Tag: oil and gas industry

ING's Inga Fechner, a senior economist at ING in Germany, Rico Luman is a senior sector economist with a focus on transport, and Warren Patterson is Head of Commodities strategy based in Singapore, explain why if the Strait of Hormuz is in any way disrupted, the impact on oil and global trade could be huge. 

According to the US Government, General License 44, which authorizes transactions related to oil or gas sector operations in Venezuela, expired on April 18.

According to the Energy Information Administration (EIA), the United States has been the leading producer of crude oil globally for the past six years, as per the International Energy Statistics.

The oil tanker industry is facing challenges due to a shortage of new ships entering the fleet, with only two new supertankers expected in 2024— the lowest in almost four decades and 90% below the yearly average.

The Australian Government has strengthened its legislation to ensure the safety of workers on offshore oil and gas projects.

The latest IEA Oil Market Report (OMR) notes that Global oil demand growth is losing momentum, with annual gains easing from 2.8 mb/d in 3Q23 to 1.8 mb/d in 4Q23. 

The United States issued General License 44 to provide relief to Venezuela's oil and gas sector, but warns it will not be renewed after April 18, 2024, if there is no progress on allowing all presidential candidates to compete in the Venezuelan elections.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced its second price cap enforcement action of 2024, imposing sanctions on four entities and designating one vessel as blocked property.

As U.S. Energy Information Administration (EIA) forecasts average annual crude oil prices in 2024 and 2025 will remain near their 2023 average because they expect that global supply and demand for petroleum liquids will be relatively balanced over the next two years.

According to Energy Information Administration (EIA), the price of Brent crude oil averaged $83 per barrel (b) in 2023, down from $101/b in 2022, a difference of $19/b after rounding.