Markets

Major oil producers, including ADNOC, Reliance Industries, and Shell, are taking precautions midst of escalating security risks in the Red Sea.

One of the world's major energy players, UK-based Shell has initiated a significant round of layoffs as part of its efforts to enhance efficiency and value creation.

If year-end prices and refining margins were the sole metrics for evaluating a year, then 2023 demonstrated a calmer disposition compared to 2022.

Short-term US outages due to freezing weather as well as forecasts from the IEA and OPEC for strong demand this year supported prices for benchmarks ICE Brent, NYMEX WTI, and DME Oman.

Recent assessments from both the International Energy Agency (IEA) and OPEC provide nuanced insights into the complex landscape of the global oil and gas market, with a notable focus on the anticipated trajectory of demand.

In Feb., the Energy Information Administration (EIA) anticipates a fifth consecutive monthly decline in US crude oil production, with a projected decrease of 2K b/d to 9.68MM b/d.

Newly approved North Sea oil projects, including the Rosebank field, are facing scrutiny as a study by the Energy and Climate Intelligence Unit suggests their contribution to the UK's petrol needs will be minimal, estimated at less than 1% within seven years.

Norwegian oil and gas companies are set to intensify exploration efforts in 2024, aiming to drill between 40 and 50 wells, up from the 34 completed in the previous year.

Offshore oil drilling in a Sub-Saharan African country,  located in the southwest of the continent, witnessed a significant boost as TotalEnergies increased its stake in the Venus discovery, marking a crucial step towards development.

In the realm of oil price forecasting, two prominent entities— the US Energy Information Administration (EIA) and Citi—present contrasting viewpoints, shedding light on the intricacies of the oil market.