Thousands of new oil wells and hundreds of new oilfields will be needed to meet global demand even if it falls sharply towards the middle of the century, Oslo-based consultancy Rystad Energy said. Its analysis stands in sharp contrast to the conclusions of the International Energy Agency (IEA), which said last week that investors should .
Iran's oil output can easily reach 6.5 million barrels per day (bpd) when U.S. sanctions are lifted, Iranian Oil Minister Bijan Zanganeh said on Monday, according to the Ministry's SHANA website.
Americans are scrambling for the pump after a cyberattacked pipeline and consumer anxiety have produced gas shortages. Meg Jacobs says the US has a long history of gas panic, and now is a crucial time to learn from it.
Both contracts are on track for a second monthly gain as analysts expect oil demand growth to outstrip supply despite the possible return of Iranian crude and condensate exports
Brent crude futures for August nudged up 7 cents, or 0.1 per cent, to $68.79 a barrel by 0038 GMT after settling at their highest in two years on Friday