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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
Oil prices are set to post a third consecutive weekly gain, with Brent nearing $81 and WTI changing hands for $76.41. Bullish sentiment is building in oil markets despite continued economic headwinds and the IEA reducing its oil demand growth forecast. Supply disruptions in Libya, Saudi Arabia’s production cut, and signs of lower Russian oil…
July 14, 2023
By Michael Kern Oil prices are set for a second consecutive weekly gain but the upside remains limited due to continued economic concerns. UAE: Latest Output Cuts Are Enough To Balance The Oil Market Friday, July 7th, 2023 Oil prices are set to end the week with a slight gain after the market eventually priced…
July 7, 2023
Uncertainty is rampant in oil markets, with traders struggling to balance economic uncertainty with continued supply cuts and the rising cost of capital. While Brent briefly jumped on the news of further cuts from Saudi Arabia and Russia, it was falling back in early trade on Wednesday. WTI diverged from Brent in early trade on…
July 5, 2023
Oil prices continued to decline on Friday, with WTI falling below $69 and Brent below $73.50. Concerns of a global economic slowdown are weighing on oil prices, particularly after Jerome Powell suggested more interest rate hikes were coming. Despite concerns of an economic slowdown, fuel demand in the U.S. is on the rise while some…
June 23, 2023
By Michael Kern Nigeria’s revenues from LNG exports declined in the first quarter of 2023 to the lowest in five quarters, due to security challenges and declining associated natural gas production at oilfields, Nigerian media reported on Monday, quoting government data and industry experts. Between January and March this year, Nigeria’s earnings from liquefied natural…
June 13, 2023
By Tsvetana Paraskova The OPEC+ group is not expected to announce another round of oil production cuts when ministers meet this weekend, OPEC+ sources told Reuters on Thursday. OPEC and its allies from several non-OPEC producers led by Russia are heading to the June 4 meeting amid market speculation whether the OPEC+ alliance will wrong-foot…
June 1, 2023
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman warned speculators again this week. Oil’s short positions are considerable, at 184 million barrels as of May 16. This is an increase of 140% from the number of short positions in play just a month earlier. The market is starting to price in the possibility of another…
May 25, 2023
By Yemi Yusuf Proton energy, a leading independent power plant developer in sub Saharan Africa, is set to revolutionise Nigeria’s power sector by adding 1500MW of installed capacity to the Nigerian national grid, about a third of the total current energy supply, in the next half decade. Nigeria has one of the world’s lowest electricity…
May 25, 2023
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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
Oil prices are set to post a third consecutive weekly gain, with Brent nearing $81 and WTI changing hands for $76.41. Bullish sentiment is building in oil markets despite continued economic headwinds and the IEA reducing its oil demand growth forecast. Supply disruptions in Libya, Saudi Arabia’s production cut, and signs of lower Russian oil…
July 14, 2023
By Michael Kern Oil prices are set for a second consecutive weekly gain but the upside remains limited due to continued economic concerns. UAE: Latest Output Cuts Are Enough To Balance The Oil Market Friday, July 7th, 2023 Oil prices are set to end the week with a slight gain after the market eventually priced…
July 7, 2023
Uncertainty is rampant in oil markets, with traders struggling to balance economic uncertainty with continued supply cuts and the rising cost of capital. While Brent briefly jumped on the news of further cuts from Saudi Arabia and Russia, it was falling back in early trade on Wednesday. WTI diverged from Brent in early trade on…
July 5, 2023
Oil prices continued to decline on Friday, with WTI falling below $69 and Brent below $73.50. Concerns of a global economic slowdown are weighing on oil prices, particularly after Jerome Powell suggested more interest rate hikes were coming. Despite concerns of an economic slowdown, fuel demand in the U.S. is on the rise while some…
June 23, 2023
By Michael Kern Nigeria’s revenues from LNG exports declined in the first quarter of 2023 to the lowest in five quarters, due to security challenges and declining associated natural gas production at oilfields, Nigerian media reported on Monday, quoting government data and industry experts. Between January and March this year, Nigeria’s earnings from liquefied natural…
June 13, 2023
By Tsvetana Paraskova The OPEC+ group is not expected to announce another round of oil production cuts when ministers meet this weekend, OPEC+ sources told Reuters on Thursday. OPEC and its allies from several non-OPEC producers led by Russia are heading to the June 4 meeting amid market speculation whether the OPEC+ alliance will wrong-foot…
June 1, 2023
Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman warned speculators again this week. Oil’s short positions are considerable, at 184 million barrels as of May 16. This is an increase of 140% from the number of short positions in play just a month earlier. The market is starting to price in the possibility of another…
May 25, 2023
By Yemi Yusuf Proton energy, a leading independent power plant developer in sub Saharan Africa, is set to revolutionise Nigeria’s power sector by adding 1500MW of installed capacity to the Nigerian national grid, about a third of the total current energy supply, in the next half decade. Nigeria has one of the world’s lowest electricity…
May 25, 2023
