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Oil Prices Surge Past $113 As China Announces End of Lockdown

Oil prices have risen beyond $113 per barrel on expectations that China's lockdowns would expire soon and demand would not be harmed for long. The news that Shanghai was witnessing...
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OPEC Further Reduces its Forecast for Global Oil Demand Growth

OPEC lowered its projection for global economic growth in its Monthly Oil Market Report (MOMR) released on Thursday, saying oil demand will expand by 310,000 barrels per day (bpd), less...
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Brent Crude Could Reach $107 in Q2 2022 – EIA

According to the Energy Information Administration's latest short-term energy outlook, Brent crude oil prices will average $107 per barrel in the second quarter of this year. According to the STEO,...
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Russian Gas Flows to Europe Through Ukraine to Stop Today

According to the Gas Transmission System Operator of Ukraine (GTSOU), Russian gas flowing via Ukraine to Europe will cease on Wednesday, 11th May 2022. After Russia's occupying forces halted gas...
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Lack of Sufficient Investment is to Blame for High Fuel Prices – Prince Abdulaziz bin Salman

According to Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, a lack of investment in global refining capacity is one of the main drivers of the global rally in gasoline,...
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UK’s Afentra Buys Shares in Two offshore Blocks in Angola

Afentra, a London-listed oil and gas independent, has agreed to buy shares in two offshore blocks in the Lower Congo and Kwanza Basins from Angola's government oil giant, Sonangol. The...
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Resolutions of the 28th OPEC and non-OPEC Ministerial Meeting

The monthly meeting was held via videoconference on Thursday, May 5th, and major decisions were made on achieving a balanced market in light of the ongoing effects of geopolitical circumstances...
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It’s Impossible to Trace Russian Crude in Refined Products – Shell CEO

According to Reuters, Chief Executive of Shell, Ben van Beurden, told journalists on Thursday that there is no way to know whether Russian crude oil is present or how much...
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Oil Demand May Fall This Year Because of COVID Lockdowns in China – Standard Chartered

According to Standard Chartered, China's oil demand is likely to fall this year compared to 2021 due to decreasing economic development and the extension of new COVID-related lockdowns. According to...
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Hungary and Slovakia Say They Still Need Russian Oil

On Tuesday, Hungary and Slovakia said they were unwilling to cut off Russian oil imports, increasing the prospect of countries opting out if the EU seeks to impose an embargo...
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