OPEC member are experiencing supply issues, but they are being overshadowed by decreased Brent crude demand in the U.S., as well as global economy concerns, according to Stratas Advisors.
Saudi Aramco and Shandong Energy will also explore a potential crude supply agreement and chemicals products offtake deal.
Here’s a look at some of this week’s renewable energy news.
In percentage terms, Brent and WTI crude are set for their worse weekly drops since August and April of 2022, respectively, at approximately 10% each.
The Wells2Watts consortium will focus on technology to retrofit abandoned oil and gas wells into geothermal wells.
The possible deal comes as Fortescue's clean energy subsidiary looks to become a major green hydrogen producer.
The development of the Enping 15-1/10-2/15-2/20-4 oilfields is China’s first offshore carbon capture and storage demonstration project.
The Papua LNG project is jointly owned by Exxon Mobil Corp., Santos Ltd. and Kumul Petroleum and produces 5.4 million tonnes of LNG per year.
Santos Ltd. first announced PNG's Kumul Petroleum made a bidding offer to buy its 5% stake in PNG LNG in September subject to other joint venture partners.
Oil cartel will take its time to evaluate impact of the EU’s ban on seaborne imports and the G7’s $60/bbl price cap for Russian crude.