Citing two unnamed sources “familiar with the matter”, Reuters reported that the merger and restructuring of the two trading arms could take place by the end of this year.
The organization kept its oil demand forecast of 53.8 million barrels per day, or 1.6 million bpd more than in 2021, and cut its Russian oil supply forecast by 250,000 bpd from its May estimate to 10.63 million bpd.
Billionaire shale tycoon Harold Hamm has offered to take private Continental Resources, the company he founded in the 1960s, in a deal valuing the company at $25 billion, the shale giant said on Tuesday.
Bearish sentiments on oil demand coming from renewed COVID lockdowns in China that shaved $4 off oil prices early on Monday failed to maintain traction.
Biofuels have been touted as a way to partially replace Russian oil without relying on foreign fossil fuel imports, as both ethanol and biodiesel can be blended with petrol and diesel to bulk up supplies.
With the U.S. Administration growing more desperate by the week as gasoline prices breach $5 per gallon in the United States, President Biden is now taking aim at individual oil and gas companies—namely, ExxonMobil.
The White House is doubling down on its rhetoric against oil and gas companies in the wake of higher gasoline prices—rhetoric that is likely to do precious little to inspire long term investments in an industry that is scrambling to meet demand—but one that could garner support for a possible windfall tax on the heavily profitable industry.
The European Commission and Greek authorities cannot answer whether the seizure of the Russian tanker that transported Iranian oil from Greece constitutes a violation of European rules.
India’s demand for cheap Russian crude is insatiable as some of the largest Indian refiners are looking to negotiate six-month supply deals with Russia’s oil giant Rosneft at a time when Western buyers avoid dealing with Moscow’s crude, sources with knowledge of the Indian firms’ plans told Bloomberg on Monday.
Libya’s largest oilfield, Sharara, restarted oil production this weekend following weeks of shutdown over protests, sources in Libya told Argus on Monday.