Crude oil prices were in the red today after the Energy Information Administration reported an inventory build of 3.2 million barrels for the week to March 22.
Oil prices fell for a second day, dropping more than 1% on Wednesday on surging U.S. stockpiles and signs that the OPEC+ producer group is unlikely to change its output policy at a technical meeting next week.
Kazakhstan’s GDP is expected to grow at a moderate pace in the next two years, driven by oil and consumer spending.
Inflation is likely to remain above target in the short term, but is projected to decline over time.
The World Bank recommends reforms to improve the effectiveness of monetary policy and reduce the budget deficit.
India’s inflation and economic growth are at risk from the rise in oil prices caused by disruptions in the Red Sea, the government said, highlighting the need to diversify trade routes.
Global oil prices settled lower Friday for a third day in a row as the US dollar rose to the highest level in more than a month in the wake of the move by the Fed to pencil in three possible rate cuts this year, dovish remarks from the Bank of England and the surprise rate cut from the Swiss National Bank.
China’s largest oil refiner Sinopec (0386) saw its net profit fall about 13 percent to 58.3 billion yuan (HK$63.87 billion) in 2023 from a year ago due to decreased energy prices, and announced a final dividend of 0.2 yuan apiece.
Oil prices rose on Monday after three days of declines, driven by tightening supplies amid escalating geopolitical tension in the Middle East and an intensifying Russia-Ukraine conflict.
The US Energy Information Administration raised its Brent crude price forecast due to OPEC+ production cuts and falling oil outputs. Still on falling oil outputs, Ghana is facing an economic crisis because of diminishing foreign exchange reserves and high fuel prices. Meanwhile, S&P Global Commodity Insights editors are focusing on the price hikes for hot-rolled coil amid multiple mill outages.
Day 2 of CERAWeek by S&P Global kicked off in Houston, Texas, with a discussion between Dan Yergin, Vice Chairman of S&P Global, and Mike Wirth, CEO of Chevron. The two touched on several oil and gas industry hot topics, including artificial intelligence, Biden’s LNG ban, Chevron’s dispute with ExxonMobil regarding its stake in the oil-rich Stabroek block offshore Guyana, and more.
Multinational energy company Eni has closed a deal for the sale of some of its upstream assets with oil and gas company Perenco in the Republic of Congo.