Oil and Gas

London, Dec. 17, 2024 – Oil steadied after falling in the previous session as Chinese economic data failed to dispel concerns about weakening consumption in the biggest crude importer. Brent traded near $74 a barrel after slipping 0.8% on Monday, with West Texas Intermediate below $71. Chinese refining activity fell in November and retail sales came in well below estimates. The nation’s leaders have vowed stronger stimulus, but there’s skepticism Beijing will be able to revive growth and rescue the property market. Crude has fallen by around 14% this half …

London, Dec.14, 2024 – OPEC+ faces a major oil oversupply in 2025, challenging production increases. The coalition has tried to boost oil prices by holding back output, but instead, members are ceding control to non-OPEC producers, such as the US. OPEC’s position in the oil market is slipping, and next year’s massive supply glut will likely further loosen the cartel’s grip. According to the International Energy Agency, OPEC+ faces a sizable supply overhang, regardless of how long it holds back on increasing production. At the same time, non-member countries continue …

Singapore, Dec. 13, 2024 – Oil prices nudged upwards on Friday, heading for their first weekly rise since the end of November. Additional sanctions on Iran and Russia ratcheted up supply worries, while a surplus outlook weighed on markets. Brent crude futures edged up 5 cents to $73.46 a barrel by 0716 GMT, while U.S. West Texas Intermediate crude was up 8 cents at $70.1 a barrel. Both contracts are on track for a weekly gain of more than 3% as concerns about supply disruption from tighter sanctions on Russia …

Singapore, Dec. 11, 2024 – Oil prices rose on Wednesday with market participants expecting demand to rise in the world’s largest crude importer after Beijing announced a looser monetary policy to stimulate economic growth in China. Brent crude futures gained 36 cents, or 0.5%, to $72.55 a barrel by 0430 GMT, while U.S. West Texas Intermediate crude futures rose 36 cents, or 0.5%, to $68.95. China said on Monday it would adopt “appropriately loose” monetary policy in 2025 as Beijing tries to spur its economy with the first easing of …

Macca, Dec. 10, 2024 – Saudi Aramco, the world’s largest crude oil exporter, cut its January 2025 prices for Asian buyers to its lowest level since early 2021, the company said this weekend, amid weakening demand from China.  Aramco cut the price for its flagship crude by 80 cents, to just 90 cents per barrel over the Oman/Dubai benchmark average. Last time prices were this low, oil markets were still grappling with the demand hit from the coronavirus pandemic.  The cut follows a decision by OPEC+ last week to extend production curbs …

London, Dec. 8, 2024 – Saudi Arabia is cutting oil prices for buyers in Asia by more than expected after OPEC+ further delayed an output revival, underscoring how the outlook for the market remains weak. State oil producer Saudi Aramco will sell its main Arab Light crude grade at a premium of 90 cents a barrel to the regional benchmark in January, according to a price list seen by Bloomberg. That compares with $1.70 for this month. The company was expected to lower the premium by slightly less, to $1, …

Abuja, Dec. 6, 2024 – The Nigerian National Petroleum Company limited (NNPCL) is to start exporting refined petrol from the Port Harcourt Refinery. Its first shipment is being moved to Dubai on board Wonder Star MR1 ship in the coming days. The ship will load 15,000 metric tons of the product which translates to about 13.6 million litres. The sulfur content of the export is 0.26 per cent per wt and a 0.918 g/ml density at 15°C, according to Kpler, a data and analysis company. The cargo was reportedly sold …

Singapore, Dec. 6, 2024 – Oil prices dipped on Friday, with weak demand in focus after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026. Brent crude futures were down 20 cents, or 0.3%, to $71.89 per barrel at 0910 GMT. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, to $68.16 per barrel. For the week, Brent was on track to fall 1.5%, while WTI was on course for a 0.2% gain. The Organization of the Petroleum Exporting …