Energy News
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The first thing you’ll notice about this two-story Texas penthouse are the views and, second, the current owner’s trove of WWII plane memorabilia. Rod Lewis, the billionaire founder and CEO of Lewis Energy Group, is parting ways with his condo perched atop The Arts Residences in downtown San Antonio. On the market for just shy of $3.3 million with Haley ...
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After months of anger and outcry over an oil spill which inflicted $23m in damage on Tobago’s shores, the Trinidad and Tobago government says it is pursuing the Solo Creed tugboat, now seized by the Angolan Navy. In February, the Gulfstream tanker (pulled by Solo Creed) capsized and then spilt oil across approximately 88km of Tobagonian coral reefs, beaches ...
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When Storm Isha hit Northern Ireland and northern Britain in January 2024, wind gusts of almost 100mph caused widespread damage to property. This strong extra-tropical cyclone also influenced both the insurance and energy sectors. Isha resulted in damages which required the insurance industry to pay out approximately €500 million (Ł427 million). That’s a ...
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OPEC+ has the outline of a deal to extend a crucial tranche of its oil supply cuts into the second half of the year, delegates said, as the group continues its efforts to avert a global surplus and shore up prices. The so-called “voluntary” cuts from key members including Saudi Arabia and Russia total roughly 2 million barrels a day and are set to expire at ...
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Main scenario: consider short positions from corrections below the level of 87.75 with a target of 67.60 – 57.00. Alternative scenario: breakout and consolidation above the level of 87.75 will allow the asset to continue rising to the levels of 94.00 – 100.00. Analysis: supposedly, a downward correction continues developing as second wave of larger degree ...
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The first thing you’ll notice about this two-story Texas penthouse are the views and, second, the current owner’s trove of WWII plane memorabilia. Rod Lewis, the billionaire founder and CEO of Lewis Energy Group, is parting ways with his condo perched atop The Arts Residences in downtown San Antonio. On the market for just shy of $3.3 million with Haley ...
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Saudi Aramco’s $12 billion share sale sold out shortly after the deal opened on Sunday, in a boon to the government that’s seeking funds to help pay for a massive economic ...
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Saudi Arabia’s state oil giant Aramco has successfully acquired a 40 per cent equity stake in Gas & Oil Pakistan (GO), marking the company’s first foray into the downstream retail ...
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Opec+ agreed a multi-layered deal today that will extend all of its existing crude production cuts into next year but, crucially, could also see the group start to unwind some of ...
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post: *OPEC+ AGREES TO EXTEND GROUP-WIDE AND VOLUNTARY CUTS: DELEGATES post: No objections by any member states to the extension of the group cuts to the 3rd quarter of 2025 (the cut amounts to around 2.2 million bpd) #OOTT #Opec post: under this agreement the UAE will be getting a higher baseline #OOTT #Opec 37th OPEC and non-OPEC Ministerial Meeting In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with the approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to: 1. Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019. Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025. Extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels. Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months. Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary. Reaffirm that the DoC conformity is to be monitored considering crude oil production, using the average of the approved seven secondary sources, and according to the methodology applied for OPEC Member Countries. Reiterate the critical importance of adhering to full conformity and compensation mechanism.Production table - 37th ONOMM table Notes: (1) UAE required production has been increased by 300 kbd. This increase will be phased in gradually starting January 2025 until the end of September 2025. (2) The required production level is before applying any additional production adjustments.
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The spotlight shines on oil benchmarks thanks to the OPEC+ decision over the weekend. Brent has shed almost 5% this month but is still up roughly 6% since the start of 2024. In the first quarter of 2024, oil prices were initially supported by geopolitical risks and hopes around OPEC+ supply cuts tightening global markets. But gains have been capped in Q2 ...
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Main scenario: consider short positions from corrections below the level of 87.75 with a target of 67.60 – 57.00. Alternative scenario: breakout and consolidation above the level of 87.75 will allow the asset to continue rising to the levels of 94.00 – 100.00. Analysis: supposedly, a downward correction continues developing as second wave of larger degree ...
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Dear Client, Please find our updated Trading schedule and general information related to the Juneteenth National Independence Day on Wednesday, 19 June, 2024. Liquidity over the holidays is expected to be particularly thin so please take the necessary precaution to ensure that you are not affected by increased volatility, spreads and intermittent pricing. ...