Oil Updates – Gross Earnings; IEA Says World Needs Russian Oil; Schlumberger rebrands itself as SLB
RIYADH: Oil prices rose on Tuesday as the U.S. dollar eased against major peers, but gains were limited by fears of slowing growth in global fuel demand amid data economic downturns of major oil-importing economies such as China.
International benchmark Brent crude futures gained 27 cents to $93.53 a barrel at 0415 GMT, after falling 0.3% in the previous session.
U.S. West Texas Intermediate crude futures for December delivery rose 36 cents to $84.94 a barrel, following a previous decline of 0.6%.
World still needs Russian oil to flow even with price cap: IEA’s Birol
The world will still need Russian oil to flow into the market despite a price cap, with between 80% and 90% an “encouraging level” to meet demand, the head of the International Oil Agency said on Tuesday. Fatih Birol energy.
The details of a Russian oil price cap still have many loose ends to iron out, Birol said at Singapore’s International Energy Week. The cap is designed to limit Russia’s oil revenues in response to its invasion of Ukraine.
Birol also said the IEA expects renewable energy additions to grow by nearly 400 gigawatts in 2022, up 20% from the previous year.
Oil giant Schlumberger renames itself SLB
Schlumberger, the world’s largest oilfield services provider, is rebranding itself with a new name, color scheme and logo that underscore its ambitions for a low-carbon future, the company announced Monday.
The nearly 100-year-old company, originally named after its founding family, has grown into a giant in petroleum services and equipment such as drilling and subsurface analysis. But it ditched old products and rebranded itself as a digital service provider and cleaner energy proponent.
The rebranding does not move away from fossil fuels, CEO Olivier Le Peuch said in an interview. But it’s a nod to how the renowned SLB can apply its skills to grow low-carbon businesses, many of which have received a financial boost from the US Cut Inflation Act. .
Known in the industry as the “big blue,” SLB adopts a lighter blue color and a dipping logo that mirrors what Le Peuch said the carbon dioxide emissions reduction curve means.
“We believe we have an opportunity in select markets and areas to innovate and scale clean energy solutions,” Le Peuch said, noting that the renowned SLB can leverage its capabilities in areas such as subsurface analysis to support emerging technologies such as carbon capture and sequestration.
(Contributed by Reuters)
