July 22, 2024

FTC begins “baseless” investigation into Hess, Oxy, Diamondback, OPEC collusion allegations

July 22, 2024

World Oil (Bloomberg) – The U.S. Federal Trade Commission is investigating whether executives at major oil companies including Hess Corp., Occidental Petroleum Corp. and Diamondback Energy Inc. improperly communicated with OPEC officials. FTC investigators are looking for evidence of executives attempting to collude with OPEC officials on oil market dynamics, according to people familiar with the matter who asked not

Oil market likely to be in surplus next year, Morgan Stanley says

July 22, 2024

U.S. News The crude oil market is currently tight but next year will likely be in surplus, with Brent prices declining into the mid-to-high $70s range, Morgan Stanley said. The tightness will hold for most of the third quarter, the bank said in a note dated on Friday, but equilibrium will return by the fourth quarter, “when seasonal demand tailwinds

Offshore trade group calls for “balanced” energy policy following Biden’s reelection withdrawal

July 22, 2024

World Oil (WO) – National Ocean Industries Association (NOIA) President Erik Milito released a statement in response to President Joe Biden’s announcement that he will not seek reelection and will instead endorse Vice President Kamala Harris. “As President Joe Biden announces that he will not seek reelection, NOIA remains steadfast in advancing our mission and advocating to elected officials on

Saudi Arabia, Gulf economies to slow down due to output cuts

July 22, 2024

Oil Price Gulf Cooperation Council (GCC) economies will grow at a considerably slower clip in the current year due to the ongoing oil production cuts, with Saudi Arabia’s economy among the hardest hit, a Reuters poll of economists has predicted. A poll of 24 economists taken July 8-22 has predicted that Saudi Arabia’s economy will expand 1.3% in the current year,

Oil prices dip after Biden exit, rate outlook remains in focus

July 22, 2024

CNBC Oil prices dipped on Monday after Joe Biden announced he would not seek a second term as U.S. president and while investors watched for more signs that U.S. interest rates could be cut as early as September. Brent crude futures fell 45 cents, or 0.5%, to $82.18 a barrel by 1222 GMT. U.S. West Texas Intermediate crude futures were

FTC begins “baseless” investigation into Hess, Oxy, Diamondback, OPEC collusion allegations

Oil market likely to be in surplus next year, Morgan Stanley says

Offshore trade group calls for “balanced” energy policy following Biden’s reelection withdrawal

Saudi Arabia, Gulf economies to slow down due to output cuts

Oil prices dip after Biden exit, rate outlook remains in focus

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