China, the world’s top producer of rare earth elements, last year also emerged as the biggest importer of the group of minerals used in everything from ceramics to consumer electronics, analysts said on Wednesday.
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OPEC+ members will decide to continue with the 1.2 million barrel per day (MMbpd) cuts announced in December to at least the end of the first six-month period, and likely beyond, at the next OPEC+ meeting in April.
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Oil price climbed the most in a week after an industry report signaled a surprise decline in U.S. oil inventories, and Russia confirmed it’s reducing production in line with an agreement by OPEC and its allies.
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Global oil and gas companies are increasingly facing an uphill battle as global warming policies are taking their toll. Most analysts and market watchers are focusing on peak oil demand scenarios, but the reality could be much darker. International oil companies (IOCs) are likely to face a Black Swan scenario, which could end up being a boon for state-owned oil companies (NOCs).
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China is lining up the construction of new LNG import facilities while also expanding its existing LNG terminal in the Greater Bay area.
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Some analysts see higher prices ahead, as the OPEC+ cuts create a tighter backdrop.
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Oil prices rose on Friday, lifted by OPEC’s supply cuts and hopes the United States and China could soon settle their trade disputes. U.S. West Texas Intermediate (WTI) futures were at $54.10 per barrel at 0133 GMT, up 31 cents, or 0.6 percent, from their last settlement. International Brent crude oil futures were at $61.25 per barrel, up 41 cents, or 0.7 percent from their last close. “Prices supported by data showing further falls in…
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The direction of the oil price in the last 12 months can be described as peculiar but predictable. After a relatively mundane first half of 2018, trading in the second half saw bouts of extreme bearish and bullish excitement.
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Oil demand will grow steadily in the 2020s and peak in the late 2030s, according to Rystad Energy’s current long-term outlook.
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Crude oil prices, caught up in the wider weakness of the financial markets, are staging a recovery today amid perceptions that the recent slide may have been overdone: WTI +6.1% to $45.11/bbl, Brent +4.8% to $52.91/bbl.
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