Oil demand will return to 2019 levels by the end of 2022, despite some delays in projects due to repercussions from the pandemic, Baker Hughes CEO Lorenzo Simonelli told Al-Arabiya.
Oil seeds industry: Cameroonian market will be continuously supplied during the holiday season and even beyond, assures refiners association ASROC
The Cameroonian oilseeds industry has taken measures to remain operational even beyond January 1, 2022, the Oilseeds Refiners Association (ASROC) assured in a release issued on November 23, 2021.
Commodities trader Vitol will buy Britain’s Vivo Energy in a deal valued at roughly $2.3 billion, the companies said on Thursday, as the Dutch firm looks to take full control of the distributor of Shell- and Engen-branded fuels in Africa.
US West Texas Intermediate (WTI) crude futures increased 20 cents, or 0.3 per cent, to $78.70 a barrel, following a 2.3 per cent gain in the previous day.
Share markets were jittery in Asia on Wednesday as trading was buffeted by a step-up in US Treasury yields as well as volatile oil prices in the face of price-cooling moves by the United States and other nations.
European shares rebounded on Wednesday after a four-day losing streak, as higher commodity prices helped offset fears around Europe’s worsening Covid-19 situation and prospects of severe restrictions dampened the economic outlook.
Oil fluctuated following the announcement of a coordinated release of strategic petroleum reserves.
Republicans were quick to slam President Joe Biden’s decision on Tuesday to open the taps on the nation’s oil reserves, accusing him of misusing a national security stockpile for the politically expedient goal of lowering gasoline prices just before Thanksgiving.
The Tadawul All Share Index, TASI, was down 1.4 percent to 11,300 points, hit by a slide in bank, petrochemical, and energy stocks in early trading today.
OPEC and its allies may re-evaluate plans for reviving oil supplies if the world’s four largest consuming countries go ahead with a coordinated release of their strategic petroleum reserves.