Oil prices rose on Tuesday as the US dollar eased against major peers but gains were limited by worries of slowing global fuel demand growth amid bearish economic data from key oil importing economies such as China.
An excess of supply in the oil market was the main reason for OPEC+ opting to cut production earlier this month, according to the group’s secretary-general.
Breaking news: the much-touted commodity market boom is officially over. Metals, energy, and agriculture prices have all tumbled from their March peak as inflationary pressure, higher interest rates and a brawny dollar took a heavy toll on the two-year rally.
Saudi Aramco posted a 39% yearly surge in net income for the third quarter and generated record free cash flow as higher oil prices and higher production helped it beat the analyst consensus.
Oil rose on Thursday, extending a rally of nearly 3% in the previous session, as optimism over record U.S. crude exports and signs that recession fears are abating outweighed concern over slack demand in China.
OPEC is likely to maintain its view world oil demand will rise for another decade, longer than many other forecasters predict, in a forthcoming major report, despite the growing role of renewables and electric cars, two OPEC sources said.
The Power Energy Ghana Exhibition – a complete international exhibition of the power/energy sector – is set to take off in Accra next month from November 14-16, 2022 at the Accra International Conference Centre.
Dr Matthew Opoku Prempeh has said the country stands ready to attract the necessary investments into its upstream petroleum sector o bring wealth and growth to the country.
Despite weaker oil prices during the third quarter, the oil industry is still booking strong financial results. According to some, this is “awkward” because it is happening during a time of economic hardship. Besides being awkward, however, Big Oil’s profits will likely draw more political pressure from desperate governments.
Fossil fuel consumption is expected to peak or plateau within this decade, accelerated by the policy and trade flow shifts following the Russian invasion of Ukraine, the International Energy Agency (IEA) said on Thursday.