Markets

Analysts have significantly reduced their 2025 oil price forecasts, primarily due to concerns over sluggish demand and rising global supply.

Oil and gas production in the US Gulf of Mexico is steadily recovering after Hurricane Francine.

OPEC+ has extended its production cuts of 2.2MM b/d until at least Dec. 2024, aiming to stabilize oil prices and manage market dynamics.

After three consecutive weekly losses for Brent and four drops for WTI, the arrival of the hurricane provided some short-term bullish sentiment as oil companies took production offline.

Saudi Arabia is poised to boost its crude oil supply to China in Oct., reflecting a strategic shift in response to market conditions.

The International Energy Agency (IEA) has significantly revised its 2024 global oil demand growth forecast down to 900K b/d, from the previous estimate of 2.1MM b/d.

Hurricane Francine has led to substantial disruptions in US Gulf of Mexico oil and gas production, with significant repercussions for the crude oil market.

Saudi Arabia has reduced its Oct. pricing for Arab Light Crude oil sold to Asia by 70¢/b, setting the price at $1.30 below the regional benchmark.

In Jul. 2024, Gulf Coast re-exports of Canadian heavy crude oil reached 210K b/d, reflecting a significant increase of 44K b/d from Jun. and 110K b/d from the previous year.

In recent years, regional banks in North America have notably increased their lending to the fossil fuel sector, diverging from the trend among European banks, which have either reduced their financing or committed to lowering their exposure to oil, natural gas, and coal.