Markets

Traders Most Bearish on Oil Since March 2023:

Oil producer kingpin’s recent decision to cut crude oil prices for Feb., impacting buyers globally.

The major oil producer in South America, under the libertarian leadership of its newly elected President Javier Milei, is on the brink of a radical transformation in its oil sector.

The largest oil producer in South America anticipates continued growth in oil and natural gas production in 2024, primarily driven by offshore field developments and the deployment of new floating production, storage, and offloading vessels (FPSOs).

The major Chinese oil supplier is navigating a tense negotiation with its largest customer, aiming for higher prices and withholding some supply, impacting global oil markets.

Exxon Mobil Corp, the largest U.S. oil producer, is set to face a significant downturn in its fourth-quarter earnings, projecting a 30% decline to approximately $8.9B.

Recent developments in the global oil market reveal a notable decline in India's imports of Russian crude oil, attributed to intensified G7 sanctions and related payment challenges.

Futures prices for benchmark crudes were supported by news that production was suspended at Libya's Sharara oil field as well as by heightened geopolitical risk amid more attacks in the Red Sea.

In 2024, the global oil and gas market faces impending challenges as the supply of medium sour crude tightens.

As 2024 unfolds, Wall Street's cautious stance on oil prices mirrors concerns about limited upside potential.