The price of crude oil slightly increased as the weekend approached, something that has been attributed to the rising tension in the Middle East between Israel and Hezbollah, the Shite military group in Lebanon. As of 18:00 GMT, the prices of WTI and Brent were at $81.58 and $86.46 respectively. The…
Friday 28 June 2024
Monday 17 June 2024
Oil price: diverging forecasts on oil demand from two global giants
IEA (2024), Annual oil demand growth, 2011-2025, IEA, Paris The Paris-based
International Energy Agency, IEA, put a damper yet again on the perceived demand for oil in 2024 and 2025, in stark contrast to that of the OPEC+, the Organization
of Petroleum Exporting Countries plus Russia. According to
IE…
Saturday 8 June 2024
Sharp rise in US crude stocks: the only chart that explains the oil price stagnation
The price of oil has been down for the fourth successive week with Brent hitting below $80 again. As of 18:00 GMT on Friday, the prices of WTI and Brent recorded $75.53 and $79.62 respectively. The long-awaited meeting of the OPEC+, meanwhile, went ahead on Sunday, June 2, with some members opted f…
Saturday 1 June 2024
The latest blow to the oil and gas markets: Chinese manufacturing sector shrinks again!
In the ascending order of anxiety, the OPEC+ has been forced to accumulate a growing range of bad news in recent times for its decision makers to digest. In this context, the latest manufacturing data from China hardly comes as a catalyst for optimism, as far as the oil cartel is concerned. China…
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