The Suriname government is hoping that more Chinese companies will become involved in the country’s oil and gas industry after the state-owned company, Staatsolie signed a production-sharing contract with PetroChina.
This week, crude oil prices faced sharp declines due to a confluence of factors that weighed heavily on market sentiment. Concerns over weak demand, particularly from China, and the easing of supply risks in the Middle East were central to the downward pressure on prices. Simultaneously, a series of reports from major institutions like the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC) lowered global demand forecasts for 2024, reinforcing the bearish outlook.
China’s economic woes and property crisis have been weighing on global oil demand consumption and growth expectations this year.
Despite some renewed optimism in the wake of the Fed’s jumbo cut, concerns about China aren’t going away.
OPEC trimmed its oil demand growth forecast for 2024, citing concerns in China.
China changed the structure of its oil imports in August, giving preference to supplies eligible for discounts.
China’s economic woes and property crisis have been weighing on global oil demand consumption and growth expectations this year.
Despite some renewed optimism in the wake of the Fed’s jumbo cut, concerns about China aren’t going away.
OPEC trimmed its oil demand growth forecast for 2024, citing concerns in China.
Crude oil production will continue to outpace demand in 2025 despite OPEC+ caps on output, Kpler analyst Homayoun Falakshahi told Reuters.
Aramco’s agreement with Hengli Group enables talks for a potential 10 percent stake acquisition
OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next year, marking the producer group’s second consecutive downward revision.
Chinese state-owned oil and gas giant China National Offshore Oil Corporation (CNOOC) has boosted its natural gas reserves with another discovery, which is said to mark the first major exploration breakthrough in ultra-deepwater carbonate rocks off the coast of China.
People are seen at a booth of a Chinese company during an oil expo in Baghdad, Iraq, on Sept. 9, 2024. Chinese energy firms are making a notable appearance at Iraq’s second International Exhibition and Conference for Oil Projects and Licensing Tours, which commenced in Baghdad on Monday, aiming to leverage opportunities in the country’s expanding energy sector. (Xinhua/Khalil Dawood)