Friday, November 8, 2024
Oil markets fail to respond to geopolitical escalations- oil and gas 360

Oil markets fail to respond to geopolitical escalations

(Oil Price) – Ten days ago, the Biden administration expanded sanctions on Iran’s petroleum and petrochemical sectors in response to Iran’s October 1 attack on Israel, its second direct attack on Israel this year. According to the White House, Iran’s oil exports are enabled by a network of illicit shipping facilitators in multiple jurisdictions which, through obfuscation and deception, load and transport Iranian

Currie claims fears of an oil market glut are “Completely Overplayed”- oil and gas 360

Currie claims fears of an oil market glut are “Completely Overplayed”

Oil Price Oil market participants are “dramatically overestimating” a supply glut, as Chinese demand is not as doom-and-gloom as headline figures suggest and U.S. crude oil production is basically flat this year, Jeff Currie, chief strategy officer of energy pathways at Carlyle, said on Tuesday. Fears of a major oil glut are “completely overplayed,” Currie told the Asia Pacific Petroleum

Oil market nears breakout point- oil and gas 360

Oil market nears breakout point

Oil Price Crude oil prices have been tightly range-bound for about a year now, with bearish and bullish factors largely balancing each other out. But one Wall Street major believes the market is nearing a breakout point. The only question is whether the breakout will be a bearish or a bullish one. In a recent note, Bank of America analysts referred to

IEA sees OPEC+ cuts pushing oil markets into a supply deficit- oil and gas 360

IEA sees OPEC+ cuts pushing oil markets into a supply deficit

Oil Price The oil market is shifting from a surplus to a supply deficit that will last for all of 2024 if OPEC+ further extends its production cuts until the end of the year, the International Energy Agency (IEA) said on Thursday. Early this month, the members of the OPEC+ alliance that had pledged the Q1 cuts announced they would roll

Oil markets set to tighten, economic headwinds to hit growth - IEA- oil and gas 360

Oil markets set to tighten, economic headwinds to hit growth – IEA

Nasdaq LONDON – Oil demand is set to hit a record high this year and the market is tightening but economic headwinds and interest rate hikes have deflated growth expectations slightly, the International Energy Agency (IEA) said on Thursday. Still, the Paris-based energy watchdog sees demand growth next year rising by more than anticipated despite the rise being less than

Oil markets shrug off Russian political turmoil- oil and gas 360

Oil markets shrug off Russian political turmoil

Nasdaq LONDON – Oil prices fell on Monday after a revolt by Russian mercenaries over the weekend, though the political instability did not appear to pose an immediate threat to oil supply from one of the world’s largest producers. Brent crude futures LCOc1 were down 8 cents, or 0.1%, at $73.77 a barrel by 0900 GMT. U.S. West Texas Intermediate crude (WTI) CLc1 was

IEA: New G7 price cap pledge unlikely to impact oil markets- oil and gas 360

IEA: New G7 price cap pledge unlikely to impact oil markets

Oil Price There will be no significant effect on oil prices from stricter enforcement of the price cap on Russian oil exports as supply will not change meaningfully. This is according to the International Energy Agency, which commented on a statement made by the G7 during their meeting this weekend. “Any significant changes in the markets as always we will

OPEC expands control of oil markets as shale growth stalls- oil and gas 360

OPEC expands control of oil markets as shale growth stalls

Oil Price After a decade of exponential growth, the U.S. shale patch is no longer the swing producer on the global markets. That role is now back in the hands of OPEC and its largest and most influential members in the Middle East, analysts and industry executives say. From growth of over 1 million barrels per day (bpd) in oil

OPEC ready to intervene “For the benefit of oil markets”- oil and gas 360

OPEC ready to intervene “For the benefit of oil markets”

Oil Price OPEC Secretary General Haitham al-Ghais said on Wednesday that the organization is ready to “intervene for the benefit of oil markets”, Saudi-owned Al-Arabiya TV reports, citing Ghais as saying that OPEC is aware, cautious and monitoring economic developments worldwide. In early October, OPEC+ announced plans to reduce oil production by 2 mb/d in November 2022 from the August 2022 required

OPEC+ production cut adds to uncertainty in oil markets- oil and gas 360

OPEC+ production cut adds to uncertainty in oil markets

Oil Price This week’s decision from OPEC+ to cut the alliance’s collective oil production target by 2 million barrels per day (bpd) isn’t helping the already uncertain outlook of oil supply and oil trade flows, refiners and traders tell Bloomberg.   Earlier this week, OPEC+ announced the biggest cut to its collective target since 2020, slashing the production target by 2 million bpd.

IMF slashes growth forecasts in the Middle East again amid an ‘unusually high level of uncertainty’- oil and gas 360

IMF slashes growth forecasts in the Middle East again amid an ‘unusually high level of uncertainty’

CNBC The International Monetary Fund revised its growth forecasts for the Middle East and North Africa downward again amid an “unusually high level of uncertainty,” according to its latest regional economic report. It now expects MENA economies to contract 5.7% in 2020. In April, it predicted that the region would shrink 3.3% for the year. “The unusually high level of uncertainty regarding the length of

The Saudi-Russia oil price war was a ‘very big mistake,’ Qatar energy minister says- oil and gas 360

The Saudi-Russia oil price war was a ‘very big mistake,’ Qatar energy minister says

CNBC Qatar’s Minister of State for Energy Affairs shared his thoughts on some of the major oil producers’ market moves in recent months, shedding disapproval on the March decision by Saudi Arabia and Russia to launch into a price war, which sent oil prices into free fall. “I think it was a very big mistake,” Saad al-Kaabi told CNBC’s Hadley