The International Energy Agency said that world oil demand will increase by more than 2% in 2023, reaching a record level of 101.6 million barrels per day (bpd).

The Paris-based IEA also said in its monthly report that supply was restricted due to the sanctions imposed by Russia over its invasion of Ukraine. “Economic fears remain as various international institutions have recently reflected negative outlooks,” the IEA said.

Global Oil Demand Set to Rise 2% to New High in 2023, Says IEA | Devamı>>>

OPEC on Tuesday cut its forecast for growth in world oil demand in 2022 citing the impact of Russia’s invasion of Ukraine, rising inflation as crude prices soar and the resurgence of the Omicron coronavirus variant in China.

In a monthly report, the Organization of the Petroleum Exporting Countries (OPEC) said world demand would rise by 3.67 million barrels per day (bpd) in 2022, down 480,000 bpd from its previous forecast.

OPEC Cuts 2022 World Oil Demand Forecast Due to Ukraine War | Devamı>>>

BP is abandoning its stake in Russian oil giant Rosneft in an abrupt and costly end to three decades of operating in the energy-rich country, marking the most significant move yet by a Western company in response to Moscow’s invasion of Ukraine.

Rosneft accounts for around half of BP’s oil and gas reserves and a third of its production and divesting the 19.75% stake will result in charges of up to $25 billion, the British company said, without saying how it plans to extricate itself.

BP Quits Russia in Up to $25 Billion Hit After Ukraine Invasion | Devamı>>>

9.5 billion shares of Permian Basin, America’s largest oil field, to ConocoPhilips by Shell
Sold for dollars.

In line with Royal Dutch Shell’s goal of reducing carbon emissions and turning to environmental solutions, the assets purchased by the American energy company ConocoPhilips include 600 miles of oil, natural gas and water pipelines.

7 billion dollars of the revenue to be provided by Shell from the sale will be directed to the shareholders and the balance sheet will be supported with the remaining amount.

‘Shell’ Sells Its Permian Shares To ConocoPhilips | Devamı>>>

The 10th Meeting of Ministers of Economy of the Turkic Council, which continues its international activities in order to encourage cooperation between Turkic speaking countries, was held in Baku, the capital of Azerbaijan. At the Turkish Business Awards Ceremony held after the meeting, SOCAR Turkey, the Turkish subsidiary of the Azerbaijan State Oil Company SOCAR, received the “Turkic Council Investment Award”.

In the awards where companies that play an important role in increasing investments in council member countries are evaluated, SOCAR Turkey was deemed worthy of an award with its large-scale investments in which production is carried out in strategic sectors.

‘SOCAR Turkey’ Received Turkic Council Investment Award | Devamı>>>

In the monthly report published by the Organization of Petroleum Exporting Countries (OPEC), global oil production increased by 30,000 barrels per day on average in August 2021 compared to the previous month, and became 95.69 million barrels/day, compared to 4.93 million barrels per day in 2020. barrel/day increased.

According to the Petroleum Market, OPEC’s report, in August, OPEC’s crude oil production amounted to 26 million 762 thousand barrels/day, with an increase of 151 thousand barrels/day compared to the previous month.

Global Oil Production Increases in August | Devamı>>>

China is now fully part of the global energy trading system, regularly importing more than 9m barrels a day of oil and a rapidly growing amount of natural gas. But Beijing faces an American assertion of power that threatens to disrupt the current pattern of trade, not least in energy. The Chinese reaction could reshape markets we take for granted.

The first American action is direct: a war of competing tariffs on trade between the US and China.

Is China About to Change the Global Oil Trade? | Devamı>>>

Oil plunged Thursday, with U.S. crude dropping almost 3 percent as the market grappled with oversupply fears as increased U.S. sanctions on Iran had more gradual impact than expected and U.S. crude oil inventories rose sharply.

U.S. crude settled down $1.79 or 2.8 percent at $61.81 a barrel, heading for its biggest weekly fall since February.

Brent crude futures fell $1.43 a barrel, or 2 percent to $70.75.

Market sentiment became more bearish as shifting U.S.

Oil Drops Nearly 3 Percent on Oversupply Worries | Devamı>>>

Brent crude prices topped $70 a barrel for the first time in nearly five months on Thursday as tightening supply continues to offset concerns about slowing global demand and rising US shale production. The international oil benchmark rose as much as 1 per cent to $70.03 a barrel, the highest since mid November.

Its US counterpart, West Texas Intermediate, gained 0.5 per cent to $62.77. Brent has been flirting with the $70-a-barrel milestone this week, with the rally underpinned by Opec’s intentional production cuts and output drops from sanction-hit Venezuela and Iran.

Oil Tops $70 A Barrel for First Time Since November | Devamı>>>

Oil and gas companies are facing competition from renewable energy and electric vehicles, a global campaign against the use of plastics and increasingly stringent climate targets. In the face of these challenges, shareholders want them to prioritize returns to investors rather than endless growth.

Most oil and gas companies are jeopardizing shareholder returns  by rewarding bosses for endlessly chasing growth in a world where pressure to meet climate targets and sharp falls in renewables costs are set to eat into future demand , finds a report from The Carbon Tracker Initiative, a not-for-profit financial think tank that seeks to promote a climate-secure global energy market by aligning capital markets with climate reality.

Oil And Gas Investors Tell Producers To Focus On Returns | Devamı>>>

For the global energy industry, China’s importance is hard to overstate. It is the world’s largest oil importer and is on course to be the largest gas importer this year. It accounts for about half the world’s coal consumption and almost a third of global investment in “clean” energy. If the Chinese economy were to go into a downturn, producers of energy commodities and technologies all around the world would be affected. China accounted for just over a quarter of the increase in world oil demand last year, according to Opec, and is expected to make about the same contribution this year, with its own consumption growth slowing in tandem with the global total.

The Week in Energy: China’s Slowdown | Devamı>>>

That we are on the path to a low-carbon future is beyond doubt. Despite disagreements among stakeholders and how we might get there, and the pace of change required there seems to be a broad unity in the long-term vision. We know we need an energy portfolio that both meets the needs of a growing population that is predicted to grow by 1.5 billion by the end of the century and satisfies the ever-increasing living standards of the existing populace.

Three Steps For Oil And Gas Companies To Survive Energy’s Transformation | Devamı>>>