Oil prices rise amid global energy crisis

Wall Street bank said that prices will rise this winter and the expected shifting of power stations away from natural gas,that is rising to its highest levels to oil.

City added that the freezing winter would witness run out of gas in Europe by February.

Oil has always been a potential substitute for gas, but recently it became financially meaningless
because natural gas prices were extremely low in the past ten years
which meant shifting to oil is economically meaningless.

Oil prices settled easily yesterday above 80$ a barrel.

Despite the US officials in OPEC continuous calls to increase production to ease transportation fuel progressive rise.

Restrictions on oil groups have been offset to a high extent through China’s power crisis
and refineries production mandates along the country.

It will take weeks till demand disturbances of crude oil supply would emerge.

The Chinese oil buying is expected to be weaker than the low levels for the third quarter,

yet Brent prices were approaching 84$ a barrel, while West Texas Intermediate was 81$ a barrel.

Crude oil rose 1.5% to close the day at 80.52$, the last time oil closed above 80$ was on 31st October 2014.

Oil corporations news about a mid-price rise and the global energy crisis

The world’s power crisis gained much interest this week

with pricing basics which increasingly indicates that power prices rise will last for a long time,

as generating electricity is a disturbing source for prices along the Atlantic basin and Asia.

The European gas forward contracts exceeded what equals crude oil price at 200$ a barrel,
to enhance potentials of shifting gas to oil as possible.

Coal also got a great push, because shifting to coal forces producers to produce more mid a low offer globally.

On Friday’s forward contracts session Brent crude was for 82.5$ a barrel, while West Texas Intermediate approached 79$ a barrel.

Qatar petroleum company seeks to expand its proficiency Qatar petroleum company has changed its name to Qatar energy to reflect a broad.

Strategy, as the company intends to skip hydrocarbon extracting and expand its international existence in the energy efficiency field.

Adnoc’s plan to build a new refinery in Ruwais

Pointing to a decline of economic expectations as a main reason,
Abu Dhabi national oil company has dropped plans to build a new 400.000 barrels refinery in Ruwais
as a part of its continuous campaign to change the refining list to thicker barrels, supposed to be finished by 2026.

Angola fails attracting giant companies’ interest

This month Angola’s oil exports fell to its lowest levels in 30 years.

The national petroleum company of the African countryhas revealed the names of bided companies
in its next bidding round and the list included no big western companies’ names.

Iraq is putting the final touches of Chevron’s oil and gas deal

Iraq’s government is sure of signing a final deal of four oil and gas excavating blocks in Nasseria,

southern the country with the giant American Chevron (listed in Newyork’s stock exchange under the code NYSE:CVX) most of it going to the gas side.

Norway’s national oil company enters hydrogen market

Norway’s national company Equinor (listed in the New York stock exchange under the code NYSE:EQNR) intends to invest 12 billion dollars, in hydrogen projects by 2035,

Concentrating on the blue gas produced from natural gas, as it seeks to get not less than 10% of the global hydrogen market.

The Russian oil company LUKOIL expanding its assets in the Caspian sea

The biggest independent oil company in Russia (LUKOIL – MCX:LKOH) agreed to buy ,
15.5% of Petronas share of Shah Denz project in Azerbaijan for 2.25 billion dollars
to be the biggest second contributor after British petroleum.

This follows LUKOIL’s entry to the swap field, another offshore gas project.

Brazilian Petronas plans for new nine production platforms

Brazilian national oil company Petronas (listed in New York stock exchange under the code NYSE:PBR)

intends to operate new 9 production units by 2025,

with an extra four organizations are supposed to raise their production than the current production by 580.000 barrels per day by the giant Bozius.

Occidental believes in re-establishing stock profits

Vicki Hollub, Occidental’s executive chief, mentioned that the company on the basis of price rise is seeking to divide profits first, then raise production.

The company sees that direct carbon retention is a good way to do so as its first factory is producing 1 million tons per year.

Anew discovery by Exxon Mobil

Exxon Mobil (listed in the New York stock exchange under the code NYSE:XOM)
revealed its 21 discoveries in the Stabroek block offshore Guyana.

The total reserves are now 10 billion barrels of the estimated space.

British Petroleum wins over Greenpeace in oil fields row

A Scottish court judged this week that the radiations of the final use of oil – not only these resulted from extracting operations shouldn’t be the criterion for granting , a license of excavating,
with maintaining the license of British Petroleum (listed in New york stock exchange under the code NYSE:BP) for in the English north sea of the UK.