Energy

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, […]

Oil futures experienced a significant drop on Friday, with prices declining over 7% for the week due to concerns about China’s economic growth and a mixed outlook for the Middle East. Key highlights include: Price Movement: Brent crude fell by $1.39 (1.87%) to $73.06 per barrel, while U.S. West Texas Intermediate (WTI) dropped by $1.45 […]

The International Energy Agency (IEA) has announced that the world is approaching a new “age of electricity,” with fossil fuel demand expected to peak by the end of the decade. This shift could lead to surplus oil and gas supplies, potentially driving investment into green energy. Key highlights include: Peak Demand Forecast: Global oil demand […]

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, […]

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 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 […]

Canadian natural gas producers are grappling with a significant oversupply as they prepare for the upcoming LNG Canada export terminal, which may struggle to elevate gas prices. Key points include: Price Decline: Gas prices at Alberta’s AECO hub dropped to a two-year low of 5 Canadian cents per million British thermal units (mmBtu) due to […]

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, […]

Hurricane Milton struck Florida, leading to at least 10 fatalities and leaving millions without power as it moved into the Atlantic Ocean. Key details include: The storm spawned multiple tornadoes, with at least 27 reported across the state, causing extensive damage.Significant flooding occurred, particularly on barrier islands south of Tampa, although the feared storm surge […]

Gulf states are actively lobbying the United States to prevent Israel from attacking Iran’s oil facilities, expressing concerns that such actions could provoke retaliation against their own oil infrastructure by Iranian proxies. Key points include: Countries like Saudi Arabia, the UAE, and Qatar are refusing to allow Israeli aircraft to use their airspace for potential […]