Markets

Recent developments in North Sea exploration and Norwegian oil production highlight critical shifts in the energy landscape with significant implications for global markets.

The US investment bank forecasts a $75/bbl floor for Brent crude prices, predicting that this threshold will hold despite recent economic uncertainties, including recession fears in the US.

Saudi’s state-owned producer has increased its OSP for Arab Light crude by 20¢/bbl for Sept., marking the first price hike in three months.

On Aug. 1, 2024, OPEC+ ministers confirmed their commitment to the current oil output policy, which includes a gradual increase in production starting in Oct.

The global oil market is currently navigating a phase of intense volatility, marked by a tug-of-war between bullish and bearish forces.

In another week focused on worries about China's oil demand and the conflict in Gaza, WTI and Brent hit lows not seen since June 4 and Jan. 10, respectively.

The OPEC kingpin is anticipated to increase the official selling price (OSP) of its crude grades for Asia in Sept., driven by rising benchmark prices in the Middle East.

OPEC+ is grappling with key decisions regarding its production policy as crude prices dip and market conditions shift.

In 2024, the US is expected to contribute significantly to non-OPEC oil production growth, with Goldman Sachs projecting it will account for 60% of this increase.

Chevron Corp.'s $53B acquisition of Hess Corp. has encountered further delays as a scheduled arbitration hearing regarding the Stabroek block in Guyana has been set for May 2025.