Rising geopolitical risk pushed Brent well past $80 last week, but the brief price rally has been dampened by continued economic concerns and a strong supply situation.
Saudi Arabia’s state-owned oil company, Aramco, has decided to suspend its ambitious plan to boost oil production capacity to 13 million barrels per day (bpd) as per the Saudi government’s request.
Oil prices advanced after missiles launched by Iran-backed militants killed U.S. troops in Jordan and struck a fuel tanker in the Red Sea.
Three U.S. service members were killed and many injured in an unmanned aerial drone attack on forces stationed in a northeast Jordan outpost.
The latest round of Middle East OSP cuts was inevitable.
Arab Light remains the cheapest grade for any US buyer, assessed at a $5.15 per barrel premium to the Argus Sour crude index.
Iraq has slashed prices across all continents in the same vein that Saudi Aramco did.
Oil prices have gained some upward momentum in the last week, driven by geopolitical tensions and inventory drawdowns.
Analysts continue to debate just how serious the geopolitical risks are and whether spare capacity and new production will be able to counter supply issues.
Seasonal shifts in demand, coupled with anticipated interest rate cuts, look set to push oil prices higher in the near future.
The decision by Shell, a global energy giant, to exit its onshore business in Nigeria has sent shockwaves through the country’s oil and gas industry, casting a spotlight on local firms and raising questions about the future of the industry.
Standard Chartered: sentiment in the oil and commodity markets closely mirrors the beginning of 2023.
Oil traders fear that market surpluses will be larger in the current year than they were last year.
Traders expect the U.S. and Europe, not China, to be the main sources of demand weakness this time around.
China’s oil imports reached 11.28 million bpd in the previous year, an 11% increase from
2022, driven by strong fuel demand at home and abroad.
Domestic crude oil production in China also hit a record, totaling 208 million tons for the year, averaging 4.2 million barrels per day.
China’s substantial oil storage activities and fuel exports, particularly to Europe post-Russian embargo, highlight both domestic and international demand dynamics.
In the turbulent seas of the energy sector, upstream specialist Kosmos Energy (KOS) finds itself adrift. Over a 52-week period, KOS stock has endured a nearly 15% loss. This decline persists in spite of oil-producing nations agreeing to production cuts, a move typically aimed at stabilizing and potentially bolstering crude oil prices.
US President Joe Biden and the World Bank are worried global oil prices could surge even higher if conflict in the Middle East escalates, as the Israel-Gaza war continues and as US and UK attacks on the Iran-backed Houthis in Yemen attempt to blunt their ability to target commercial shipping in the Red Sea.