Markets

A big day-on-day price increase on Thursday after the IEA revised its demand forecast upward led to modest week-on-week upticks for NYMEX WTI and ICE Brent.

The world's third-largest oil consumer is anticipated to experience a deceleration in crude oil demand growth in 2024.

The EIA has revised downward its Brent price forecast, projecting an average of $83/bbl for the upcoming year, citing concerns over global oil demand growth

China National Petroleum Corporation (CNPC), a state-owned oil and gas entity, projects a peak in China's oil demand by 2030, forecasting an annual range between 780MM and 800MM mt.

Recent reports and analyses paint a nuanced picture of the global oil and gas market, challenging the optimistic narrative presented at COP28.

Ongoing discord within OPEC+ regarding deeper production cuts has resulted in a lackluster announcement, pressuring oil prices lower.

The recent surge in US crude oil production, reaching a record 13.2MM b/d in Sept., is posing a significant challenge to OPEC's efforts to stabilize oil prices and implement production cuts.

In a recent escalation of geopolitical tensions, Venezuelan President Nicolas Maduro's pursuit of annexing oil-rich Essequibo has placed ExxonMobil and Chevron in a precarious position.

The Biden administration's recent finalization of comprehensive methane regulations in the United States is set to significantly impact the oil and gas sector across the country.

The COP28 climate summit, currently in its final phase, is witnessing heightened tensions and divergent views regarding the future of fossil fuels.