Tag: oil and gas industry

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.

As Reuters reports, Indian refiners have resumed Venezuelan oil purchases through intermediaries, with Reliance (RELI.NS) set to meet executives from state firm PDVSA next week to discuss direct sales following the easing of U.S. sanctions on the South American country, people familiar with the matter said.

According to IEA, the global oil and gas industry encompasses a large and diverse range of players: from small, specialised operators to huge national oil companies. These producers face pivotal choices about their role in the global energy system amid a worsening climate crisis fuelled in large part by their core products.