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By Ken Afor Nigeria's crude oil production declined for the second consecutive month in March 2024 to 1.231 million barrels per day, according to the Organization of the Petroleum Exporting Countries (OPEC) latest Monthly Oil Market Report for April 2024. This represents a drop from the production level in February 2024, continuing the downward trend…
April 12, 2024
By Julianne Geiger The American Petroleum Institute (API) has reported a build of 1.586 million barrels in U.S. crude inventories, compared to last week’s large 5.25-million-barrel draw. Analysts were expecting an inventory draw of 1.650 million barrels for the week. The total number of barrels of crude oil moves so far this year is – 4…
September 27, 2023
The International Energy Agency warns of a deepening oil market deficit in the fourth quarter due to extended Saudi and Russian production cuts. Diesel shortages are affecting sectors such as construction, transport, and farming, with global inventories significantly below the usual levels for the year. Despite President Biden's promises to reduce gas prices, options like…
September 18, 2023
The head of the International Energy Agency has said that new projections show demand for coal, natural gas, and oil all peaking in the near future. The research will be released in the IEA’s World Energy Outlook in October and suggests fossil fuel demand will peak even without new climate policies. The driving force behind…
September 12, 2023
Guyana is expected to pump 1.2 million barrels of crude oil per day by 2027, surpassing many OPEC members, driven by Exxon's development of the Stabroek Block. The high-quality light sweet crude oil, low breakeven prices, and successful exploration campaigns are attracting immense international interest in Guyana's oil sector. Guyana's burgeoning oil production threatens to…
September 9, 2023
Goldman Sachs believes oil prices could hit $107 next year if Russia and Saudi Arabia maintain their production cuts. The bank does emphasize that $107 is not their base-case scenario as they don’t see OPEC+ pursuing prices well above $100. Persistent economic uncertainty and demand concerns continue to weigh on oil prices, but Brent crude…
September 7, 2023
McNally: “Oil prices are climbing a wall of doubt and skepticism,”. McNally: The Saudis are unlikely to reverse the cuts at $90 or $92 oil. Oil prices traded slightly lower on Monday as China’s economic recovery continued to disappoint while the U.S. dollar strengthened. By Charles Kennedy The oil market is in a bullish move…
August 14, 2023
By Charles Kennedy Oil prices jumped on Thursday after Saudi Arabia said it would extend its unilateral voluntary cut of 1 million barrels per day (bpd) into September, adding that the cut could be extended or extended and deepened. Minutes after the Saudi announcement via the official Saudi Press Agency, oil prices – which were…
August 3, 2023
By Julianne Geiger Oil prices saw another rise on Tuesday morning on optimistic forecasts published by the International Monetary Fund (IMF). On Tuesday, the IMF raised its 2023 global growth estimates based on promising economic activity in Q1. For 2023, the IMF is now estimating a 3% GDP growth—up 0.2 percentage points from its forecast…
July 26, 2023
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By Ken Afor Nigeria's crude oil production declined for the second consecutive month in March 2024 to 1.231 million barrels per day, according to the Organization of the Petroleum Exporting Countries (OPEC) latest Monthly Oil Market Report for April 2024. This represents a drop from the production level in February 2024, continuing the downward trend…
April 12, 2024
By Julianne Geiger The American Petroleum Institute (API) has reported a build of 1.586 million barrels in U.S. crude inventories, compared to last week’s large 5.25-million-barrel draw. Analysts were expecting an inventory draw of 1.650 million barrels for the week. The total number of barrels of crude oil moves so far this year is – 4…
September 27, 2023
The International Energy Agency warns of a deepening oil market deficit in the fourth quarter due to extended Saudi and Russian production cuts. Diesel shortages are affecting sectors such as construction, transport, and farming, with global inventories significantly below the usual levels for the year. Despite President Biden's promises to reduce gas prices, options like…
September 18, 2023
The head of the International Energy Agency has said that new projections show demand for coal, natural gas, and oil all peaking in the near future. The research will be released in the IEA’s World Energy Outlook in October and suggests fossil fuel demand will peak even without new climate policies. The driving force behind…
September 12, 2023
Guyana is expected to pump 1.2 million barrels of crude oil per day by 2027, surpassing many OPEC members, driven by Exxon's development of the Stabroek Block. The high-quality light sweet crude oil, low breakeven prices, and successful exploration campaigns are attracting immense international interest in Guyana's oil sector. Guyana's burgeoning oil production threatens to…
September 9, 2023
Goldman Sachs believes oil prices could hit $107 next year if Russia and Saudi Arabia maintain their production cuts. The bank does emphasize that $107 is not their base-case scenario as they don’t see OPEC+ pursuing prices well above $100. Persistent economic uncertainty and demand concerns continue to weigh on oil prices, but Brent crude…
September 7, 2023
McNally: “Oil prices are climbing a wall of doubt and skepticism,”. McNally: The Saudis are unlikely to reverse the cuts at $90 or $92 oil. Oil prices traded slightly lower on Monday as China’s economic recovery continued to disappoint while the U.S. dollar strengthened. By Charles Kennedy The oil market is in a bullish move…
August 14, 2023
By Charles Kennedy Oil prices jumped on Thursday after Saudi Arabia said it would extend its unilateral voluntary cut of 1 million barrels per day (bpd) into September, adding that the cut could be extended or extended and deepened. Minutes after the Saudi announcement via the official Saudi Press Agency, oil prices – which were…
August 3, 2023
By Julianne Geiger Oil prices saw another rise on Tuesday morning on optimistic forecasts published by the International Monetary Fund (IMF). On Tuesday, the IMF raised its 2023 global growth estimates based on promising economic activity in Q1. For 2023, the IMF is now estimating a 3% GDP growth—up 0.2 percentage points from its forecast…
July 26, 2023
