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    Offshore Gas Field Nod From The US To Trinidad And Tobago

    Uganda Begins First Oil Drilling Project Under $10bn Scheme

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    Sinopec creates record by drilling 8,725 meters deep oil, gas field

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    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

    BP begins gas production at West Nile Delta project

    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    OGA 2017 Post Show Report

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    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

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    chevron invests in carbon capture and removal technology company, svante

    bp looks to further developments at Tangguh with PSC extension

    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

    offshore contract by Al Yasat Petroleum

    INEOS and partners approved to develop Solsort field offshore Denmark

    TechnipFMC awarded significant subsea contract for Shell’s North Sea development

    Petronas hires Maersk semi-submersible for Suriname exploration

    PETRONAS Announces New Gas Discovery in Central Luconia Province, Offshore Malaysia

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    Funding For Oil And Gas Industry Is Evolving Dramatically

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    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

    Aramco announces second quarter and half-year 2021 results

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    Empire Petroleum buys US oil and gas assets from ExxonMobil

    CNOOC Limited Announces Key Operational Statistics for Q1 2020

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Concerns Over A Supply Shortage Drive Higher Oil Prices

venkat by venkat
September 14, 2022
in Downstream, News
0
Quest For Russian Gas Options By Europe Hits Roadblocks

On September 13th, tumultuous trading saw oil prices rise as concerns over limited fuel supply ahead of the winter season outweighed investor worries about declining demand in China, the world’s largest crude importer, and additional hikes in U.S. and European interest rates.

Brent crude had climbed 50 cents, or 0.5%, to $94.50 per barrel, while WTI crude had climbed 52 cents, or 0.6%, to $88.30. Early on in the session, both contracts decreased by more than $1.

Prices are still being supported by concerns about lower inventories. According to data provided by the Department of Energy, the Strategic Petroleum Reserve  in the United States decreased by 8.4 million barrels to 434.1 million barrels in the week ending September 9, the lowest level since October 1984.

In order to combat the high fuel prices in the US, which have led to inflation, US President Joe Biden announced a plan in March to discharge 1 million barrels per day over the course of six months from the SPR.

According to a preliminary Reuters poll released on September 12th, U.S. commercial oil supplies are seen to have decreased for five weeks in a row, falling by about 200,000 barrels in the week leading up to September 9. Amarpreet Singh, an energy analyst at Barclays, stated in a note, they remain bullish on oil prices despite rising challenges to demand, as the supply side stays favorable with slower-than-expected U.S. output growth and a proactive OPEC+.

The likelihood of the Western nuclear agreement with Iran being revived remains remote. On September 12th, Germany voiced disappointment over Tehran’s rejection of European suggestions to resurrect the 2015 accord.  A deal would be unlikely in the immediate future, according to US Secretary of State Antony Blinken.

Tuesday’s advances in oil prices were restrained by resurgent worries about declining global fuel consumption as China, the second-largest oil consumer in the world, continues to implement COVID-19 regulations.

According to official data, fewer trips were made over China’s three-day Mid-Autumn Festival break, and tourist earnings also decreased as a result of the COVID-19’s stringent regulations. On September 13th, the consumer price index statistics for the United States will be released. The Federal Reserve and the European Central Bank are prepared to raise interest rates further in order to combat inflation, even though it is anticipated that the core rate of inflation may have reached a peak.

If the U.S. CPI is higher than anticipated, the likelihood of the Fed maintaining aggressive rate hikes will be boosted, said an analyst at CMC Markets, Tina Teng. This might increase the value of the dollar relative to other world currencies, thus increasing the cost of oil priced in dollars for investors.

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