- — Goldman Sachs expects oil prices to average around $80/bbl in 2024
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at 11/22/24 3:00pmGoldman 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 note on Thursday. Our base case is that Brent stays in a $70-85 range, with high spare capacity limiting price upside, and ...- — Russia’s Novak says oil market balanced thanks to OPEC+
- at 11/22/24 3:00pmThe 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. OPEC+ countries, which are pumping around half the worlds oil, are taking all necessary decisions to maintain market stability, Novak also said after meeting ...
- — Middle East Crude-Oman, Dubai extend gains, Murban slides
- at 11/22/24 3:00pmMiddle 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 million barrels of heavy crude oil from the Americas for February delivery, according to trade sources on Friday. These include three Canadian crude cargoes of 550,000 ...
- — Global oil and gas contract value declines despite steady volume in Q3 2024, reveals GlobalData
- at 11/22/24 3:00pmThe 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, particularly in the Middle East, were driven by substantial projects such as Saipem’s $4 billion contract with QatarEnergy and multi-billion-dollar agreements from ...
- — Oil heads for weekly gains as Ukraine war intensifies
- at 11/22/24 3:00pmOil 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 had pared 9 cents to $74.14 a barrel by 1418 GMT. U.S. West Texas Intermediate crude futures shaved off 3 cents ...
- — Oil heads for weekly gains on anxiety over intensifying Ukraine war
- at 11/22/24 4:00amOil 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 0.44%, to $74.56 a barrel by 1008 GMT. U.S. West Texas Intermediate crude futures CLc1 rose 27 cents, or ...
- — Cost of support measures for fossil fuels decreased sharply in 2023 but remains elevated relative to its historical average
- at 11/22/24 4:00amThe 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 measures to support the production and consumption of fossil fuels remained in place and, in some cases, even increased. The fiscal cost of these ...
- — Singapore middle distillates stocks rise for fourth week to six-week high
- at 11/22/24 4:00amSingapores 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 Thursday. Stock levels of diesel/gasoil and jet fuel/kerosene at key oil storage hub Singapore climbed to above 10 million barrels for the week ...
- — European oil giants step back from renewables path
- at 11/22/24 4:00amAlmost 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 as a big oil and gas player with a growth story to match rivals, revive its share price and allay ...
- — Trump’s oil and gas friendly energy secretary pick seen as ‘fantastic’ in Middle East
- at 11/22/24 4:00amUS President-elect Donald Trumps 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 government official describing the nomination to SP Global Commodity Insights on condition of anonymity as fantastic. However, if US oil production increases under the Trump ...
- — Russia’s Putin, Iraqi PM discuss OPEC+ coordination on oil price stability
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at 11/21/24 3:00pmRussian 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 East, the Kremlin said. In a later statement, al-Sudanis office said that on the call the two had discussed the importance of coordination between ... - — OPEC+ may stick with deep oil cuts for longer due to weak demand
- at 11/21/24 3:00pmOPEC+ will have little room to manoeuvre on oil policy when it meets in December: it would be risky to increase output because of weak demand, and difficult to deepen supply cuts because some members want to pump more, sources and analysts said. The Organization of the Petroleum Exporting Countries and its allies led by ...
- — A major turn: Big Oil bets on biofuels with more than 40 projects planned by turn of decade
- at 11/21/24 3:00pmUnder increasing pressure to decarbonize and shift away from traditional fossil fuels, the world’s leading oil and gas companies are ramping up investments in the biofuels sector. Major players such as BP, Chevron, Shell, TotalEnergies, ExxonMobil and Eni are incorporating biofuels into their broader energy transition strategies, recognizing the growing global demand for sustainable fuel ...
- — Oil climbs on supply jitters as Russia-Ukraine war escalates
- at 11/21/24 3:00pmOil climbed more than 1% on Thursday as Russia and Ukraine launched missiles at each other, an escalation of the war that fed supply worries despite a bigger-than-expected increase in U.S. crude inventories. Ukraine said Russia fired what appeared to be an intercontinental ballistic missile at the city of Dnipro on Thursday. If correct, this ...
- — Middle East Crude-Benchmark premiums rise as oil prices gain
- at 11/21/24 3:00pmMiddle East crude benchmark spot premiums for Oman, Dubai and Murban ticked up on Thursday, tracking gains in oil prices. Oil prices climbed on Thursday as geopolitical concerns over escalating tensions between Russia and Ukraine outweighed the impact of a bigger-than-expected increase in U.S. crude inventories. Both Brent LCOc1 crude futures and U.S. West Texas ...
- — COP29: OPEC head tells Baku summit oil and gas are ‘gift from God’
- at 11/21/24 3:00pmOPEC Secretary General Haitham al-Ghais used his speech at the UN Climate Change Conference in Baku on Nov. 20 to emphasize the pivotal role oil and gas continue to play, dubbing hydrocarbons a gift from God, as the producer group looks to stamp its narrative on the worlds leading climate event. Ghais was echoing somewhat ...
- — US crude oil stocks climb as slack refinery runs offset stronger exports
- at 11/21/24 11:00amUS crude oil inventories moved higher in the week ended Nov. 15 as lower refinery runs offset stronger exports. US commercial crude stocks climbed 550,000 barrels to 430.29 million barrels over the week to Nov. 15, Energy Information Administration data showed. Inventories now stand at 4.6% behind the five-year average for this time of year, ...
- — The Commodities Feed: Geopolitical risks build
- at 11/21/24 4:00amEnergy – Natural gas proves to be more sensitive to geopolitical risks Oil prices edged lower yesterday despite growing geopolitical risks related to Russia and Ukraine. Having fired a US made missile into Russia earlier in the week, there are reports that Ukraine has now fired British made missiles into Russia. For oil, the risk ...
- — Oil up on Russia-Ukraine missile exchange, outweighing US crude stock rises
- at 11/21/24 4:00amOil prices rose on Thursday as Russia and Ukraine launched missiles at each other, overshadowing the impact of a bigger-than-expected increase in U.S. crude inventories. Brent LCOc1 crude futures rose 96 cents, or 1.3%, to $73.77 as of 1017 GMT. U.S. West Texas Intermediate crude futures CLc1 rose 99 cents, or 1.4%, to $69.74. Prices ...
- — Oil discoveries fuel battle for strategic island off West Africa
- at 11/21/24 4:00amAt just one kilometer long, the tiny West African island of Mbanie might seem an unlikely focal point for a bitter territorial dispute. But a string of oil and gas discoveries and developments in the waters surrounding the island are fueling a tense court battle the culmination of a years-long feud between OPEC members ...
- — US LNG developers see Trump win lifting pall over expansions
- at 11/21/24 4:00amU.S. liquefied natural gas developers awaiting permits for new export projects this week expressed confidence President-elect Donald Trump will ease the way for their multi-billion-dollar expansion plans. Their confidence is buoyed by Trumps promise to end an expanded Department of Energy review that has slowed new export permits. President Joe Biden had paused new non-FTA ...
As of 11/22/24 6:56pm. Last new 11/22/24 5:28pm.
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