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    North Sea oil, gas industry to reach significant milestones due to investment increases, exploration, production success

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering introduces new USV service for remote survey work at Offshore Europe 2023

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Oceaneering wins two contracts totaling over $100 million for work offshore Angola, Guyana

    Anticipated $4.21 Billion Growth In AI Adoption In Oil & Gas

    Azerbaijan: Inauguration of the Absheron gas field

    Azerbaijan: Inauguration of the Absheron gas field

    Equinor capitalizes shares

    Equinor awards COSL Offshore Management two drilling contracts worth $369 million

    Petronas hires Maersk semi-submersible for Suriname exploration

    Cheiron makes new oil discovery in mature Egyptian exploration well

    Bahamas Petroleum signs rig contract for exploration well

    Neptune Energy begins drilling at first Egyptian exploration well

    Baker Hughes launches AI software to optimise oil and gas production

    Wintershall Dea, partners safely install additional subsea template for offshore Norwegian oil, gas field

  • Projects
    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

  • Whitepapers

    OGA 2017 Post Show Report

    US Polyethylene Export Market Report 2017-2020

    US Polyethylene Export Market Report 2017-2020

    Embedded SSD Flash Management

    Enterprise SSD: More Than Just a New Kind of Hard Drive

    Efficiency, Visibility and Reliability Keys to lower costs and greater profitability in oil and gas operations

    Don’t Miss the Unconventional Resource Revolution’s Next Wave

    Better Safety, Better Business: Maintain Compliance and Drive Revenue: Put All of Your Data to Work

    Breaking the Application Barrier: Why Data is the Most Valuable Asset in the Oil and Gas Industry

    Drilling Optimization Through Advanced Analytics Using Historical and Real-Time Data

  • Press Releases

    17th International Conference “LUBRICANT MARKET 2023”

    bp and Oman form strategic partnership to progress significant renewable energy and hydrogen development

    Saudi Arabia’s NEOM hydrogen mega-project cost soars to $8.5 billion

    OERA & ONHYM Reach Agreement to Enhance Offshore Energy Research & Development

    Santos receives major approval for oil and gas development offshore Western Australia

    Eni, Repsol press Maduro for more control to increase oil production from Venezuelan oil fields

    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

  • Market Reports
    CNOOC Limited Announces Caofeidian 11-1/11-6 Oilfield Comprehensive Adjustment Project Commences Production

    Vital Energy acquires oil production assets in Permian basin for $128 million

    INPEX sells Eagle Ford tight oil production and development assets to Repsol

    Matador Resources acquires Delaware basin assets for $1.6 billion

    Funding For Oil And Gas Industry Is Evolving Dramatically

    Marathon Oil Completes Eagle Ford Acquisition

    Neptune Energy producing natural gas from Merakes project in Indonesia

    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

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Home Africa

Oil increase above $97 amid US strikes against IS targets in Syria

Yuvraj_ong by Yuvraj_ong
October 1, 2014
in Africa, News, Upstream
0

The price of Brent crude increased above $97 a barrel on Tuesday amid strikes against Islamic State targets in Syria by the US and various Gulf Arab allies.

 

Unexpectadly increased Chinese factory activity in September also boosted the demand outlook.

 

Reuters reported that Brent for November delivery rose 28 cents to $97.25 a barrel while US crude increased 31 cents to $91.18 a barrel.

 

The Chinese manufacturing sector surprisingly picked up momentum in September despite a decrease in factory employment to a five and a half year low.

 

Phillip Futures senior manager for commodities Avtar Sandu was quoted by the news agency as saying that the better-than-expected PMI of China pushed the prices up.

 

Sandu said: “The market was really oversold earlier and there was not much room for prices to go further down.”

 

The oil price gains are being closely monitored due to concerns of a supply glut, which pulled down the prices of Brent by over 5% until now in September.

 

The oil benchmark is on its way for a third continuous monthly decline.

 

On Monday, Saudi Oil Minister Ali al-Naimi downplayed concerns about the declining price of crude oil, which spurred speculations that the Organization of the Petroleum Exporting Countries (OPEC) may cut down the oil supply to stablise prices, the news agency reported.

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