Markets

Libya is set to resume its crude oil production following a political agreement aimed at resolving a protracted dispute over the leadership of its Central Bank.

OPEC+ oil producers are intentionally giving up market share by tightening supply to secure future investments, according to Alexander Novak, Russia’s deputy prime minister and a key OPEC+ official.

The country's recent announcement of extensive economic stimulus measures, including interest rate cuts and liquidity support, represents its most significant intervention since the pandemic.

Recent analyses provide critical insights into the trajectory of the US oil market, particularly regarding the projections for West Texas Intermediate (WTI) crude oil prices.

US biofuel producer Vertex Energy filed for Chapter 11 bankruptcy after enduring significant operational and financial challenges.

In addition to expectations of additional output from OPEC+ as well as political factions in Libya agreeing to initial steps that could help end production outages in the country, prices were also pressured by economic concerns in Europe.

Pemex reported a 6% decrease in oil production in Aug. 2024 compared to Aug. 2023, with total liquids output at approximately 1.77MM b/d.

In 2023, Chevron Corp. made substantial payments totaling $6.25 billion to the governments of Nigeria, Angola, and Equatorial Guinea, a figure that is three times greater than the $1.99 billion it paid to the US government.

The South Asian country is poised for significant developments in the oil and gas sector, with potential investments estimated at $100B in exploration by 2030.

Russia's ESPO Blend oil has recently risen to a premium over the Brent benchmark for the first time since Nov. 2023, driven by increased demand from Chinese refiners.