Markets

The Energy Information Administration (EIA) has revised its forecast for Brent crude oil prices, anticipating an average of $87/b for this year and $85/b for the next.

For the sixth consecutive year, the US asserts its dominance as the world's leading oil producer, a feat validated by the Energy Information Administration (EIA) reporting record-breaking crude oil production levels.

A second shipment of US WTI is en route to Nigeria's Dangote refinery, signaling a strategic move in the global crude oil market.

Mild weather in the northern hemisphere and concerns about how China will meet its 2024 target for economic growth weighed on futures prices for benchmark crudes.

ExxonMobil's recent move to file for arbitration over its rights to Hess's Guyana oil and gas assets has injected complexity into Chevron's $53 billion acquisition of Hess Corp.

Enbridge, a key player in the global energy landscape, is strategically enhancing its crude oil export capabilities at the US Gulf Coast (USGC) to accommodate the burgeoning output from the Permian Basin and Western Canada.

Oil prices are displaying resilience, marked by a second consecutive monthly gain as OPEC+ extends supply curbs until Q2 2024, contributing to WTI's substantial $7/b increase in Feb.

In response to the OPEC+ decision to prolong production cuts, Saudi Arabia has revised its official selling prices for Asian buyers, signaling strategic adjustments in the global oil market.

In a strategic move, the OPEC+ coalition, comprising eight nations, has opted to prolong voluntary production cuts until the end of Q2 2024.

In a seismic shift, the Western Hemisphere, spearheaded by the US, Canada, Brazil, and Guyana, has become the primary driver of global oil production growth