The threat of sharply rising gas prices and supply failures increases as Europe heads into winter without the reassurance of abundant cheap gas from Russia. Such gas supplies may halt completely if the European Union (EU) gives the final approval to a cap on gas prices from Russia at its meeting on 24 November. Russia’s state-owned gas behemoth, Gazprom, has stated that if the EU introduces this gas price cap, it will suspend all exports of its gas to EU countries.
This year’s average U.S. gasoline prices on Thanksgiving are expected to be at their highest level ever for the holiday and beat the previous record from Thanksgiving of 2012, according to estimates from fuel-savings app GasBuddy.
Ecomnews Med, a website specialized in economic affairs in the Mediterranean, has expected achieving a record level of oil and gas revenues in Libya by the end of this year, reaching $37 billion.
The speculation surrounding China’s zero-covid policy has sparked volatility in oil markets, and while crude was moving higher last week, this week may see a turnaround.
Standard Chartered analysts are now forecasting a reduction in global oil demand of over 400,000 bpd year-over-year in the fourth quarter amid increasingly bearish fundamentals.
The OPEC+ group may have to “rethink” its decision to slash their collective oil production target by 2 million barrels per day (bpd) from November as it further stokes inflation and worsens the economic outlook for oil-importing developing nations, Fatih Birol, the Executive Director of the International Energy Agency (IEA), told Bloomberg on Wednesday.
Despite global economic headwinds, oil prices could soon return to above $100 per barrel again, sooner than analysts thought two months ago.
There is great optimism around the future of biofuels, which may offer a low-carbon alternative to several widely used fossil fuels if given the necessary government support to help develop an international biofuels industry within the coming years.
Crude oil prices moved lower today after the Energy Information Administration reported a crude oil inventory build of 3.9 million barrels for the week to November 4.
Oil prices edged lower as industry data showed US crude stockpiles rose more than expected and on worries a rebound in COVID-19 cases in top importer China would hurt fuel demand.