The global offshore wind market is experiencing a resurgence after a period of uncertainty caused by rising costs. Industry leader Miguel Stillwell d’Andrade highlights a “major reset in prices” that is making offshore wind projects economically viable once again.
Victor Adetimilehin
Victor Adetimilehin
Victor Adetimilehin, widely known as Vic’Adex, is a celebrated global arts in medicine fellow and a staunch ambassador for religious tolerance. Beyond his institutional affiliations, Victor is an incredibly passionate and award-winning spoken word artiste, most notably recognized for his stirring poem, "men not gods." A fervent supporter of pan-Africanism, he actively champions and bolsters Nigerian creative hubs, fostering an environment of artistic growth and cultural exchange. Victor's dedication to the arts and peace advocacy positions him as a vital influencer in bridging cultural gaps.
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Russia’s move to curtail oil production underscores its commitment to the OPEC+ alliance and its efforts to influence global oil prices. This decision comes amidst ongoing market uncertainties stemming from geopolitical tensions and post-pandemic recovery.
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China’s Sinopec, the world’s largest oil refiner, reported a 9.9% decline in 2023 net profit. Despite the decrease, the company benefited from a strong rebound in domestic fuel demand, particularly for gasoline and aviation fuel.
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Oil prices took a breather on Friday, ending the week virtually unchanged. While hopes for a ceasefire in Gaza offered a welcome respite, the ongoing war in Ukraine continues to cast a long shadow over the global energy market.
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The US pause on new LNG export permits has raised questions about meeting future global demand. Industry leader Baker Hughes says the gap will be filled by other countries like Qatar, Argentina, and African producers.
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The US Energy Information Administration (EIA) surprised markets with its latest petroleum report, revealing a drop in crude oil and gasoline stockpiles. This decline comes amidst a rise in refinery activity and increased exports. Analysts had predicted a modest increase in crude oil inventories, but the EIA reported a draw of 2 million barrels.
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Chevron’s proposed $53 billion takeover of Hess Corporation’s stake in the lucrative Stabroek oil block has hit a major snag. Exxon Mobil, the current operator of the block, surprised everyone by filing for arbitration, claiming they have the first right to buy Hess’s stake.
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The dispute centers on a disagreement over the interpretation of a joint operating agreement governing the consortium responsible for Guyana’s oil production.
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The annual CERAWeek energy conference in Houston, Texas, convened this week, showcasing a shift in focus towards oil industry consolidation, stable oil prices, and the evolving energy landscape.
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The US is refilling its Strategic Petroleum Reserve (SPR) after a record sale in 2022. The government aims to rebuild the stockpile while considering current oil market prices.