Markets

The South American producer is contemplating the possibility of commencing oil exploration activities in the environmentally sensitive Equatorial Margin offshore area, which encompasses the Foz do Amazonas, Pará-Maranhão, and Barreirinhas basins.

Venezuela has strongly criticized Guyana's recent offshore oil bidding round, asserting that companies seeking up to eight blocks in the region will not have the rights to explore these maritime areas.

Even though supply concerns were exacerbated by a new ban on exports from Russia, futures prices for benchmark crudes saw week-on-week decreases for the first time in four weeks.

In a heated exchange of words, OPEC has once again taken issue with the International Energy Agency (IEA), claiming that the IEA's prediction of a peak in fossil fuel demand before 2030 poses a

In its September Oil Market Report (OMR), the International Energy Agency (IEA) has highlighted the formidable challenge posed by the Saudi-Russian alliance to global oil markets.

French energy major is embarking on an ambitious offshore oil project in Block 58, situated off the coast of Suriname.

A recent announcement from Rystad Energy has highlighted the thriving state of the North Sea oil and gas industry.

The market continued to digest the previous week's news of supply cuts by Saudi Arabia and Russia, pushing up futures prices for benchmark crudes to ten- and eleven-month highs.

The decisions by Saudi Arabia and Russia to prolong their supply cuts through the end of 2023 helped futures prices for benchmark crudes to tick off second consecutive week-on-week increases.

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