RIYADH: On Friday, oil prices finished down after a tumultuous trading session, with both benchmarks posting their largest weekly losses in months. Growing recession fears overrode any supply issues that may have resulted from the release of subpar economic data from China, Europe, and the US.
US West Texas Intermediate crude reached a new 2022 low of $71.02 a barrel by settling 44 cents lower. On Friday, Brent crude lost 5 cents to close at $76.10 per barrel.
The head of OPEC claims that OPEC+ is essential for maintaining market stability.
According to OPEC Secretary General Haitham Al Ghais, the Organization of Petroleum Exporting Countries and its partners, sometimes known as OPEC+, are crucial in promoting market stability.
On the occasion of the group's sixth anniversary, Al Ghais said this.
According to a statement from Al Ghais, "six years later, the framework continues to play a crucial role in promoting market stability, which is crucial for growth and development, as well as luring the necessary investment to assure energy security."
When OPEC+ last met on December 4, it decided to maintain its current output guideline.
OPEC+ had previously decided to reduce output by 2 million barrels per day, or around 2% of global demand, from November through the end of 2023.
Exxon completes the sale of its operations in Chad and Cameroon for $407 million.
Exxon Mobil Corp. completed the sale of its operations in Central Africa's Chad and Cameroon to London-listed company Savannah Energy PLC on Friday for a total of $407 million.Exxon is ceasing its operations in Africa, where crude oil production is falling, in order to concentrate on its enormous liquefied natural gas project in Mozambique and on more profitable ventures in the Americas. It is getting ready to leave Equatorial Guinea after just retiring from a platform there.The Doba oil project, which consists of seven producing oilfields with a combined output of 28,000 barrels per day, was acquired by Savannah, according to a corporate filing.
When the negotiations were made public the previous year, the fields were producing 33,700 bpd. Prior estimates placed the value of Exxon's investment at $360 million.
In Nigeria and Niger, Savannah has been active. The British company will also assume Exxon's 40% indirect participation in the 1,081 km pipeline and floating storage and offloading facility offshore in Cameroon that make up the Chad-Cameroon export transportation system.
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