Category: Commodities

Awe-Inspiring Spirit of Cooperation U.S. special climate envoy John Kerry expressed his admiration, stating, “I am in awe of the spirit of cooperation that has brought everybody together.” An Oil Country Decides to Ditch Oil and Gas Denmark’s Minister for Climate and Energy, Dan Jorgensen, remarked, “We’re standing here in an oil country, surrounded by […]

Introduction The oil tanker named Cururo is embarking on an unconventional journey from Houston to Chile. Instead of taking the usual route through the Panama Canal, it is opting to sail along South America’s Atlantic coast, crossing the treacherous Strait of Magellan, and making its way up the Pacific coast. This lengthy detour could extend […]

Firmer-Than-Expected U.S. Inflation Readings Impact Market The market stumbled during overnight trade due to stronger-than-anticipated U.S. inflation figures for November. This development led to the belief that the Federal Reserve would not be inclined to lower interest rates in the early part of next year, ultimately affecting consumption. Analysts from ANZ pointed out that oversupply […]

by Jonathan Saul The cost of shipping goods through the Red Sea is on the rise as Yemen’s Houthis intensify their attacks on ships connected to Israel, sparking concerns about potential disruptions to global supplies passing through the region, according to industry sources. The narrow Bab al-Mandab Strait, which links the Red Sea and the […]

COP28 Presidency Aims for a “Historic” Result The COP28 presidency, led by Director General Majid Al Suwaidi, aimed for a “historic” result that included a mention of fossil fuels in the final agreement. However, it is ultimately up to the participating countries to reach a consensus. Insiders familiar with the discussions revealed that COP28 President […]

Overview Trading houses that took advantage of the U.S. easing of oil sanctions in October by purchasing Venezuelan crude have now shifted their focus to supplying state-owned company PDVSA with motor fuels and diluents for its heavy oil production. This move comes as Venezuela prioritizes fuel imports to prevent a recurrence of the gasoline and […]

Overview Venezuela’s government is estimating a 27% increase in income from state-run oil company PDVSA next year, as revealed in an unpublished 2024 budget proposal. The relaxation of U.S. sanctions, along with planned presidential elections and stagnant production, have contributed to this positive forecast. President Nicolas Maduro’s administration expects total spending to reach $20.5 billion […]

OPEC+ Cutting Production in the First Quarter of 2024 The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have made a commitment to reduce production by 2.2 million barrels per day (bpd) during the first quarter of 2024. However, analysts from ANZ Research noted that shale oil production in […]

Delayed Visit Due to Discussions on Enhanced Bilateral Relations The visit has experienced delays due to prolonged discussions on how to frame the countries’ enhanced bilateral relations. Beijing aims to describe it as a “common destiny,” a term that Hanoi initially resisted but is expected to eventually accept. According to officials and diplomats, the upgraded […]

Permian Basin Sees $100 Billion in Mergers and Acquisitions The Permian basin, located between Texas and New Mexico, has witnessed a surge in mergers and acquisitions in the oil and gas industry, with a total value exceeding $100 billion this year alone. This record-breaking figure reflects the completion of several multi-billion dollar deals, according to […]