Markets

While futures prices registered day-on-day swings of 1.2-4.2% on each day of the period, the week-on-week shifts were a quarter of a percent or less.

Global oil demand is facing a bearish outlook due to several converging factors affecting key markets.

US oil output reached a new record high, with Lower-48 production having risen by 100K b/d to 13MM b/d.

The major Scandinavian producer’s oil and gas sector is set to achieve record investment levels in 2024, with total spending projected to hit $24B (257B Norwegian crowns).

OPEC's second-largest producer is transitioning to profit-sharing contracts for its oil and gas sector, marking a significant regulatory change aimed at attracting higher investment.

The Trans Mountain Expansion (TMX) pipeline has enhanced the economic viability of Canadian crude exports to East China, particularly Access Western Blend (AWB).

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.