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.
Nigerian oil margins per barrel increased slightly in London trade on Monday, continuing the upward trend that began last week when prices surged by almost 4% on the belief that supply was contracting and the possibility of additional attacks on Russian energy infrastructure was raising concerns
Oil dipped as signs of stubborn US inflation whipsawed wider markets and OPEC said its latest supply cuts stalled.
Opec has once again kept unchanged its bullish forecast for oil demand growth this year, even while others including Saudi state-controlled Aramco continue to see much lower levels of growth.
Oil prices closed 1% lower on Friday and fell even more for the week as markets remained wary of soft Chinese demand even as producer group OPEC+ extended supply cuts.
If oil disappeared tomorrow, there would be no more jet fuel, gasoline or diesel. Internal combustion engine automobiles, buses, trucks, lorries and coaches would be stranded. Airplanes powered by jet fuel would be grounded. Freight and passenger rail powered by diesel would halt. People could not get to work; children could not get to school. The shipping industry, transporting both freight and passengers, would be devastated.
Non-OPEC production growth set to outstrip OPEC output growth: S&P Global
Non-OPEC+ oil finding new markets traditionally controlled by the Middle East
South Korea, Taiwan appetite for US crude robust; India’s Russian crude buying intact
Kuwait Petroleum Corporation CEO Al-Sabah: Global oil demand looks robust.
Al-Sabah: U.S. shale production has helped meet part of the recent growth in world oil consumption.
As part of the voluntary OPEC+ cuts, Kuwait has pledged to voluntarily reduce its crude oil production by 135,000 bpd.
Heavyweights Saudi Arabia and Russia, alongside several other key OPEC+ producers, will extend their voluntary crude supply cuts until the end of the second quarter.
LONDON-Oil prices pulled back on Wednesday as the prospect of delays to U.S. interest rate cuts and a jump in U.S. crude stocks that trounced expectations offset a boost from a potential extension to OPEC+ supply curbs.