And Middle East conflict has so far had limited impact on crude oil market Crude oil prices are strengthening and have surpassed the US$90 per barrel mark, marking a recovery from previous declines. It’s worth noting, however, that, to a limited extent, this premium is merely masking a recent drop in the prices of physical…
Global oil markets grappling with rising tensions in the Middle East and sanctions against Russia Geopolitics continues to dominate the energy sector. Following the outbreak of the Hamas-Israel war nearly two weeks ago, oil markets saw an approximate US$5 per barrel surge. However, markets have somewhat stabilized as neither Israel nor the Gaza Strip are…
OPEC and IEA clash on the future of global oil demand amid skyrocketing prices Oil prices surged last week, reaching their highest level of the year, with some experts suggesting the possibility of hitting $100 a barrel before year-end. The price rally was driven by growing expectations of a tightening supply, as Saudi Arabia and…
Saudi Arabia and Russia playing a high-stakes game when it comes to higher oil prices Saudi Arabia and Russia, two major global oil producers and exporters, have announced their plan to expand their additional oil output cut of 1.3 million barrels per day (bpd) until at least the end of this year. This decision has…
Climate change is real, but global commitments to reduce fossil fuel subsidies are just smoke and mirrors While the world is increasingly awakening to the realities of climate change – marked by extreme heatwaves, rampant wildfires, and catastrophic floods from the Americas to Europe to Asia – there remains a troubling retreat from emission reduction…
The rally in oil prices shows no sign of slowing down. For consumers looking to fill up at their local gas stations, the horizon is grim The latest figures from the International Energy Agency (IEA) have confirmed what many industry insiders were anticipating: global oil demand touched an all-time high in June and is poised…
From boom to gloom to boom to ... Predicting the oil market trajectory is like walking a tightrope in a windstorm Ah, the sweet taste of victory or could it be defeat? Only time will tell, as oil markets finally scaled the elusive mountain, hitting the OPEC target price of $80 a barrel last week.…
Crude oil markets torn between rising Iranian oil exports and OPEC+ production cuts Crude oil markets are torn between two conflicting and contradictory plays. On one hand, is the growing Iranian and Venezuelan crude output, and on the other is the desire of the major players, Saudi Arabia and Russia, to cut output and put…
But Saudi Arabia crude oil cut overshadowed by worsening global consumption slump, geopolitics Following a two-day OPEC+ ministerial meeting, Saudi Arabia announced on Sunday, June 4, a voluntary reduction of one million barrels per day (bpd) in oil production for July. The cut could be extended further, according to Saudi oil minister Abdulaziz bin Salman.…
Growing global demand and supply cuts point to a potential reversal in oil markets Global oil demand is projected to reach 102 million barrels per day (bpd) in 2023, signalling a substantial growth of 2.2 million bpd this year, according to the latest Oil Market Report from the International Energy Agency (IEA). The IEA attributes…
And Middle East conflict has so far had limited impact on crude oil market Crude oil prices are strengthening and have surpassed the US$90 per barrel mark, marking a recovery from previous declines. It’s worth noting, however, that, to a limited extent, this premium is merely masking a recent drop in the prices of physical…
Global oil markets grappling with rising tensions in the Middle East and sanctions against Russia Geopolitics continues to dominate the energy sector. Following the outbreak of the Hamas-Israel war nearly two weeks ago, oil markets saw an approximate US$5 per barrel surge. However, markets have somewhat stabilized as neither Israel nor the Gaza Strip are…
OPEC and IEA clash on the future of global oil demand amid skyrocketing prices Oil prices surged last week, reaching their highest level of the year, with some experts suggesting the possibility of hitting $100 a barrel before year-end. The price rally was driven by growing expectations of a tightening supply, as Saudi Arabia and…
Saudi Arabia and Russia playing a high-stakes game when it comes to higher oil prices Saudi Arabia and Russia, two major global oil producers and exporters, have announced their plan to expand their additional oil output cut of 1.3 million barrels per day (bpd) until at least the end of this year. This decision has…
Climate change is real, but global commitments to reduce fossil fuel subsidies are just smoke and mirrors While the world is increasingly awakening to the realities of climate change – marked by extreme heatwaves, rampant wildfires, and catastrophic floods from the Americas to Europe to Asia – there remains a troubling retreat from emission reduction…
The rally in oil prices shows no sign of slowing down. For consumers looking to fill up at their local gas stations, the horizon is grim The latest figures from the International Energy Agency (IEA) have confirmed what many industry insiders were anticipating: global oil demand touched an all-time high in June and is poised…
From boom to gloom to boom to ... Predicting the oil market trajectory is like walking a tightrope in a windstorm Ah, the sweet taste of victory or could it be defeat? Only time will tell, as oil markets finally scaled the elusive mountain, hitting the OPEC target price of $80 a barrel last week.…
Crude oil markets torn between rising Iranian oil exports and OPEC+ production cuts Crude oil markets are torn between two conflicting and contradictory plays. On one hand, is the growing Iranian and Venezuelan crude output, and on the other is the desire of the major players, Saudi Arabia and Russia, to cut output and put…
Growing global demand and supply cuts point to a potential reversal in oil markets Global oil demand is projected to reach 102 million barrels per day (bpd) in 2023, signalling a substantial growth of 2.2 million bpd this year, according to the latest Oil Market Report from the International Energy Agency (IEA). The IEA attributes…