Oil edges higher on Middle East tensions, storm worries
Oil prices ticked up on Monday as investors worried about supply after tensions in the Middle East escalated and as the development of a tropical disturbance in the Gulf of Mexico shut in some...
View ArticlePACIFIC LNG: Key market indicators for Sep 23-27
Highlights JKM prices fell below the $13/MMBtu level over Sept. 20 as the market reacted to the potential Ukraine-Azerbaijan deal, although the final agreement has not been officially confirmed. South...
View ArticleGlobal refiners face profit slump as new plants come online
Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and...
View ArticleOPEC+ production cut extension positive for oil prices, Wells Fargo says
Wells Fargo analysts said in a note that the recent decision by OPEC+ to extend its production cuts through the end of 2024 is a positive sign for oil prices. The move, in response to declining crude...
View ArticleOil climbs on China stimulus, Middle East conflict and hurricane risk
Oil prices rose on Tuesday on news of monetary stimulus from top importer China and concerns that conflict in the Middle East could hit regional supply while another hurricane threatened supply in the...
View ArticleOil firms evacuating US Gulf of Mexico staff as major hurricane looms
U.S. oil producers were scrambling on Monday to evacuate staff from Gulf of Mexico oil production platforms as the second major hurricane in two weeks was predicted to tear through offshore oil...
View ArticleOPEC looking forward to working with Brazil, secretary general says
OPEC Secretary General Haitham Al Ghais is looking forward to working with Brazil’s Energy Minister Alexandre Silveira in the “coming years,” he said during opening remarks at Brazil’s ROG.e oil and...
View ArticleOil prices climb 2% on China stimulus, Middle East conflict
Oil prices climbed about 2% to a three-week high on Tuesday on news of monetary stimulus from China, the world’s top importer, and concerns that conflict in the Middle East could hit regional supply...
View ArticleRussian ESPO Blend oil jumps to premium on higher demand in China, sources say
Russia’s Far East ESPO Blend oil grade has firmed to premium against the Brent benchmark on delivery basis for the first time since November 2023 on higher demand from Chinese refiners cooling India’s...
View ArticleGlobal oil demand growth to remain below 1 million b/d in near future: IEA’s...
Global oil demand growth will likely remain below 1 million b/d in the near future largely because of a slowdown in China’s economy, International Energy Association executive director Fatih Birol said...
View ArticleMiddle East Crude-Benchmarks mixed amid fixed price gains
Middle East crude benchmarks Oman and Dubai were mixed on Tuesday, as concerns on refining margins in Asia remained and fixed price gains were evident in the afternoon trading session. Speculations of...
View ArticleSaudi Aramco to raise up to $3 bln in two-tranche dollar Islamic bonds,...
Saudi Aramco 2223.SE is planning to raise up to $3 billion in five- and 10-year U.S. dollar-denominated sukuk, or Islamic bonds, according to two sources with direct knowledge of the matter and a term...
View ArticleAPI shows US oil, fuels stockpiles fell last week, market sources say
U.S. crude oil and fuel stockpiles fell last week, according to market sources citing American Petroleum Institute figures on Tuesday. Crude stocks fell by 4.34 million barrels in the week ended Sept....
View ArticleOil steady as investors gauge impact of China’s stimulus to boost demand
Oil prices were little changed on Wednesday as investors reassessed the ability of China’s stimulus plans to boost its economy, while declining U.S. crude oil and fuel stockpiles provided support....
View ArticleRegional oil activity slips, electrification gains, says Dallas Fed
Oil and gas activity in Texas, Louisiana and New Mexico edged lower in the third quarter, the Federal Reserve Bank of Dallas said on Wednesday in its quarterly survey of energy activity. Third-quarter...
View ArticleOPEC raises long-term demand forecasts in rejecting peak oil
Global oil demand will keep rising through at least 2050, OPEC said Sept. 24, as the crude exporting bloc continues to challenge environmental activists and policy makers seeking to curb fossil fuel...
View ArticleMiddle East Crude-Benchmarks firm amid run cut talks and window liquidity
Middle East crude benchmarks Oman and Dubai both firmed against a backdrop of increased trading liquidity on the window and talks of more refining run cuts regionally despite the start-up of one...
View ArticleUS crude, gasoline and distillate inventories fall, EIA says
U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 4.5 million barrels to 413 million barrels in the...
View ArticleOPEC launches WOO 2024 and sees global oil demand at over 120 mb/d in 2050
The 2024 OPEC World Oil Outlook (WOO) was launched today at the ROG.E conference in Rio de Janeiro, Brazil. First published in 2007, and now in its 18th edition, the Organization’s flagship annual...
View ArticleEni CEO sees Brent oil price around $80 per barrel in Q4
The chief executive of Italian energy group Eni ENI.MI expects Brent oil prices to recover to around $80 per barrel in the coming months. “Oil (is seen) at around $80 per barrel, while for natural gas...
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