Similarly, Kang Wu, head of global demand and Asia Analytics at S&P Global Commodity Insights, estimates that the significant rise of global oil demand in the Northern Hemisphere’s summer season will lead to an oil inventory draw and “support higher oil prices” over the coming months. watc...
“How they return will be important and we’re closely watching what will happen with their floating storage which has been rising,” she said. Croft said if Iran’s oil is not restored in a steady way, it could spook the market and temporarily send prices lower. The market will react ...
FRANKFURT, Germany (AP) — The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key ...
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“Those of a bullish disposition have endured a summer of pain, but a winter of hope and expectation is on the horizon,” he added. Echoing this call of a return to $100 a barrel, analysts at Goldman Sachs see Brent reaching triple digits over the next three months, before climbing...
Beijing is encouraging development of wind and solar power and use of autos powered by batteries or natural gas. But gasoline is expected to remain the country’s main vehicle fuel in coming decades. The government has launched initiatives to improve China’s energy intensity, or the energy cons...
India’s monsoon season started in early June, and the country’s summer period is often associated with lower demand for oil products as a result of lower mobility and construction. Crimped Russian oil flows to Asia is also a contributing factor. Russian oil exports fell to their lowest in ...
“As we go more towards (the fourth quarter) … that’s when we really see the risk of prices going well into the 80s and potentially even into the 90s but very critical is how much Iranian production we lose,” Amrita Sen, chief oil analyst at Energy Aspects, told CNBC’s ...