Bitumen Africa Podcast
Podcast about Market and Finanacial Events
Updated Weekly on Saturday
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Brazil’s Oil Ambitions Challenge Climate Goals
The COP climate summits are designed to advance global efforts against climate change, encouraging a green transition and economic decarbonization. However, the conferences themselves have faced criticism for environmental contradictions, including unsustainable developments in host countries, a heavy presence of fossil fuel lobbyists, and widespread use of private jets. This year, COP30 will be hosted […]
U.S. active drilling rig count increased this week
The U.S. active drilling rig count increased this week, continuing the upward trend seen the previous week. According to Baker Hughes data released Thursday, the total number of rigs rose by two to reach 587. Although this shows a recent uptick in activity, it still reflects a year-on-year decline of 26 rigs. Oil rigs specifically […]
Oil Prices Down 2%
Amid heightened uncertainty about trade and economies, gold prices have hit multiple record highs this year, while oil prices have slipped to four-year lows as concerns about global oil demand spiked with all the trade and tariff chaos. Gold hit another record high on Monday as the U.S.-China trade war escalated and the U.S. dollar weakened amid […]
Crude Oil Products Inventories Plummet
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 2.4 million barrels for the week ending April 11. Analysts expected a loss of 1.680 million for the week. The API estimated a 1.057 million barrel drop in the prior week. So far this year, crude oil inventories have […]
Oil and Gas Industry Bets on Low-Cost Exploration
Oil and gas companies are focusing on maximizing returns by strategically exploring hydrocarbon resources. Companies that invested early in frontier plays like Guyana are reaping the benefits of large oil and gas discoveries, while others are concentrating on areas with existing infrastructure. These regions, close to producing fields and platforms, offer lower exploration and development […]
Saudi Arabia Slashes Oil Prices
Saudi Arabia has sharply reduced the official selling prices (OSPs) for its crude oil, particularly for Asian markets, ahead of a planned production increase in May. The most significant cut was for Arab Light crude, which will be priced $2.30 lower per barrel, now sold at a $1.20 premium over the Dubai/Oman benchmark. This marks […]
Saudi Arabia will issue more debt this year
Saudi Arabia's Vision 2030 plan, which aims to build futuristic cities and resorts, is facing challenges due to lower oil prices. The Kingdom, as the world's top crude oil exporter, is experiencing oil prices that remain about $20 per barrel below the fiscal breakeven price. This gap is pushing the country to borrow more money […]
China Dominates Azerbaijan’s Electric Vehicle Market
China has established a strong foothold in Central Asia’s electric vehicle (EV) market, and is now looking to expand its influence in the Caucasus, with Azerbaijan serving as its primary entry point. In 2024, Azerbaijan saw a significant increase in EV imports, with Chinese-made vehicles making up 77% of the total, reflecting a clear trend […]
A significant increase in global oil supply is projected for 2025
This year is set to witness the highest increase in new oil supply in a decade, with nearly 3 million barrels per day expected to be added globally, according to data from Raymond James. Major contributors to this surge include the giant Tengiz field in Kazakhstan, the Bacalhau field in Brazil, and production expansions in […]
MIT Startup Pioneers New Solar Installation Model
The United States’ clean energy transition is being slowed down by complex permitting processes, bureaucratic delays, and local opposition, which have significantly hampered the development of large-scale renewable energy projects. The International Energy Agency (IEA) highlighted in 2024 that it often takes as long to secure permits for renewable projects as it does to build […]