Markets

Brazilian state oil and gas company, Petrobras, is engaged in discussions with national oil companies (NOCs) from the Middle East, China, and India for potential collaboration in energy projects, according to CEO Jean Paul Prates.

The global oil and gas market stands at a critical juncture, demanding an astronomical $14 trillion in investments over the next two decades to meet escalating energy demands until 2045 as supported by growing consumption in India.

More headwinds related to China's economic recovery as well as a shift in sentiment regarding interest-rate cuts pressured futures prices for crude benchmarks.

The Joint Ministerial Monitoring Committee (JMMC) of the OPEC+ group, during its recent videoconference meeting, refrained from recommending changes to crude oil production levels, affirming the current voluntary cuts of 2.2MM b/d.

Pathways Alliance, a collaboration among Canada's six largest oil sands companies (including Canadian Natural Resources, Cenovus, ConocoPhillips, Imperial Oil, MEG Energy, and Suncor Energy), is making substantial strides towards a transformative emissions reduction goal.

The government has instructed Saudi Aramco to abandon its ambitious plan to expand oil production capacity to 13MM b/d, keeping it capped at 12MM b/d.

Eni and South Korean Refiners Lead the Charge in Global Biofuel Transition, Reshaping Oil and Gas Landscape.

Hedge Fund Manager Eric Nuttall, from Ninepoint Partners, asserts that the current state of oil markets lacks a geopolitical risk premium, emphasizing that only a tangible disruption of supply could alter this situation.

Despite the prevailing bearish sentiment, the global oil market demonstrates remarkable resilience, with demand remaining robust and defying negative expectations.

Macquarie strategists have released an oil and gas report expressing a structural bearish stance on crude oil but adopting a tactically neutral to slightly bullish position.