Markets

Russia's ESPO Blend oil has recently risen to a premium over the Brent benchmark for the first time since Nov. 2023, driven by increased demand from Chinese refiners.

OPEC's 2024 World Oil Outlook (WOO) presents a compelling case for the continued growth of global oil demand, projecting an increase to over 120MM b/d by 2050.

Bank of America analysts suggest that traders shorting crude oil may be miscalculating market dynamics, warning that energy demand could rebound significantly in the near future.

OPEC+ sources have recently reaffirmed that there is no specific price target for crude oil, countering speculation about an unofficial $100/b target, particularly attributed to Saudi Arabia.

Hurricane Helene has significantly affected oil and gas operations in the Gulf of Mexico, leading to notable production shut-ins and operational adjustments.

European refiners are exploring alternative crude supplies in response to disruptions in Libya as Germany boosts its imports of Kazakh oil.

The long-awaited interest-rate cut by the US Federal Reserve was welcomed by many market watchers as a harbinger of better oil demand but also sparked concerns about the current state of the US economy.

South Sudan is preparing to restart its heavy-sweet Dar Blend crude exports through Sudan, aiming for a resumption within weeks.

Russia's increasing reliance on Asian markets, particularly India and recently Indonesia, marks a significant shift in global oil trade dynamics.

Electrifying upstream oil and gas production facilities offers a potential reduction in emissions by over 80%, providing a crucial pathway for decarbonization in the sector.