Oil prices fell in early Monday trading, after Israel withdrew some soldiers from Gaza amid renewed ceasefire talks, defusing some tension in the Middle East ahead of the Eid Al Fitr holiday.
Oil prices slid more than $1 a barrel on Monday, with Brent falling below $90, as Middle East tensions eased after Israel withdrew more soldiers from southern Gaza and committed to fresh talks on a potential ceasefire in the six-month conflict.
Oil prices are likely to remain at current highs as geopolitical risk factors increase, but the next significant price jump would likely come if Israel attacks Iran’s energy facilities, said Greg Sharenow, head of the commodity portfolio management group at Pacific Investment Management Co LLC.
The Iraqi Minister of Oil, Hayan Abdul-Ghani, said that the Oil Ministry is taking steps to reach a production capacity of five million barrels per day despite the serious restrictions on oil markets and the OPEC countries’ quota limitations to maintain price stability.
The Government of Saskatchewan’s Crown petroleum and natural gas public offering, held on Tuesday, April 2, 2024, has raised $15,454,748.02 in revenue for the province, with the Estevan area generating the most cashflow.
Goldman Sachs analyst Neil Mehta notes Exxon Mobil’s projections, indicating higher-than-expected earnings.
Implied EPS for the quarter estimates at ~$2.15 vs. consensus closer to $2.06, showcasing positive outlook.
Oil prices closed in on the $90 a barrel mark on Wednesday after the Opec+ alliance decided to stick with crude supply cuts for the first half of the year.
Brent and WTI are set to post a more than 4% gain this week
Energy Minister, Dr. Matthew Opoku Prempeh has reiterated Ghana’s quest for more gas supply to support power generation.
This, he says, remains his top most priority as part of efforts of ensuring power stability for industrial and residential use for Ghanaians.
Dr. Prempeh emphasized the need for more gas supply and hence the need for the operational efficacy of the West Africa Gas Pipeline (WAGP).
Ukraine’s electricity system has been the target of repeated attacks by Russian forces, resulting in blackouts for about a million people. Yet the system is far from total collapse, according to the head of the country’s grid operator.