains […]
According to a police statement, early investigations suggest that the fire was caused by small flying objects “possibly belong to drones,” state-news agency WAM reported.
Three petroleum tankers exploded in the morning of Monday, January 17, in ICAD 3, Mussafah, near ADNOC’s storage tanks in Abu Dhabi, UAE. Abu Dhabi Police confirmed a fire had broken out in the morning, causing the explosion, and added that a minor fire had also broken out in the new construction area of Abu […]
In 2021, global oil and gas investments hit $602 billion, but in 2022 investments will rise to $628 billion
Oil and gas investments around the world are set to increase by $26 billion this year, a four percent increase from last year, as the industry continues its recovery from an unprecedented downturn caused by the Covid-19 pandemic, according to Rystad Energy. In 2021, global oil and gas investments hit $602 billion, but in 2022 […]
