Energy

The U.S. Energy Information Administration (EIA) announced on Wednesday that both U.S. and global oil production forecasts have been slightly increased, projecting record highs for this year. U.S. Oil Production: The EIA now anticipates U.S. oil output to average 13.23 million barrels per day (bpd) in 2023, an increase of 300,000 bpd from last year’s […]

The selection of U.S. Senator Marco Rubio as Secretary of State by President-elect Donald Trump could indicate a shift toward stricter enforcement of oil sanctions against Iran and Venezuela. However, potential repercussions from China may temper these efforts, analysts noted. Rubio’s Stance: A member of the Senate Foreign Relations Committee, Rubio has consistently advocated for […]

OPEC has revised its forecasts for global oil demand growth downward for both this year and next, citing weaknesses in key markets such as China and India. This marks the fourth consecutive reduction in the 2024 outlook for the organization. Key Highlights: OPEC now projects that world oil demand will increase by 1.82 million barrels […]

The U.S. oil and gas industry has called on President-elect Donald Trump to dismantle several of President Joe Biden’s climate change initiatives, arguing that these policies jeopardize jobs, consumer choice, and energy security. Key Requests from the American Petroleum Institute (API): Repeal vehicle emissions standards aimed at increasing electric vehicle production.Lift the pause on export […]

Saudi Arabia’s crude oil supply to China is projected to decrease to approximately 36.5 million barrels in December, marking a second consecutive month of decline and the lowest volume since July. This reduction is attributed to weak demand from the world’s largest oil importer, as reported by trade sources. Monthly Supply Trends: December’s supply is […]

U.S. crude oil exports to China have shown signs of recovery in October, rebounding from their lowest levels since 2020. However, analysts from ship tracking service Kpler warn that the overall outlook for growth in these exports remains pessimistic due to weak Chinese fuel demand and refinery profits. Recent Trends: In August, U.S. crude exports […]

The Biden administration announced on Friday that it has made its last purchase of oil for the Strategic Petroleum Reserve (SPR). This follows the record sale of oil from the reserve in 2022, which was done to combat the rise in fuel prices after Russia’s invasion of Ukraine.The Department of Energy stated that it bought […]

U.S. oil refiners in this quarter anticipate operating their plants at over 90% of their crude processing capacity. This is due to low inventories along with an improving demand for gasoline and diesel, as stated by executives and industry experts.Typically, run rates in the final quarter of the year tend to decline after the conclusion […]

China, the world’s largest oil buyer, faces a potential squeeze on its supplies of cheap Iranian crude, which account for around 13% of its imports, if Donald Trump intensifies the enforcement of sanctions on Tehran after his return as U.S. president in January. Trump, who was projected by Edison Research to have won Tuesday’s election, […]

Metals took a significant hit in the global commodity market following Donald Trump’s victory in the U.S. election on Wednesday. In contrast, oil, gas, and agricultural commodity prices managed to recoup some of their losses.Trump secured the White House by amassing more than the requisite 270 Electoral College votes. His campaign, filled with intense rhetoric, […]