OPEC Keeps Oil Market Growth Prediction Unchanged
Oil Market Highlights Crude Oil Price Movements In April, the OPEC Reference Basket (ORB) value rose by $4.90, or 5.8%, m-o-m, to average $89.12/b. Oil futures prices averaged higher, with the ICE...
View ArticleOil dips as U.S. data suggests inflation stickier than expected
Oil prices edged lower on Tuesday, after U.S. data suggested inflation remains sticky, while OPEC maintained its demand forecast for the year. Brent crude futures fell 55 cents to $82.81 a barrel at...
View ArticleOil prices steady on US inventories drawdown expectations
Oil prices steadied on Wednesday on expectations for higher demand as the U.S. dollar weakened and a report showed U.S. crude and gasoline inventories fell, but longer term, demand in developed...
View ArticleReducing the emissions from natural gas
It is one of the great ironies of President Joe Biden’s term in office that while he has been more focused on tackling climate change than any of his predecessors, he has also presided over a rise in...
View ArticleColombia oil output closing in on 800,000 bpd, regulator head says
Colombia’s average daily oil output is closing in on 800,000 barrels per day (bpd) even as the Andean country increasingly looks to boost renewable energies, the president of the National Hydrocarbons...
View ArticleExxonMobil makes new oil discovery on Angola’s Block 15: sources
ExxonMobil has found oil at its Likembe-01 well in Angola’s Block 15, two years after the last discovery on the prolific offshore license, sources said May 14. A source familiar with the drilling...
View ArticleMiddle East Crude-Dubai, Oman slip for third day as refining margins stay weak
Middle East crude benchmarks Oman and Dubai slipped for a third session on Wednesday amid persistently weak refining margins that crimp refiners’ ability to pay more for their feedstock. In contrast,...
View ArticleUS crude, fuel inventories fall as refining, demand pick up, EIA says
U.S. crude oil, gasoline and distillate inventories fell last week as both refining activity and fuel demand rose, the Energy Information Administration (EIA) said on Wednesday. Crude inventories...
View ArticleIEA Reduces Global Oil Demand Growth Forecast
Highlights Global oil demand is set to rise by 1.1 mb/d in 2024, 140 kb/d less than projected in last month’s Report as weak deliveries, notably in Europe, shifted first-quarter OECD demand into...
View ArticleOil prices slide 1% to 11-week low on weaker IEA 2024 demand forecast
Crude prices slid about 1% to an 11-week low on Wednesday after data from the International Energy Agency (IEA) showed oil demand in developed countries likely would flag this year. Brent futures fell...
View ArticleQatar to sign more long-term LNG contracts this year, QatarEnergy CEO says
Qatar has not had difficulty securing long-term liquefied natural gas (LNG) contracts and will sign more this year, QatarEnergy CEO and State Minister for Energy Saad al-Kaabi said at an economic forum...
View ArticleIndia’s oil demand to grow 4% to 5.8 mbd in 2025: OPEC
India’s oil demand is expected to grow to 5.80 million barrels per day in 2025, up 4.1% from the 5.57 million barrels per day projected in 2024, the Organisation of Petroleum Exporting Countries said....
View ArticleCanada’s oil producers face potential headwinds from wildfires, railroad strike
Western Canadian producers remain vigilant and are cautiously optimistic on the face of headwinds they are facing from raging wildfires and an impending railroad strike later this month, industry...
View ArticleMiddle East Crude-Oman, Dubai halt 3-day loss; QatarEnergy awards tenders
Middle East crude benchmarks Oman and Dubai rose on Thursday, halting three days of losses after QatarEnergy awarded its tenders. QatarEnergy has set the July term price for al-Shaheen crude at $1.82 a...
View ArticleWhy oil import restrictions hurt Russia more than the price cap
Sanctions in response to the invasion of Ukraine led to a substantial decline in Russia’s crude oil revenues in 2022 and 2023. This column argues that the decline in revenue was due almost entirely to...
View ArticleOil prices rise after US economic data raises rate cut expectations
Oil futures rose on Thursday on a stabilizing U.S. job market and slower-than-expected inflation data, which increased expectations that the Federal Reserve would begin to cut interest rates in the...
View ArticleThese key triggers can help Crude Oil break from the trading range
Oil prices have started on firm foot in Asia with WTI lingering around $79/b, following a volatile session on Wednesday, when oil prices made sharp recovery, from fresh three-month lows of $76.70 to...
View ArticleIndonesia expects oil and gas investments to rise 29% to $17 billion in 2024
Indonesia expects investments in its oil and gas sector to rise 29% in 2024, the chairman of regulator SKK Migas told Reuters, as it races to ramp up drilling and exploration following the recent exits...
View ArticleChevron prepares for North Sea exit after more than 55 years
Chevron said it is set to launch the sale of its remaining UK North Sea oil and gas assets, in a move that would mark the U.S. energy giant’s exit from the ageing basin after more than 55 years. The...
View ArticleInterest remains in Mexico’s oil and gas, but better terms for investors...
There is still a lot of private and international interest in developing the oil and natural gas resources in Mexico despite the shift towards state control by President Andres Manuel Lopez Obrador,...
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