Despite concerns about the economy, global oil demand continues to exceed expectations, according to the International Energy Agency (IEA) which raised its demand growth forecasts for both 2023 and 2024. Global oil consumption continued to be strong in September, with a record-high Chinese demand of 17.1 million barrels per day (bpd), the IEA said in.
Dutch pension fund Pensioenfonds Metaal & Techniek (PMT) is divesting from 40 oil and gas companies, but will keep its investments in Shell and BP and seven other energy firms as it sees the nine companies as “the most promising” for PMT in the sector. PMT will continue to invest in Aker BP, BP, Enbridge,.
The average price of Russia’s flagship crude grade, Urals, dropped in November from October but was still way above the Western price cap of $60 per barrel, data from Russia’s Finance Ministry showed on Friday. The average price of the Urals grade was $72.84 per barrel last month, down from $81.52 a barrel in October,.
Crude oil loadings at key Black Sea ports in Russia and Ukraine continue to be halted amid a raging storm that has left an estimated two million people without power, according to Agence France Presse. Hurricane level winds, massive snowfall and heavy rain shut down electricity lines and led to major flooding. Train transport along.
Jordan is considering diversifying its natural gas supplies amid fears that there could be disruptions in the flow of gas from Israel. According to a report by a state-owned TV channel, Prime Minister Bisher Khasawneh had said Jordan was in discussions with two potential suppliers from the Persian Gulf, Bloomberg reported. Both had expressed readiness.
Crude oil prices began the week with a slide ahead of the postponed OPEC+ meeting that will now be held on Thursday. The decline followed a modest increase last week on traders’ expectations that Saudi Arabia and Russia, the de facto leaders of the OPEC+ extended cartel, would extend their voluntary supply cuts into 2024..
Iran expects its oil production to rise to 3.6 million barrels per day (bpd) by the end of the current Iranian year in March 2024, from around 3.3 million bpd now, Iran’s Oil Minister Javad Owji has said. The minister talked about Iranian oil production during a visit by Iran’s President Ebrahim Raisi to the.
Nigeria’s economy recorded flat growth in the third quarter, as oil prices somewhat stabilized while the impact of reforms by the newly created government at boosting output were yet to have an impact. The economy expanded by 2.54% in Q3 2023, a slight improvement from 2.51% posted in the second quarter but way below the 6% clip.
Supported by the United States, France will propose at the COP28 climate summit in Dubai an exit of private financing for coal-fired power plants, Reuters reported on Tuesday, citing sources with knowledge of the talks. According to Indian officials who spoke to Reuters, France has discussed with India – a large coal consumer – a.
The world’s top oil fund, United States Oil ETF (NYSEARCA: USO), booked on Tuesday its biggest daily outflows since December 2016 amid heightened volatility ahead of the OPEC+ meeting which was scheduled for the coming weekend but has since been delayed. USO saw daily withdrawals of nearly $225 million, according to estimates by Bloomberg. United.
