The gold price has been relatively inactive compared to other markets this week, with the US Dollar and Treasury yields gaining momentum amidst risk aversion in the financial markets. Volatility has increased slightly, leading to speculation about potential movements in the XAU/USD (Gold vs. US Dollar) pair. The upcoming release of non-farm payrolls data is anticipated to have an impact on market developments. Earlier in the week, Fitch’s downgrade of US sovereign debt credit rating
Oil prices remained relatively unchanged on Thursday following a two-day decline, including a sharp drop on Wednesday, as a U.S. government credit downgrade weighed on market sentiment. However, concerns about supply tightness provided some support to the market. Ratings agency Fitch downgraded the main U.S. credit rating, reflecting anticipated fiscal deterioration and a high and growing government debt burden for the world’s biggest oil consumer. Despite the overall bearish sentiment, prices received support from concerns
The Federal Government has said gas will continue to form a major part of the country’s energy mix until 2030. The Chief Executive Officer of the Nigerian Upstream Petroleum Regulatory Commission, Gbenga Komolafe, stated this at the Society for Petroleum Engineers Nigeria Council 2023 conference held in Lagos recently. Komolafe said although the FG was still committed to achieving the United Nations’ 2060 zero emission goals, Nigeria would continue to explore its abundant gas resources
Petroleum Development Oman (PDO) marked a significant milestone as it celebrated the completion of its 1,500th well at the Nimr cluster, a groundbreaking achievement in the Sultanate of Oman, according to local media reports. The landmark well, known as NM-1500, is part of the expansive Nimr cluster situated in the southern region of PDO’s concession area. Covering a vast expanse of 1,875 square kilometers, Nimr is the company’s largest cluster and encompasses an extensive well
Saudi Arabia and Kuwait reaffirmed on Wednesday that the ownership of natural resources in the divided submerged area in the Arabian Gulf, including the entire Al-Durra gas field, is jointly owned by both countries. The Ministry of Foreign Affairs of Saudi Arabia made an official announcement stating that Saudi Arabia and Kuwait hold exclusive and full sovereign rights to exploit the wealth in that area. In addition to asserting their joint ownership, the two nations
QatarEnergy is anticipated to award the engineering, procurement, and construction (EPC) contract for its $50 million upgrade project for eight Refinery Chemical Stores in Mesaieed Industrial City by the fourth quarter of 2023. The EPC contract tender was reportedly issued on July 18, 2023, with the bid submission deadline set for August 13, 2023. It is projected that the contract will be awarded by early November 2023, as reported by Zawya Projects. The scope of
The sale of rough diamonds at Botswana’s Debswana Diamond Co fell 17% in the first six months of the year, data released by the central bank showed, amid a weak market underpinned by global macroeconomic uncertainty. Debswana, a joint venture of Botswana and Anglo American Plc’s unit De Beers, sells 75% of its output to De Beers with the balance taken up by state-owned Okavango Diamond Co. Botswana and De Beers in late June agreed
The crude oil price pressed toward elevated levels as markets recalibrated. The Fitch downgrade dominated price action, but the impact has been disparate. If the risk-off attitude continues, will WTI face headwinds? The crude oil price has managed to hold the high ground even though other growth-aligned assets took a hit on Wednesday. The WTI futures contract is a touch above US$ 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
