Markets

The major OPEC+ producer’s oil exports by sea increased to an average of 3.19MM b/d in the four weeks ending Aug. 11, marking a rebound from their lowest level in 11 months.

The Sharara oil field, Libya's largest, has halted production due to protests and political conflicts.

After a rough start on Monday, WTI and Brent futures rose on each of the remaining days of the week.

Two recent developments reflect significant opportunities and challenges in the global oil exploration and production (E&P) sector.

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.