Benchmark US crude oil for September delivery fell 43 cents to $81.37 a barrel on Tuesday. Brent crude for October delivery fell 52 cents to $84.91 a barrel. In related news, the closing prices for crude oil, gold, and other commodities on Monday were as follows: Meanwhile, the dollar saw a rise, reaching 143.42 Japanese yen from 142.29 yen, while the euro fell to $1.0975 from $1.0999.
Gold investment has shown resilience, according to the World Gold Council’s (WGC) ‘Gold Demand Trends’ report for the second quarter, released on August 1, 2023. Despite some softness in certain areas of the market, the report indicates that investment demand remains robust while fabrication demand faces challenges due to high prices and affordability concerns among consumers. The WGC’s projections for investment in the current financial year remain unchanged, thanks to strong over-the-counter (OTC) demand compensating
The process of increasing Angolan participation in the oil sector took another step on Tuesday with the signing of program contracts with seven national oil companies, totaling 1,540 registered firms. Speaking at the signing ceremony of these contracts, the Secretary of State for Mineral Resources, Jânio Victor, mentioned that out of the 1,540 Angolan companies, two are operators. He emphasized that the Angolanization process in the sector has surpassed 87%, and it continues to grow
the importance of infrastructure investment in southern Africa to support the region’s mineral exports and production. It emphasizes the need for substantial infrastructure expenditures, particularly in transportation and processing facilities, to fully exploit the potential of lucrative minerals and avoid the resource curse. The South African government is taking proactive steps to improve the country’s railway system to overcome infrastructure constraints in the mining industry. Initiatives include implementing the National Rail Policy and appointing a
Analysts from JP Morgan said this month that oil reserves – including crude products and fuels – now play a bigger role in determining oil prices than the US dollar because Western sanctions on Russia have accelerated oil trade in other currencies. “We expect stocks to drop relatively aggressively in July, and by the end of August, we should surpass the reserve increases we saw in the first half of the year,” said Christopher Haines,
Oil production in Brazil is expected to grow by up to 80% in the next 10 years. Estimates indicate that the country’s oil production will increase from the current 3 million barrels per day to 5.4 million barrels per day by 2029. Over the next decade, Brazil is on the verge of experiencing a true “boom” in oil production. According to Metrópoles, the estimates point to an impressive growth in this commodity, reaching 5.4 million
Iraq will soon begin inviting investors for the construction of a 100,000 barrels per day (bpd) oil refinery in its Eastern Wasit Governorate, its governor was quoted on Monday as saying. Mohammed Al-Mayahi said he was told by Iraq’s Oil Minister Hayan Abdul Ghani that the Ministry would soon offer the project in Kut city to investors. “The Minister has promised that this project will be shortly offered to investors… there is no doubt the
ADNOC, one of the largest oil and gas companies globally, has recently revealed job opportunities for individuals seeking employment in the oil and gas industry. ADNOC operates in various sectors, including exploration, production, refining, distribution, and marketing, and holds a significant role in the energy sector of the UAE, with a focus on Abu Dhabi. Being a government-owned company, ADNOC operates under the supervision of the Supreme Petroleum Council (SPC), which sets the overall strategic
ADNOC is accelerating its decarbonisation plan to bring forward its net zero ambition to 2045, from its previous target of 2050, and to achieve zero methane emissions by 2030. “These new targets mark a new chapter in ADNOC’s transformational journey to a lower-carbon future,” the company said in a press release. ADNOC is also set to increase investments in and double down on its decarbonisation efforts, backed by an initial $15 billion allocation to low-carbon
Crude oil prices have surged higher as we enter August, following an impressive performance in July. The impact of OPEC+ production cuts seems to be taking effect, as economic growth shows signs of picking up. The recent performance in the WTI futures market also suggests a positive outlook for oil prices. Last month, the WTI futures contract recorded a remarkable 15.80% increase, while the Brent contract gained 14.15%. Several factors have contributed to this surge
