Markets

Iran's Petroleum Minister Jawad Owji declared that the US could no longer hinder Iran's oil production and exports.

In recent updates from industry leaders and analysts, the oil market has seen varied sentiments and forecasts.

Recent developments in the US crude oil market highlight significant shifts in both production and export volumes.

The UK's oil industry is at a critical juncture, with projections indicating a significant decline in production unless substantial investments, totaling around £20B, are secured by the end of the decade.

Continued opposing future views of the global oil market flare up again as IEA's latest downward revision sparks OPEC criticism amid oil market volatility.

Upbeat forecasts for demand growth in 2024 and 2025 bolstered futures prices.

Canadian oil executives from companies like Cenovus Energy, Enbridge, Imperial Oil, Shell, and Suncor have strongly criticized a proposed cap on carbon dioxide emissions from the country's oil and gas production.

The South Pacific's government is planning to overturn the ban on new oil and gas exploration imposed in 2018, aiming to address energy security challenges posed by declining natural gas reserves.

While recent optimistic inflation data has slightly buoyed oil prices, with the US Federal Reserve indicating one rate cut before the end of this year and additional cuts in 2025 and 2026, a mix of global events is likely to sway crude prices in the coming weeks.

Rosneft CEO Igor Sechin recently highlighted how the increased spare production capacity in Western and Middle Eastern companies is neutralizing the efforts of OPEC+ to stabilize oil prices.