Strong Fuel Demand Boosts Oil Prices | OilPrice.com

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Strong Fuel Demand Boosts Oil Prices | OilPrice.com
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Strong demand for oil products is helping to drag oil prices higher.

in a stock-and-debt deal worth 7.6 billion, adding 260,000 b/d of oil equivalent in output.

that OPEC+ will remain proactive and that oil speculators betting on prices to fall will be “ouching” again just as they did in April if they don’t mend their ways. calls for more gas investments in the West to phase out dependency on Russian energy, angering climate activists that think the group is using the Ukraine war as an excuse for more fossil fuels.

the ranks of the oil group as the country’s previous problem – exceeding agreed production quotas – became irrelevant as production started to stagnate. Nigeria’s outgoing president Muhammad Buhari commissioned the 650,000 b/d Dangote refinery – set to become the continent’s largest and at a cost of 19 billion also the most expensive – but its real start-up is expected in late 2023, at best.

a larger stake in the upcoming IPO of its logistics and shipping unit L&S, potentially raising up to $800 million from the public offering. SPGP, the largest oil union in Argentina, representing 25,000 workers in the country’s Vaca Muerta shale play, an indefinite strike to demand better working conditions, triggered by another incident that resulted in a worker’s amputated arm.

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