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German energy prices are so high they’re driving companies to relocate, industry body says
June 27, 2023
Source: CNBC

German energy prices are so high they’re driving companies to relocate, industry body says

German energy prices are so high that some companies are considering leaving the country altogether, according to Siegfried Russwurm, head of the German Industry Federation (BDI).

Saudi Aramco looks to China and India to prop up oil markets
June 27, 2023
Source: CNBC

Saudi Aramco looks to China and India to prop up oil markets

Aramco’s CEO Amin Nasser believes that the oil market fundamentals remain generally “sound” for the rest of the year.

CNPC Lowers Forecast for China Oil Demand This Year
June 21, 2023
Source: RIGZONE

CNPC Lowers Forecast for China Oil Demand This Year

China National Petroleum Corp. cut its forecast for the nation’s oil demand this year, as a post-Covid economic recovery continues to disappoint.

Indian Diesel and Gasoline Demand Set All Time Highs
June 21, 2023
Source: RIGZONE

Indian Diesel and Gasoline Demand Set All Time Highs

Indian diesel and gasoline demand both set all-time highs in May, according to a new report from Standard Chartered, which was sent to Rigzone recently.

Oil price dip ignores burgeoning Chinese demand and imminent supply crunch, IEA warns
May 19, 2023
Source: CNBC

Oil price dip ignores burgeoning Chinese demand and imminent supply crunch, IEA warns

The IEA has underlined a disconnect between investment sentiment fueled by broader economic fears and tightening supply-demand balances.

Wildfires burn millions of acres in Canada, send oil prices higher
May 19, 2023
Source: CNBC

Wildfires burn millions of acres in Canada, send oil prices higher

Wildfires burning across western Canada have forced thousands of people to evacuate their homes and have prompted some oil and gas companies to curb production as blazes approach pipelines.

New fuel policy in Brazil to ease prices at the pump, space out adjustments
May 17, 2023
Source: REUTERS

New fuel policy in Brazil to ease prices at the pump, space out adjustments

Brazilian state oil company Petrobras approved a new fuel pricing policy for gasoline and diesel that will sharply lower costs for motorists, it announced on Tuesday, ditching a more market-based policy in favor of greater flexibility to smooth price swings.

Oil’s sharp slide has surprised markets. But some traders now see a bottom for prices
May 11, 2023
Source: CNBC

Oil’s sharp slide has surprised markets. But some traders now see a bottom for prices

The plunge in oil prices will bottom out soon with a more significant pickup in subsequent quarters, some analysts forecast. Oil prices saw their third consecutive weekly decline last week, marking the longest losing run this year.

Could the Oil Price Crash in 2023?
May 9, 2023
Source: RIGZONE

Could the Oil Price Crash in 2023?

A “major pullback” in oil prices is a growing risk, according to Joseph Gatdula, the Head of Oil & Gas Research at BMI.

Equinor profits top forecasts in strong first quarter
May 4, 2023
Source: Upstream Online

Equinor profits top forecasts in strong first quarter

Analysts point to an impressive performance in a quarter where profit is falling back from record levels seen in 2022. Norwegian energy giant Equinor has posted stronger than expected first quarter results at a time it is playing a key role in European energy security.

These are the countries that will be ‘most hit’ if oil prices reach $100
April 10, 2023
Source: CNBC

These are the countries that will be ‘most hit’ if oil prices reach $100

On Sunday, OPEC+ announced a production cut of 1.16 million barrels per day, in a move that oil markets were not expecting. Some analysts are forecasting oil prices to be driven up to $100 per barrel.

New OPEC+ Cuts Will Push Oil to $110 This Summer
April 5, 2023
Source: RIGZONE

New OPEC+ Cuts Will Push Oil to $110 This Summer

If fully delivered, the newly announced OPEC+ cuts would further tighten an already fundamentally tight oil market, drive Brent towards $100 per barrel sooner than previously expected and push the price to around $110 per barrel this summer.

Europe launches new LNG benchmark to help contain price spikes
April 4, 2023
Source: World Oil

Europe launches new LNG benchmark to help contain price spikes

Europe has a new benchmark for liquefied natural gas (LNG) which regulators hope will disentangle the market from the kind of price surges witnessed last year.

Oil prices surge 8% after OPEC’s surprise output cut; analysts warn of $100 per barrel
April 3, 2023
Source: CNBC

Oil prices surge 8% after OPEC’s surprise output cut; analysts warn of $100 per barrel

Oil prices surged as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day. The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a “precautionary measure” targeted toward stabilizing the oil market.

The Most Important Oil Price Is About to Change for Good
March 31, 2023
Source: RIGZONE

The Most Important Oil Price Is About to Change for Good

After years of wrangling, the world’s most important oil price is about to be transformed for good, allowing crude supplies from west Texas to help determine the price of millions of barrels a day of petroleum transactions.

Oil Prices Won't Hit $100 This Year
March 21, 2023
Source: RIGZONE

Oil Prices Won't Hit $100 This Year

Goldman Sachs Group Inc., one of the most bullish banks on its outlook for oil, has nudged its forecasts down as worries over the banking sector and the potential for recession outweigh a surge in demand from China.

BP economist: oil industry focused “too much” on decarbonization in 2022
March 16, 2023
Source: World Oil

BP economist: oil industry focused “too much” on decarbonization in 2022

BP Plc’s Chief U.S. Economist Michael Cohen said the oil industry focused too much on cutting greenhouse gases last year, eroding its ability to keep pace with demand.

UAE's ADNOC prices gas business IPO near top of range
March 3, 2023
Source: REUTERS

UAE's ADNOC prices gas business IPO near top of range

ABU DHABI, March 3 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) on Friday set the final price for its initial public offering, valuing the company at about $50 billion after drawing record demand. It will become Abu Dhabi's largest listed company.

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