The British Exchequer underscored on Wednesday that the implemented price ceiling on Russian oil and oil products “successfully” managed to undermine Moscow’s ability to “fund” the “illegal war in Ukraine,” with the country’s income dropping by 20% between January and March 2023 compared to a year ago. “The oil price cap forms a critical part …
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The United States Energy Information Administration (EIA) stated in Short-Term Energy Outlook (STEO) published on Tuesday that it expects global crude prices to continue rising and international benchmark Brent to reach $86 per barrel in the second half of the year. The report noted oil prices are facing “upward pressure” due to “sustained global demand …
Oil turned lower as bearish sentiment rippled through markets following a larger-than-expected drop in China’s trade data. West Texas Intermediate fell to under $80 a barrel. China’s trade plunged in July as slowing global demand clouded the outlook for exports, while its oil imports slipped to a six-month low. The dollar climbed and stocks fell …
United States Federal Reserve Governor Michelle Bowman said on Monday that additional interest rate hikes will likely be needed to reach the Fed’s inflation target of 2%. However, she said she will monitor economic data for “evidence that inflation is on a consistent and meaningful downward path” as she considers further hikes and the length …
A third survey has come in showing that OPEC’s production dipped even more than earlier estimates, according to Argus, which showed that production fell in July by more than 1 million bpd as Russia and Saudi Arabia stepped up their efforts to curtail production. Argus’ survey is just one of many, with each survey looking …
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The Ukrainian State Hydrographic Service declared on Saturday the state of a “war risk area” in the internal and external waters of the ports of Anapa, Novorossiysk, Gelendzhik, Tuapse, Sochi, and Taman. According to the Ukrainian Coastal Notice 118, with this measure, these ports are considered to be in a war zone. The decision was …
One of Russia’s biggest oil tankers was struck by a maritime drone, the latest salvo in a Ukrainian military campaign employing unmanned vehicles to attack far-away Russian targets by air and by sea. The Russian-flagged ship, the Sig, was hit by a drone carrying 450 kilograms (992 pounds) of TNT shortly before midnight, according to …
Several analysts have concluded that Saudi Arabia may want to raise production this autumn in order to regain lost market share. Goldman Sachs: oil demand had hit a record in July, reaching 102.8 million barrels daily. Saudis decided to cuts oil production 250,000 to 500,000 barrels daily from next month. Earlier this week, media reported …
Continue reading “Another Oil Rally Is Confirmed $100 a Barrel Here We come”
Saudi Arabia extends cut of 1 million barrels of oil a day through September DUBAI, United Arab Emirates (AP) — Saudi Arabia said Thursday it will extend its unilateral production cut of 1 million barrels of oil a day through the end of September in its effort to boost flagging energy prices. The Saudi reduction, …
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“In Fitch’s view, there has been a steady deterioration in standards of governance over the last 20 years, including on fiscal and debt matters, notwithstanding the June bipartisan agreement to suspend the debt limit until January 2025,” the ratings agency said. Fitch also highlighted the rising general government deficit, which it anticipates will rise to …
Continue reading “Fitch Cuts U.S. Long-Term Ratings From ‘AAA’ to ‘AA+’”