Markets

Phillips 66’s CEO, Mark Lashier, has projected a significant global refining capacity shortage that could emerge as early as next year.

Morgan Stanley forecasts a substantial oil supply surplus in 2025, projecting that supply will outpace demand by 1.4MM b/d.

Saudi Aramco is set to lower its official selling prices (OSP) for its crude oil grades in Oct., influenced by weakening refining margins and declining Dubai benchmark prices.

On Sept. 5, 2024, OPEC+ extended its voluntary oil production cuts for an additional two months, reflecting ongoing struggles in the oil market.

Libya’s recent halt in crude oil production, driven by political disputes between the eastern Benghazi-based administration and the Tripoli-based government, has far-reaching implications for global oil markets, European refiners, and petrochemical production.

Supply concerns regarding the Middle East and northern Africa offered some support, but worries about lackluster US and Chinese economic growth as well as expectations of some OPEC+ oil returning to the market in Oct. pushed prices lower.

Recent developments in South Africa, Nigeria, Senegal, and Namibia are significantly altering the African oil and gas sector.

Despite robust demand data, recent forecasts reveal sharp contradictions in the global oil market.

The Norwegian energy firm's commitment to investing up to a huge sum in domestic offshore oil and gas operations underscores its long-term outlook for Norwegian energy resources.

The UK government is set to introduce new environmental guidance for oil and gas companies operating in the North Sea.