Markets

Guyana has taken its long-standing territorial dispute with Venezuela to the International Court of Justice, seeking an order to halt Venezuela's planned referendum on the oil-rich Essequibo region.

Iran anticipates an increase in oil production to 3.6MM b/d by Mar. 2024, up from the current 3.3MM b/d.

The continent is anticipated to experience a gradual decline in oil production in 2024, according to insights from the African Energy Chamber.

Amid the accelerating energy transition, oil refiners are facing a challenging landscape, prompting forecasters to highlight the impending drop in fuel demand and a shift toward petrochemicals as a primary revenue source.

The International Energy Agency (IEA) has sounded a clarion call to the global oil and gas industry, underscoring the precarious nature of current investment levels in upstream projects.

Prices for NYMEX WTI, ICE Brent, and DME Oman strengthened early in the week ending Nov. 24 amid expectations that OPEC+ would further cut production at its next meeting.

They are set to propose a landmark initiative at an upcoming OECD meeting, urging the world's wealthiest nations to cease subsidies for foreign oil, gas operations, and coal mining as reported by Financial Times.

A recent report by the Energy Transitions Commission highlights the indispensable role of carbon capture, utilization, and storage (CCUS) in certain industries' decarbonization efforts.

The International Energy Agency (IEA) has adjusted its predictions for global crude runs, anticipating an increase of 1.9MM b/d in 2023 and an additional 1MM b/d in 2024