·     Rystad: in the first half of 2023, explorers found 2.6 billion barrels of oil equivalent. ·     The exploration and production (E&P) industry is in a transitionary period, with many companies exercising increased caution and shifting their strategies to target more profitable and geologically better-understood regions. ·     In the hunt for new

Oil prices are set to rise to $86 per barrel at year-end, from $80 now, as record-high oil demand and lowered supply will lead to a large market deficit. “We expect pretty sizable deficits in the second half with deficits of almost 2 million barrels per day in the third quarter as demand reaches an

Japan plans to propose a global stockpile for natural gas, similar to the emergency reserve in the oil sector, to help avoid future shortages and stabilize prices. The nation’s government will suggest that the International Energy Agency should create a gas stockpiling framework for member nations, according to people familiar with the details. The proposal

Reducing global oil and gas production would be “dangerous and irresponsible” as the world still desperately needs those hydrocarbons, Shell’s chief executive Wael Sawan has told the BBC. Last month, Shell unveiled its new strategy to continue investing in oil and gas production and selectively pour capital into renewable energy solutions, angering climate activists and

Oil prices rose above USD75 a barrel on Friday but were on course for a fourth consecutive quarter of losses amid concerns over sluggish global economic activity and fuel demand, said Hydrocarbonprocessing. Benchmark Brent crude futures for September delivery were up 82 cents, or 1.1%, at USD75.33 a barrel by 1310 GMT. The less-traded front-month

*The Secretary General of OPEC sees oil demand rising to 110 million barrels per day by 2045, an 23% increase from current level. *The forecast comes in the wake of a prediction from the IEA that demand growth will slow dramatically and peak demand is looming. *Both the IEA and OPEC see oil demand being

The three-day “21st World Pharmaceutical Raw Materials China Exhibition” and “16th World Pharmaceutical Machinery, Packaging Equipment and Materials China Exhibition” (CPHI&PMEC China 2023) officially started a new journey in Shanghai New International Expo Center on June 19! At the exhibition, there was a surge of people, attracting over 3000 domestic and foreign exhibitors as well

Overall global oil demand for road transport will peak in 2027 as electric vehicle (EV) usage will surge in the coming years, BloombergNEF (BNEF) said Thursday. The usage of EVs is already displacing demand for 1.5 million barrels per day (bpd) of oil, and this displacement “rises dramatically in the years ahead”, the research firm

Oil prices moved up $1 a barrel on Monday after top global exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting the macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.15 a barrel, up $1.02, or 1.3%, at 0645 GMT after earlier hitting a

The Dutch wholesale natural gas price for the month ahead fell to a two-year low on Friday morning, which could offer some relief to consumers and some businesses who have been paying high energy bills over the past year. The Dutch June gas price, a benchmark for the European gas market, fell to 24.90 euros