Markets

The country’s oil and gas sector experienced a groundbreaking year in 2023, with a record-high combined production exceeding 390MM mt of oil equivalent.

Escalating tensions in the Middle East, particularly the US and UK strikes on Houthi targets in Yemen on Jan. 12, have triggered significant disruptions in the global oil and gas market.

Despite the ongoing outage at Libya's Sharara oil field and the tensions in the Middle East, futures prices for benchmark crudes retreated over the period ending Jan. 12 due to indications of weak demand.

Traders Most Bearish on Oil Since March 2023:

Oil producer kingpin’s recent decision to cut crude oil prices for Feb., impacting buyers globally.

The major oil producer in South America, under the libertarian leadership of its newly elected President Javier Milei, is on the brink of a radical transformation in its oil sector.

The largest oil producer in South America anticipates continued growth in oil and natural gas production in 2024, primarily driven by offshore field developments and the deployment of new floating production, storage, and offloading vessels (FPSOs).

The major Chinese oil supplier is navigating a tense negotiation with its largest customer, aiming for higher prices and withholding some supply, impacting global oil markets.

Exxon Mobil Corp, the largest U.S. oil producer, is set to face a significant downturn in its fourth-quarter earnings, projecting a 30% decline to approximately $8.9B.

Recent developments in the global oil market reveal a notable decline in India's imports of Russian crude oil, attributed to intensified G7 sanctions and related payment challenges.