The crude oil price pressed toward elevated levels as markets recalibrated. The Fitch downgrade dominated price action, but the impact has been disparate. If the risk-off attitude continues, will WTI face headwinds? The crude oil price has managed to hold the high ground even though other growth-aligned assets took a hit on Wednesday. The WTI futures contract is a touch above US$ 82 per barrel while the Brent contract has overcome US$ 85.50 per barrel.
UAE’s ADNOC and US shale giant Occidental have signed an agreement to evaluate potential investment opportunities in carbon capture and storage (CCS) hubs in the UAE and the US, aiming to accelerate their net zero goals. The agreement is part of the UAE-US Partnership for Accelerating Clean Energy (PACE), which was launched in November 2022 and is expected to inject $100 billion into clean energy and carbon management projects, including CCS and direct air capture
After announcing hundreds of new oil and gas licenses in the North Sea, the UK’s prime minister, Rishi Sunak, has been labeled a “dangerous radical” pursuing “moral and economic madness,” according to the United Nations Secretary-General, António Guterres. “The truly dangerous radicals are the countries that are increasing the production of fossil fuels,” Guterres said in a statement. Sunak, naturally, sees it differently. “It’s vital we bolster our energy security and capitalize on that independence
Saudi Arabia’s economy is facing a challenging outlook as recent preliminary GDP figures reveal the country has entered a “technical recession,” as reported by Capital Economics, a London-based research firm. The primary cause of this economic downturn is the reduction in oil production, despite the non-oil economy showing resilience. Saudi Arabia’s decision to voluntarily decrease its daily oil output by 1 million barrels a day has played a significant role in the current economic situation.
Oil prices surged by almost 1% on Wednesday, trading near their highest since April, as crude and fuel product inventory data showed robust demand from the world’s biggest fuel consumer, the U.S., offsetting demand concerns elsewhere. Brent crude futures for October rose 80 cents, or 0.94%, to $85.71 a barrel at 0625 GMT. Likewise, U.S. West Texas Intermediate crude for September climbed 80 cents, or 0.98%, to $82.17 a barrel. U.S. oil inventories fell by
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 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
Africa has considerable lithium resources, boasting 5% of the world’s total reserves. Lithium is an essential element for the energy transition and is used in a variety of applications, including batteries for electric vehicles and energy storage systems. As the auto industry shifts towards electric vehicles, lithium-rich African countries such as Zimbabwe and Namibia are poised to benefit from increased global demand. Note: The information provided in this article is based on the data available
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
