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Rosneft has signed heads of terms for the transaction of a five percent stake in the capital of OOO Vostok Oil with a consortium of Vitol S.A. and Mercanti.
The bullish sentiment in the oil market likely has some more steam left in it.
That’s according to Rystad Energy’s oil markets analyst Louise Dickson, who said there are still indications that oil prices can surge higher.
“The trading volume of Brent contracts is only at 267,000, still far below the all-time high of 348,000 in late February 2021, when the market was clearly ‘overbought,’” Dickson said in a statement sent to Rigzone on Wednesday.
“The relatively low trading volumes of contracts indicate that there is still upward potential for oil prices, and that the $73 per barrel price is not just a frothy tendency,” Dickson added in the statement.
Royal Dutch Shell Plc's oil-drilling unit in Nigeria is urging the government to pass long-delayed legislation to reform the country's petroleum industry.