Markets

On Aug. 1, 2024, OPEC+ ministers confirmed their commitment to the current oil output policy, which includes a gradual increase in production starting in Oct.

The global oil market is currently navigating a phase of intense volatility, marked by a tug-of-war between bullish and bearish forces.

In another week focused on worries about China's oil demand and the conflict in Gaza, WTI and Brent hit lows not seen since June 4 and Jan. 10, respectively.

The OPEC kingpin is anticipated to increase the official selling price (OSP) of its crude grades for Asia in Sept., driven by rising benchmark prices in the Middle East.

OPEC+ is grappling with key decisions regarding its production policy as crude prices dip and market conditions shift.

In 2024, the US is expected to contribute significantly to non-OPEC oil production growth, with Goldman Sachs projecting it will account for 60% of this increase.

Chevron Corp.'s $53B acquisition of Hess Corp. has encountered further delays as a scheduled arbitration hearing regarding the Stabroek block in Guyana has been set for May 2025.

The sale of Shell and ExxonMobil’s UK North Sea assets to Viaro Energy is a significant move that highlights several strategic shifts within the oil and gas sector amid the energy transition.

The North Asia country has achieved a historic milestone in its oil imports, reaching a record high of nearly 85MM bbl. of US crude in the first half of 2024.

The US has solidified its position as a key player in the global oil market.