article thumbnail

Trade War Uncertainty Keeps Oil Traders on Edge

OilPrice

Crude oil prices remain under pressure, struggling to gain upside traction as bearish fundamentals dominate sentiment. A combination of OPEC+ supply hikes, trade war escalations, and weak demand indicators has kept oil bulls at bay, reinforcing a bearish outlook for the market.

Oil 143
article thumbnail

Crude oil extraction may be well past peak

Energy Central

World crude oil extraction reached an all-time high of 84.6 World monthly crude oil production based on data of the US Energy Information Administration (EIA). The straight orange line represents the 24-month average during the period June 2022 through May 2024.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Energy Market Assessment: Restoring upward mobility of the masses will have a profitable oil & gas drilling boom

Oil & Gas 360º

crude oil supply growth smaller than what it has been/ what is expected fuels our bullish oil outlook. lower-48-state crude oil production approached 13 million barrels per day (mmbd) five years ago (Figure 11, green dot). Oil demand and activity rebounding had the count back up to 627 as year 2022 ended.

Oil 130
article thumbnail

Ghana’s crude oil production dips 9.54% in 2023

Reporting Oil and Gas

percent decline in crude oil production. Total crude oil produced amounted to a total of 35.42 This decrease is linked to the natural decline in the Tweneboa, Enyenra, and Ntomme (TEN) field, leading to an escalation in the gas-to-oil ratio and water production in the Jubilee and Sankofa fields. million barrels.

article thumbnail

30% of Ghana’s crude oil consumption purchased through Gold for oil programme – Lands Minister

Reporting Oil and Gas

Jinapor emphasized that the government’s decision to acquire crude oil without relying on dollars through this innovative approach had significantly curtailed the depreciation of the Ghana Cedi, playing a crucial role in bolstering the national economy.

article thumbnail

Daily Energy Report

Daily Energy Report

February 24, 2025 Chart of the Day EOA: Germany's Oil Consumption Increased in 2024 and is Expected to Rise in 2025 Summary Figure 1 shows monthly trends in Germany's imports of crude oil and petroleum products since the beginning of 2022. Imports increased in 2024 compared to 2023.

article thumbnail

Have Oil Prices Finally Bottomed After Collapsing Again in June?

Energy Central

Oil Prices rallied between December 2021 and March 2022 to hit new 14-year highs. The light crude oil raced to reach $130 per barrel before plunging to a low of $93 in April. And after surging again to hit a high of $123 on June 10, the WTI crude oil price pulled back again to trade below $94 last week.