WTI was on track for its highest close since March 25 and its third weekly rise. Brent, however, remained set for its first weekly decline in three weeks.
Some sands producers say lack of pricing certainty has held them back from making significant investments in emission reduction projects like carbon capture and storage.
IEA Executive Director Fatih Birol also said that the summer may be challenging for the oil market, while winter may be challenging for the gas market.
With continued releases of the U.S. Strategic Petroleum Reserve over next several months, “expect to be seeing some of those exported,” Kpler’s Smith said.
OPEC cited rising inflation and continued monetary tightening, and lowered this year’s economic growth forecast to 3.5% from 3.9%, adding upside potential was “quite limited.”
Experts from Schlumberger and Halliburton discuss the challenges of managing emissions in the oil patch—and what the oil and gas industry can do about them.
Moscow’s sanctions came just a day after Ukraine halted a gas transit route, blaming interference by occupying Russian forces, the first time exports via Ukraine have been disrupted since the invasion.
"Right now the world is dealing with a situation where energy security is high on the agenda, particularly in Europe," Equinor's chairman told the annual general meeting.