United States Oil Fund Lp ETF News

The oil sector is likely to witness further contraction as escalating theft and underinvestment have become a clog in the wheel of progress of the industry. Experts lament the oil theft phenomenon that has assumed huge and dangerous proportion, is a major disincentive to investment in the oil and gas sector. In 2021, the country []

OPEC+ broke a record this week. On Wednesday, the oil cartel booked the fastest meeting since its creation, at a total of 16 minutes. This was enough for member countries to agree to keep their current arrangement of adding 400,000 bpd to their combined oil production every month. The outcome of the meeting surprised no one, unlike previous OPEC meetings when there was tense anticipation until the very end. This is no longer the case. This is mostly because of the last few monthly production reports of OPEC and its partners. According to them,…

Crude oil prices reached $90 per barrel for the first time since 2014 on Thursday afternoon.

With inventory levels in Cushing at multi-year, seasonally-adjusted lows, and prices for the US crude grade encroaching on seaborne levels, WTI (USO) traded above $90 for the first…

What a day for oil

Trinity Spirit had ten crewmen aboard and was capable of storing two million barrels of oil Oil production ship Trinity Spirit sank off the coast of Nigeria after an explosion in the early hours of Wednesday. A video of the vessel bursting into flames was captured and posted to social media. The explosion happened at the Ukpokiti oil field near the Escravos terminal off Nigeria''s coast.

Abu Dhabi’s state-owned oil and gas company announced on Thursday the discovery of between 1.5 to 2 trillion standard cubic feet of gas in an offshore area located in the emirate’s northwest. The discovery comes as Gulf Arab states continue to rely heavily on profits from oil and gas exports, despite rising global temperatures and … The post UAE: ADNOC announces new offshore gas field appeared first on Gulf Insider .

Shell has joined the ranks of other Big Oil majors who reported supersized profits on higher oil and gas prices, reporting $6.4 billion in net income for the final quarter of 2021. Earnings for the full year soared to $19.29 billion, up from $4.8 billion for 2020, Shell said. Shell also boasted a reduction in net debt, by $23 billion to $52.6 billion during the reporting period. Earlier data from Shell released last month revealed that oil trading had slowed down during the fourth quarter of 2021, but gas trading flourished amid the surge in demand

Britain''s main opposition Labour Party called on the government last month to introduce a windfall tax on oil and gas in the face of soaring energy costs.

Companies have tapped many of their best wells. The limited inventory leaves the industry with little choice but to hold back growth, even amid the highest oil prices in years.

Presently, 10 per cent ethanol, extracted from sugarcane or surplus foodgrain, is required to be blended or mixed in petrol (meaning 10 per cent of ethanol mixed with 90 per cent of petrol) with a view to cutting oil import dependence and provide farmers with an additional source of income.

Cyberattacks targeting oil loading facilities have spread to key terminals in the Amsterdam-Rotterdam-Antwerp (ARA) refining hub, having affected operations in Germany earlier in the week, several trading and industry sources said Feb. 3. This is especially impacting the flow of oil products such as heating oil, diesel, jet fuel, gasoline and fuel oil in Antwerp, Hamburg, Amsterdam, Ghent and Terneuzen,…

Iraq’s January exports were affected by adverse weather conditions, technical issues and maintenance on export facilities, an Iraqi oil official said

Fund for Export Development in Africa (FEDA), a development impact-oriented subsidiary of African Export-Import Bank (Afreximbank), on Thursday, announced that it has invested into Ecow-Gas B.V. (Ecowgas), a Liquefied Natural Gas (LNG) distribution infrastructure platform in the West Africa region. Due to limited power supply from the grid, the industrial sector in Africa suffers severe energy shortages with attendant high production costs, inefficient operations and reduced global competitiveness, amongst others. Off-grid solutions are required to address these challenges and put Africa firmly on the path to energy sustainability. FEDA’s investment in Ecow-Gas will support the creation, in partnership with a leading international oil company, of the infrastructure to provide access to cheaper and cleaner fuels for underserved industrial customers across the region using LNG. This will also promote efforts to minimize CO2 emission by replacing environment-polluting fuels currently in use.

Oil futures trade lower Thursday, with the U.S. benchmark pulling back from a seven-year high on suspected profit-taking.