Oil Updates — Crude prices slip; Oman to offer offshore oil and gas concessions 

Oil Updates — Crude prices slip; Oman to offer offshore oil and gas concessions 
Brent crude futures fell 13 cents, or 0.15 percent, to $84.18 a barrel at 10.40 a.m. Saudi time. (Shutterstock)
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Updated 02 March 2023
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Oil Updates — Crude prices slip; Oman to offer offshore oil and gas concessions 

Oil Updates — Crude prices slip; Oman to offer offshore oil and gas concessions 

RIYADH: Oil slipped on Thursday on worries about rising US crude inventories and concerns about more rate hikes in Europe potentially hitting growth, paring this week’s gains on signs of a strong economic rebound in China. 

Brent crude futures fell 13 cents, or 0.15 percent, to $84.18 a barrel at 10.40 a.m. Saudi time, while US West Texas Intermediate crude futures were down 17 cents, or 0.2 percent, at $77.52 a barrel. 

Both contracts rose about 1 percent in the previous session after data showed manufacturing activity in China in February grew at the fastest pace in more than a decade, adding to evidence of an economic rebound in the world’s second-largest economy after the removal of strict COVID-19 curbs. 

Oman to offer offshore oil and gas concessions this year 

Oman is in the preparation process to offer a new batch of oil and gas concession areas by the end of the first quarter of 2023, the country’s energy ministry said in a tweet on Thursday. 

While the first batch will target onshore blocks, the Gulf-state will also offer offshore oil and gas blocks by the end of the second quarter of 2023, the ministry added. 

Global energy-related CO2 emissions edged up to record high in 2022 

Global energy-related emissions of carbon dioxide hit a record high last year, although more clean technology such as solar power and electric vehicles helped limit the impact of increased coal and oil use, the International Energy Agency said on Thursday. 

“We still see emissions growing from fossil fuels, hindering efforts to meet the world’s climate targets,” IEA Executive Director Fatih Birol said in a release alongside the report. 

The report by the Paris-based watchdog comes just weeks after major fossil fuel producers such as Chevron, Exxon Mobil and Shell reported record profits, with BP also rowing back on plans to slash oil and gas output and reduce emissions. 

“International and national fossil fuel companies are making record revenues and need to take their share of responsibility,” Birol said. 

Global emissions from energy rose by 0.9 percent in 2022 to a record 36.8 billion tons, the IEA analysis showed.

Carbon dioxide emissions from coal grew by 1.6 percent last year with many countries turning to the more polluting fuel after Russia’s invasion of Ukraine and a reduction in Russian gas supply to Europe sparked record high gas prices. 

CO2 emissions from oil rose by 2.5 percent but remained below pre-pandemic levels the report said. 

Around half of the increase in oil-related emissions was due to a rise in air travel which was rebounding from a low during the pandemic. 

Lower output from nuclear power plants and extreme weather events including heatwaves also contributed to the increase in energy-related emissions, the IEA said. 

Emissions were partly offset, however, by a rise in renewable power sources like wind and solar, energy efficiency measures and electric vehicles. These avoided an additional 550 million tons of CO2 emissions last year, the IEA said. 

(With input from Reuters)