Russia’s Putin, Iraqi PM discuss OPEC+ coordination on oil price stability
Russian President Vladimir Putin held a phone call with Iraqi Prime Minister Mohammed Shia al-Sudani on Thursday during which they discussed the OPEC+ oil agreement and the situation in the Middle...
View ArticleTrump’s oil and gas friendly energy secretary pick seen as ‘fantastic’ in...
US President-elect Donald Trump’s selection of oil industry veteran Chris Wright as energy secretary will likely be welcome in the Middle East where hydrocarbons dominate its economies, with one Saudi...
View ArticleEuropean oil giants step back from renewables path
Almost five years ago, BP embarked on an ambitious attempt to transform itself from an oil company into a business focused on low-carbon power. The British company is now trying to return to its roots...
View ArticleSingapore middle distillates stocks rise for fourth week to six-week high
Singapore’s middle distillates inventories rose for the fourth straight week to a six-week peak as net exports of jet fuel slid further while those of diesel climbed, official government data showed on...
View ArticleCost of support measures for fossil fuels decreased sharply in 2023 but...
The cost of government support measures for the production and consumption of fossil fuels decreased sharply in 2023, as energy prices softened from the record highs seen in 2022. However, many...
View ArticleOil heads for weekly gains on anxiety over intensifying Ukraine war
Oil prices held steady on Friday, on track for a weekly rise of 5%, as the Ukraine war intensified and Chinese imports were set to increase in November. Brent LCOc1 crude futures climbed 33 cents, or...
View ArticleOil heads for weekly gains as Ukraine war intensifies
Oil prices were set for their biggest weekly rise in almost two months on Friday, gaining 4% as an intensifying war in Ukraine returned a geopolitical risk premium to the market. Brent crude futures...
View ArticleGlobal oil and gas contract value declines despite steady volume in Q3 2024,...
The global oil and gas contract activity saw a 35% quarter-on-quarter decrease in total disclosed value from $55.3 billion in Q2 2024 to $35.7 billion in Q3 2024. Despite this, steady contract volumes,...
View ArticleMiddle East Crude-Oman, Dubai extend gains, Murban slides
Middle East crude benchmark premiums for Oman and Dubai extended gains on Friday, while that for Murban retreated. Chinese refiner Rongsheng Petrochemical 002493.SZ has purchased a total of 2.65...
View ArticleRussia’s Novak says oil market balanced thanks to OPEC+
The global oil market is balanced thanks to the actions of OPEC+ countries and compliance with its quotas, Russian Deputy Prime Minister Alexander Novak said on Friday following a Russia-OPEC meeting....
View ArticleGoldman Sachs expects oil prices to average around $80/bbl in 2024
Goldman Sachs expects Brent prices to average around $80 per barrel this year, despite a 2024 deficit and geopolitical uncertainty, citing an anticipated 0.4 mb/d surplus next year, the bank said in a...
View ArticleRussian gas to Europe is on the slow road to zero
The year-end closure of a key Ukrainian pipeline transporting Russian gas to Europe marks the symbolic end of the continent’s dependence on Moscow’s energy. And the vague possibility of a ceasefire...
View ArticleOil undervalued as market faces deficit, Iran’s supply at risk, analysts warn
Oil prices are undervalued due to a market deficit, with the potential risk to Iran’s supply from possible sanctions under U.S. President-elect Donald Trump, according to the heads of commodities...
View ArticleCrude import tariffs, exemptions introduce uncertainty to US oil industry:...
The US oil industry faces an unpredictable outlook if President-elect Donald Trump follows through on newly promised blanket tariffs on imports from Canada and Mexico, experts told S&P Global...
View ArticleOil flat after US gasoline stocks build and delay to OPEC+ meeting
Oil prices were flat on Thursday after a surprise jump in U.S. gasoline inventories and postponement of the OPEC+ meeting on output policy to Dec. 5 from Dec. 1. Brent crude futures LCOc1 edged up by 8...
View ArticleMiddle East Crude-Oman falls to near one-year low
Middle East crude benchmark spot premiums for Oman turned negative on Thursday for the first time since December 2023, while premiums for Dubai also trended lower. Oil prices drifted lower on Thursday...
View ArticleOil’s geopolitical risk premium is still there
Israel and Hezbollah’s peace deal is a key step on the path to a calmer Middle East – and, in theory, lower oil prices. On Tuesday, the U.S. and France managed to broker an agreement which reduces one...
View ArticleBasrah, Urals crudes in spotlight as India’s ‘jewel of the desert’ refinery...
India is just months away from launching its first greenfield integrated refinery complex in nearly a decade, leading to active negotiations with global oil producers for term crude imports for a...
View ArticleSix Areas to Watch in Crude Oil Markets
As we approach the latter part of the year, crude oil prices remain under close scrutiny due to a combination of supply-side constraints, geopolitical tensions and changing global demand patterns....
View ArticleOPEC+ postpones output policy meeting to Dec 5
The OPEC+ alliance of oil-producing countries has postponed its next meeting on output policy to Dec. 5 from Dec. 1 to avoid a conflict with another event, OPEC said on Thursday. A summit of Gulf Arab...
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