Shell in Early Talks to Acquire Rival BP in Landmark $80 billion deal.

@WSJ reports talks are active, with BP “considering the approach carefully.” The industry has its doubts a deal will be done.  Acquiring BP would put Shell more on par with its larger US competitors Exxon Mobil XOM & Chevron CVX.

Bloomberg & CNBC have reported that a deal for the whole company is unlikely, but the sale in parts could be on the table.

Demand for Plastics, Petrochemicals Will Keep #Oil Demand Steady As Far As The Eye Can See

American oil demand will rise to near-record levels in 2024 despite a significant drop in gasoline use, according to the EIA. 

EIA estimates that by 2024, American gasoline demand will drop to 8.73 million barrels per day, or about 600,000 barrels a day lower than it was in 2018…But the fall would be more than offset by rising consumption of the feedstock used in the petrochemical industry

#Africa's #Oil & #Gas Comes to #Italy’s Rescue—Will the rest of #Europe be left out?

“Diversification is possible and feasible relatively quickly, shorter than we imagined just a month ago.”

- Mario Draghi, April 17, 2022, in an interview with Corriere della Sera

Italy currently gets about 40% of its gas from Russia, and Draghi has acted quickly to try to replace that supply with flows from elsewhere since President Vladimir Putin invaded Ukraine in February.

With Eni already present in more than a dozen countries in Africa, the continent is an attractive option for Italy.