Markets

US energy major has implemented substantial reductions in oil-refinery investments in California, citing the state's

The market is witnessing a seismic shift in dynamics, notably driven by the US, which achieved a record-breaking oil production of over 13MM b/d in Sept., surpassing all other nations.

The oil cartel, in a recent letter to its members and allies, has vehemently opposed any potential agreement at COP28 that advocates for the phaseout of fossil fuels.

In recent exploratory ventures, Petrobras, alongside Shell, Chevron, and CNOOC, secured rights to explore 44 deep-water areas in Brazil's Pelotas basin, previously untapped for oil operations.

On the eve of the COP28 UN climate change summit in Dubai, Iraq, OPEC's second-largest oil producer, declared its stance against any phasedown or phaseout of fossil fuels.

As COP28 concluded in Dubai on Dec. 12, the participating nations struggled to agree on a draft document that aimed at a global commitment to phase out hydrocarbons.

Chinese demand for Saudi crude has hit a five-month low, marking a significant downturn in the wake of Saudi Arabia's unexpected pricing strategy.

A big day-on-day price increase on Thursday after the IEA revised its demand forecast upward led to modest week-on-week upticks for NYMEX WTI and ICE Brent.

The world's third-largest oil consumer is anticipated to experience a deceleration in crude oil demand growth in 2024.

The EIA has revised downward its Brent price forecast, projecting an average of $83/bbl for the upcoming year, citing concerns over global oil demand growth