The UN-backed alliance, which includes over 140 banks with more than $70 trillion (£56.5 trillion) in assets, was founded in 2021 with the goal of bringing the financial sector into alignment with the Paris Climate Agreement.
Last year’s oil market was dominated by algorithmic trading, amplifying every headline about market oversupply and Chinese demand into price swings that kept crude trapped in a narrow, disappointing range—well below OPEC+’s lofty production-cut goals. This year may not see much of a change in oil’s price amplitude, but the peaks and troughs could grow […]
Plug-in vehicles now make up about 8% of the US car market, only slightly more than last year, despite a rise in sales from the prior quarter’s 8% growth rate. A strong fourth quarter boosted total car sales, with the annualized 2024 rate hitting 15.9 million, up from 15.5 million in 2023
China’s very own state oil giants are saying it. CNPC said earlier this month that it expected demand growth to peak in 2025, moving the peak year from 2030, which was its prediction in 2023. The company cited electric vehicle adoption and LNG truck growth as reasons for its predictions, even though the record share of EVs in total car sales this year has failed to reverse China’s oil demand growth.
Crude oil and gasoline prices today are climbing, with crude oil posting a 2-1/2 month high and gasoline posting a 6-week high. Signs of US economic strength support energy demand and crude prices after weekly jobless claims fell to an 8-month low, and the Dec S&P manufacturing PMI was revised higher. Also, strong US jet fuel demand is bullish for crude after US jet fuel demand in October rose to a 7-year monthly high. Crude prices fell back from their best levels after the dollar index (DXY00) rallied to a 2-year high, and weekly US EIA crude inventories fell less than expected.
The total number of active drilling rigs for oil and gas in the United States stayed the same again this week, according to new data that Baker Hughes published on Friday, after seeing no change in the three weeks prior.
Italian oil and gas giant Eni S.p.A (NYSE:E) has launched its next-generation supercomputer that will help it to ramp up oil and gas discovery technology and support its decarbonization strategies. Based at Eni’s Green Data Center in the small town of Ferrera Erbognone, the €100m High-Performance Computing 6 (HPC6) machine is estimated to operate at the peak of 606 petaflops, powering a number of artificial intelligence functions, as well as highly sophisticated calculations, with the help of nearly 14,000 graphics processing units (GPUs). Eni’s latest supercomputer is the world’s 5th most powerful, achieving nearly half an exascale of performance on the LINPACK benchmark.
The ICC Tribunal concluded that the Branch Profit Remittance tax (BPRT) does not apply to Tullow Ghana’s operations under its Petroleum Agreements for the Deepwater Tano and West Cape Three Points blocks, which include the notable Jubilee and TEN fields offshore Ghana.
The price of crude oil globally ended the Year 2024 in the low $70s per barrel. At this price, the government should seize the opportunity to reduce the prices of fuel and reset the economy. The high price of fuel and food has led to high inflation and high cost of living.
Doubts about oil demand growth will persist beyond 2024, and fears of a price slump will be there to keep them company. That’s according to some recent predictions about the state of the oil market in 2025, which see demand growing, China directing the market, and OPEC still likely to unwind its production cuts.