By Rhod Mackenzie A competition has emerged between the two largest oil and gas companies in America, both striving to secure their oil supply for several decades to come. Although predictions anticipate oil demand peaking in 2030 before dwindling, both Chevron and ExxonMobil have signed multi-billion-pound acquisition agreements. By entering into such major deals, Chevron […]
By Rhod Mackenzie The US government has eased sanctions against Venezuela in the hope that it will improve the situation in the oil market, where there has been a noticeable shortage recently. This is a significant breakthrough for the Latin American country. However, due to the state of Venezuela’s oil industry, it will be much […]
By Rhod Mackenzie The implementation of a price ceiling on Russian oil has been seriously unsuccessful, a fact that has already been acknowledged in Europe. Nevertheless, Washington still refuses to accept this outcome and now, nearly a year later, has levied sanctions on two shipping companies. Additionally, they have declared their intention to ensure adherence […]
By Rhod Mackenzie Hungary is doing all it can to maintain its economic relations with Russia. This stated by the Hungarian Prime Minister Viktor Orban. Hungary today is an island of pragmatism in Europe, which makes a rather unusual exception. Why are contacts with Moscow so important for this European country, and what unique relationship […]
By Rhod Mackenzie The undeclared conflict between OPEC and the autonomous US shale firms that persisted in recent years has ended with the triumph of the oil cartel. Unexpectedly, it was the major oil and gas companies who were responsible for OPEC’s triumph , as they are currently buying up every significant, medium and minor […]
By Rhod Mackenzie Amid concerns that the conflict between Israel and the Gaza Strip could escalate further within the region, crude oil prices have increased. Additionally, the potential response of Iran and the United States to the ongoing situation has contributed to the unease amongst market participants. According to analysts, the reaction of the market […]
By Rhod Mackenzie The Asia-Pacific region’s (APR) share of global oil and gas condensate imports is set to increase from 64% in 2022 to nearly 72% by 2045, according to OPEC’s annual report, World Oil Outlook 2045 (WOO). Accordingly, oil and gas condensate supplies to the region will surge by 9.6 million barrels per day […]
By Rhod Mackenzie The military conflict in Israel could have grave consequences for the global energy market. In the best-case scenario, the oil market could be only be deprived of Iranian oil, causing price hikes exceeding £75 per barrel. The worst possible scenario entails a repeat of the 1973 oil crisis, resulting in a worldwide […]
By Rhod Mackenzie The US is attempting to overcome the disruption it has caused by sanctions on innovations as a severe oil market crisis looms. The developed world’s storage facilities for oil and refined fuel are depleted. A fuel crisis is emerging in both the US and Europe, which could swiftly escalate into an economic […]
By Rhod Mackenzie Brent crude prices have rebounded to $90 per barrel, while WTI has soared over $86 per barrel due to the alarming deterioration of the Middle East situation, an area that produces almost a third of the world’s oil. Gold predictably rose on fear of risk. The yellow metal, whose price fell to […]
