Oil prices at $80 a barrel are too high and unhealthy for the world today, Bob Dudley, the chief executive of UK supermajor BP, said on the sidelines of an event on Friday.
Saudi Arabia is incapable of offsetting all of Iran’s crude oil supplies, according to the latest oil market message shared by several analysts who spoke to CNBC.
India’s natural gas production is projected to double in the next four years, according to a statement by the country’s oil ministry.
The bulls have gained the upper hand in oil markets of late, with estimates of $90 oil before the end of the year.
How much oil from Iran will be disrupted because of U.S. sanctions? American officials have gone back and forth on this, but many of the people who decide how much Iranian oil will be knocked offline are located in India and China.
The relatively young industry of projects using floating storage and regasification units (FSRU) has enjoyed boom years since 2015 as many new importers of liquefied natural gas (LNG) used these floating types of carriers that are cheaper than having to build an entire onshore LNG import terminal.
The rise in oil prices has resulted in relentless drilling and booming production in the U.S. shale plays, and the Permian in West Texas is attracting the most drillers, analysts, and media attention.
The oil ministry of India is in favor of the country placing a ban on imports of petroleum coke, the government’s lawyer told the Supreme Court on Monday, as India aims to curb imports of the polluting oil refinery by-product in a bid to fight severe air pollution.
Ten years ago this week—July 11, 2008 to be exact—the price of a barrel of oil on the New York Mercantile Exchange hit an intraday high of $147.27, its highest price ever.
Asian oil customers are looking to secure more oil supplies from Saudi Arabia, Kuwait, and Iraq, to replace oil from Iran after the U.S. announced the new sanctions on Tehran, Nizar al-Adsani, CEO at Kuwait Petroleum Corporation (KPC), told Reuters on Monday.