Energy

Saudi Aramco CEO Optimistic About China Oil Demand

Amin Nasser, CEO of Saudi Aramco, expressed a “fairly bullish” outlook on China’s oil demand, particularly in light of the government’s recent stimulus package aimed at boosting economic growth. Key points include: Increased Demand for Specific Fuels: Nasser highlighted a growing need for jet fuel and naphtha, driven by the rise in liquid-to-chemical projects in […]

IEA Projects Oil Supply Surplus and Weak China Demand in 2025

The International Energy Agency (IEA) has forecasted a surplus in global oil supply for 2025, primarily due to weak demand from China. Key points include: China’s Demand Growth: The IEA anticipates that China’s oil demand growth will remain subdued despite recent stimulus measures from the government. As the Chinese economy slows to around 4% growth, […]

SLB Reports 13% Profit Increase Amid Cautious Outlook for Q4

SLB, formerly known as Schlumberger, announced a 13% rise in its third-quarter profit, but expressed concerns over muted revenue growth for the upcoming quarter due to budget tightening among producers and weak oil prices. Key points include: Profit and Revenue: Net income attributable to SLB rose to $1.27 billion, with per-share profit reaching 89 cents, […]

Resumption of Libyan Crude Exports Impacts European Market

The return of Libyan crude oil production, which had plummeted due to a political crisis, is now affecting the European crude market by creating a surplus and driving down prices. Key points include: Production Resumption: Libya’s National Oil Corporation (NOC) restarted production on October 3, reaching approximately 1.3 million barrels per day by October 13, […]

OPEC Reports Decrease in Russian Oil Output for September

According to OPEC, Russia’s crude oil production fell by 28,000 barrels per day (bpd) in September, bringing the total output to approximately 9 million bpd. This figure slightly exceeds Russia’s monthly quota under the OPEC+ agreement, which is set at 8.98 million bpd. Key details include: Revised Production Figures: August’s production was revised down from […]

OPEC Cuts 2024 and 2025 Global Oil Demand Growth Forecast

OPEC has revised its global oil demand growth forecast downward for the third consecutive month, reflecting recent data and economic challenges. Key points include: 2024 Demand Growth Adjustment: OPEC now predicts an increase of 1.93 million barrels per day (bpd) in global oil demand for 2024, down from the previous estimate of 2.03 million bpd.China’s […]

BP’s Q3 Profit Impacted by Weak Refining Margins

BP has announced that weak refining margins and a slowdown in global fuel demand are expected to reduce its third-quarter profit by up to $600 million. Key highlights include: The refining sector is experiencing a significant drop in profitability, reaching multi-year lows, reversing the post-pandemic surge in returns.BP’s second-quarter profit was reported at $2.756 billion, […]

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