A general view of Isfahan Refinery, one of the largest refineries in Iran and is considered as the first refinery in the country in terms of diversity of petroleum products in Isfahan, Iran on November 08, 2023. Fatemeh Bahrami | Anadolu | Getty Images Oil prices have jumped more than $5 a barrel since the … Read more
The volatility of international oil markets hit home again earlier this week, as crude prices tumbled to their lowest levels in more than a year. Just a couple of weeks ago, West Texas Intermediate (WTI) prices — North America’s benchmark for crude oil — were around $75 US a barrel. This week, prices skidded to … Read more
Traders work on the floor of the New York Stock Exchange during morning trading on August 20, 2024 in New York City. Michael M. Santiago | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no … Read more
Traders work on the floor of the New York Stock Exchange during morning trading on August 20, 2024 in New York City. Michael M. Santiago | Getty Images This report is from today’s CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no … Read more
The Minister of State for Petroleum Resources, Heineken Lokpobiri, has yet to send the name of Nicholas Agbo-Ella as OPEC Governor for Nigeria in an apparent disobedience to President Bola Tinubu’s order. In a directive issued on 6 May, Mr Tinubu asked Mr Lokpobiri, whom he appointed in August 2023, to submit the name of … Read more
Aerial view taken on May 20, 2024 shows the Olmeca oil refinery belonging to the company Petroleos Mexicanos (PEMEX), which along with six others is part of the National Refining System (SNR) located in Paraiso, Tabasco state, Mexico. Yuri Cortez | Afp | Getty Images The International Energy Agency said Wednesday that a U.S.-led surge … Read more
The Nigerian government has said its ability to achieve the 2024 budgeted revenue step-up of 77.4 per cent from 2023 is at risk should oil production remain 27.0 per cent below budgetary provisions. The government disclosed this in a draft copy report of the Accelerated Stabilisation and Advancement Plan (ASAP) presented to President Bola Tinubu … Read more
Goldman Sachs still expects stubbornly high U.S. inflation to ease over the coming months, despite investors slashing bets for Federal Reserve interest rate cuts, after yet another print showed that consumer prices remain sticky. The consumer price index accelerated at a faster-than-expected pace in March, according to data published on Wednesday by the Labor Department’s … Read more
Canada’s upstream oil and gas industry and drilling services sector has a “very favourable” outlook for 2024, according to Enserva’s State of the Industry report released on Thursday. Key highlights of the report show that oil prices are expected to remain strong, demand will be robust, export capacity will increase, and investment and drilling activity are set … Read more
A Petroleos de Venezuela SA oil pumpjack on Lake Maracaibo in Cabimas, Zulia state, Venezuela, on Friday, Nov. 17, 2023. Gaby Oraa | Bloomberg | Getty Images The International Energy Agency on Thursday said evidence of softening global oil demand is mounting and a slowdown is expected to continue into 2024, reaffirming a starkly different … Read more
