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Global Oil Supply

All articles tagged with #global oil supply

international-relations1 year ago•1 min saved

"US Expands Sanctions on Russian Oil and Launches AI Safety Consortium"

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has imposed sanctions on four entities and identified one tanker for violating the price cap on Russian oil, marking the second enforcement action in 2024. The entities, including UAE-based Zeenit Supply and Trading DMCC and Talassa Shipping DMCC, are alleged to have participated in shipping Russian crude oil above the $60 per barrel price cap, set to reduce Russia's oil revenues suspected of funding its war in Ukraine. The vessel NS Leader, owned by the Russian government, was involved in the violation, leading to sanctions under Executive Order 14024 for operating in the marine sector of the Russian economy.

via gCaptain|

#global-oil-supply #international-relations #price-cap-violation

business1 year ago•2 min saved

Saudi Aramco's Sudden U-turn on Oil Production Expansion Sends Shockwaves through Markets

Saudi Aramco, the national oil company of Saudi Arabia, has abruptly dropped plans to expand its oil output, following a directive from the Saudi government to maintain its current production capacity at 12 million barrels a day. The decision, made with little comment, is seen as a reflection of a more subdued outlook for demand for Saudi oil, possibly influenced by stronger global oil supplies and expectations of leveling demand in the coming decade. The move may also be aimed at reallocating funds for ambitious development plans and alternative energy sources, but analysts believe it does not necessarily indicate an immediate drop in oil volumes.

via The New York Times|

#business #energy-market #global-oil-supply

energy2 years ago•4 min saved

Oil Prices Volatile Amidst Geopolitical Tensions and Market Uncertainty

Despite strengthening market fundamentals and tightening global oil supply, the oil price rally has failed to gain momentum, with Brent crude declining 7% and WTI down 4.8% over the past week. Concerns about the global economy and energy demand have weighed on sentiment. However, commodity analysts predict that oil markets will continue to tighten for the rest of the year, with a further reduction in global inventories expected. The underpricing of Middle East geopolitical risk and the potential shift in U.S. policy on Iran due to the Israel-Gaza war could impact Iranian oil exports. Despite surging U.S. production, global oil demand has exceeded pre-Covid levels.

via OilPrice.com|

#energy #global-oil-supply #iranian-oil-exports

business2 years ago•2 min saved

Middle East tensions drive oil price fluctuations

Oil prices fluctuated as concerns mounted over the Israel-Hamas conflict potentially sparking a wider conflict in the oil-rich Middle East region and tightening global oil supply. Brent crude futures briefly rose to $91.2 a barrel, while West Texas Intermediate briefly rose to $87.98 a barrel. Analysts expect oil prices to hit $100 a barrel in the short term due to the growing risk of regional escalation. The ongoing conflict could further impact global oil supply by reducing the probability of Saudi-Israeli normalization and posing downside risks to Iranian oil production.

via CNN|

#business #global-oil-supply #israel-hamas-conflict

economy2 years ago•3 min saved

Middle East Crisis Sparks Oil Price Surge and Global Economic Concerns

The Israel-Hamas war has caused a spike in oil prices due to fears that the conflict could spread to the wider petroleum-producing Gulf region and disrupt global oil output. While the ultimate impact on oil prices remains uncertain, a broad conflict in the area could significantly curtail worldwide oil supply. Gas prices may not necessarily follow suit due to a seasonal shift in demand, but a prolonged rise in oil prices could eventually push gas prices higher. Additionally, the production and transport of goods could be affected, leading to potential price increases and complicating efforts to reduce inflation.

via ABC News|

#economy #gas-prices #global-oil-supply

energy2 years ago•2 min saved

India's Energy Minister Denies Overdependence on Russian Oil, Rejects US Attempt to Damage India-Russia Ties, and Discusses De-dollarization at BRICS Meeting

India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri, stated that India is not overly dependent on any country for oil, including Russia, as it has diversified its sources. While Russia has become India's leading source of crude oil, accounting for about 40% of imports, India has also been buying more from countries in the Middle East. Puri emphasized that there is sufficient oil supply in the world, but the real concern is whether consumers will have the resources or money to pay for it. The International Energy Agency has forecasted record-high global oil demand.

via CNBC|

#diversification #energy #global-oil-supply