OPEC repeated it expected global oil demand to expand by 2.25 million barrels daily this year. The forecast was accompanied by a prediction of stronger than previously expected economic growth. “While some downside risks persist, a continuation of the expected momentum from the beginning of the year could result in additional upside potential for global economic …
Production output in the United Kingdom decreased by 0.2% in January compared to the previous month, the Office for National Statistics revealed in a report on Wednesday. On an annual level, the reading rose by 0.5%. The main contributors to the monthly decline were water supply sewerage, which dropped 2.2%, and mining and quarrying, which …
Reuters this week reported that the divergence between IEA and OPEC demand numbers is the largest in 16 years. The IEA predicted last year that oil demand would peak before 2030. OPEC has a vested interest in stronger global demand, so there may well be an overestimation bias in its outlooks. Ever since the International …
WASHINGTON (AP) — President Joe Biden ‘s growing frustration with Israeli Prime Minister Benjamin Netanyahu continues to mount, with the Democrat captured on a hot mic saying that he and the Israeli leader will need to have a “come to Jesus meeting.” The comments by Biden came as he spoke with Sen. Michael Bennet, D-Colo., …
In a recent address, Ismail Haniyeh, head of Hamas’s political bureau, Highlighted the group’s conditions for truce negotiations in the ongoing conflict with Israel in Gaza.Haniyeh emphasized the need for a ceasefire, a demand yet to be accepted by Israel. Despite reaching out to interlocutors just before the speech, Haniyeh expressed disappointment, noting the lack …
Chinese oil demand is back in the spotlight, exerting pressure on oil prices to start the new trading week with a loss, extending losses booked last week. “Worries over weak demand in China outweighed the extension of supply cuts by OPEC+,” a Nissan Securities analyst told Reuters. The worries came after the research arm of …
Oil prices have remained largely rangebound over the last month as bullish and bearish factors continue to counterbalance each other. The flatlining of oil prices continued this week despite positive trade data coming out of China and impressive Indian oil demand, with a continued build-up in US crude inventories and skepticism vis-à-vis OPEC+’s extended voluntary …
The OPEC+ group’s combined crude oil production in February was little changed from January and still above the overall output quota that OPEC and its allies pledged when they announced extra voluntary supply reductions, according to the latest Platts survey by S&P Global Commodity Insights. The survey showed total OPEC+ oil production flat in February from January …
Continue reading “OPEC+ Failed to Hit Its Production Cut Target Yet Again in February”
Producer prices in Germany saw an annual decline of 4.4% in January, the country’s statistical office Destatis revealed in a report on Friday. Month on month, the index rose 0.2%. In the reported month, energy prices dropped 11.7% compared to the same timeframe a year ago and edged down 0.1% compared to December 2023. Prices …
Continue reading “German producer prices down 4.4% in January”
Israel has rejected a proposal for a permanent ceasefire in the Gaza Strip tabled by Hamas, Al Jazeera reported on Thursday. Hamas submitted its conditions earlier this week in response to terms proposed by Egyptian and Qatari mediators. The Palestinian group later accused Israel of “evading” its proposal. The report cited unnamed sources as saying …
Continue reading “Israel reportedly rejects permanent ceasefire”