Energy

Oil Updates – crude falls on demand growth concerns, robust dollar

owen.bennett — Fri, 20 Dec 2024 06:58:26 +0000

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Fri, 2024-12-20 09:54

LONDON, Dec 20 : Oil prices fell on Friday on worries about demand growth in 2025, especially in top crude importer China, putting global oil benchmarks on track to end the week down more than 3 percent.

Brent crude futures fell by 32 cents, or 0.4 percent, to $72.56 a barrel by 4:09 p.m. Saudi time. US West Texas Intermediate crude futures also eased 32 cents, or 0.5 percent, to $69.06 per barrel.

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Oil Updates — crude retreats on demand concerns after Fed signals slower easing ahead

brittany.lucas — Thu, 19 Dec 2024 07:18:27 +0000

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Reuters

Thu, 2024-12-19 10:04

LONDON: Oil prices fell in Asian trade on Thursday after the US Federal Reserve signaled it would slow the pace of interest rate cuts in 2025, which could slow economic growth and reduce fuel demand.

Brent futures fell 47 cents, or 0.6 percent, to $72.92 a barrel by 8:15 a.m. Saudi Time. US West Texas Intermediate crude fell 39 cents, or 0.6 percent, to $70.19.

The declines reversed most of the benchmark contracts’ gains from Wednesday when prices settled higher as US crude stocks fell and the US Federal Reserve cut interest rates by 25 basis points as expected.

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��Ƶ’s ACWA Power launches $3bn renewable projects in Uzbekistan

sarah.glubb — Wed, 18 Dec 2024 15:37:36 +0000

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MOHAMMED AL-KINANI

Wed, 2024-12-18 17:34

JEDDAH: Saudi utility giant ACWA Power launched three renewable projects in Uzbekistan, including wind, solar, and battery storage, marking a $3 billion investment in the country’s energy transition.

On Dec. 18, Uzbekistan’s President Shavkat Mirziyoyev and the Kingdom’s Minister of Energy, Prince Abdulaziz bin Salman, who joined virtually, inaugurated the projects.

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��Ƶ’s crude production climbs to 8.97m bpd in October: JODI

shahrukh.jamshed — Wed, 18 Dec 2024 12:19:53 +0000

article author:

Dayan Abou Tine

Wed, 2024-12-18 15:15

RIYADH: ��Ƶ’s crude oil production rose to 8.97 million barrels per day in October, a 0.36 percent increase year on year, according to the latest data from the Joint Organizations Data Initiative.

The report noted a 5.91 percent drop in crude exports, which fell to 5.92 million bpd. Domestic petroleum demand also declined by 96,000 bpd year on year, reaching 2.49 million bpd.

Refinery crude exports surged 35 percent year on year to 1.41 million bpd in October but declined by 9 percent, or 139,000 bpd, compared to September.

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��Ƶ’s KACARE signs MoUs to propel energy innovation and empower women

owen.bennett — Wed, 18 Dec 2024 11:15:56 +0000

article author:

Reem Walid

Wed, 2024-12-18 14:10

RIYADH: ��Ƶ’s King Abdullah City for Atomic and Renewable Energy has signed new agreements to advance innovation, localize solutions, and empower women.

The first memorandum of understanding, inked with King Saud University, will focus on developing and localizing innovative technologies in the energy sector, the Saudi Press Agency reported.

The agreement also emphasizes building human capacity through training programs and the exchange of expertise, with a particular focus on technical and advisory services.

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King Abdullah City for Atomic and Renewable Energy (KACARE)

Saudi Women and Energy Association

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Oil Updates — Crude steady while market eyes Fed rate decision

brittany.lucas — Wed, 18 Dec 2024 07:27:10 +0000

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Reuters

Author:

Wed, 2024-12-18 10:11

SINGAPORE: Oil prices traded in a narrow range early on Wednesday as investors remained cautious ahead of an expected interest rate cut by the US Federal Reserve while weighing up the potential supply impact of tighter sanctions on Russia.

Brent futures inched up 1 cent at $73.20 a barrel at 7:20 a.m. Saudi time, while US West Texas Intermediate crude rose 1 cent to $70.08 a barrel.

The market is watching out for clues on interest rate moves for 2025 following the Federal Open Market Committee’s meeting, which ends later on Wednesday, analysts said.

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Oil Updates — prices nudge down on demand concerns, focus on Fed meeting

ameen.syed — Tue, 17 Dec 2024 07:12:35 +0000

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REUTERS

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Tue, 2024-12-17 10:10

BEIJING/SINGAPORE: Oil prices eased further on Tuesday as China’s economic data renewed demand concerns, while investors remained cautious ahead of the US Federal Reserve’s interest rate decision, according to Reuters.

US West Texas Intermediate crude was down 11 cents at $70.60 a barrel at 07:09 a.m. Saudi time, while Brent crude futures fell 6 cents to $73.85 a barrel.

Prices were “weighed on by profit-taking after last week’s 6 percent rally and a batch of disappointing Chinese economic data yesterday,” IG market analyst Tony Sycamore said.

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BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy

sarah.glubb — Mon, 16 Dec 2024 12:01:47 +0000

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Reuters

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Mon, 2024-12-16 14:51

DUBAI: BP and Abu Dhabi National Oil Company’s international investments arm XRG said on Monday they have closed a deal for a new natural gas joint venture in Egypt, as ADNOC expands its efforts to grow abroad.
The joint venture, Arcius Energy, is 51 percent owned by BP and 49 percent owned by XRG. It will operate in Egypt initially.

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Oil Updates — prices drop on soft Chinese spending data

ameen.syed — Mon, 16 Dec 2024 07:14:38 +0000

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REUTERS

Mon, 2024-12-16 10:12

LONDON: Oil futures dropped from their highest levels in weeks on Monday, pressured by weaker than expected consumer spending in China, the world’s largest oil importer.
Brent crude futures fell 60 cents, or 0.81 percent, to $73.89 a barrel by 1:43 p.m. Saudi time after settling on Friday at their highest since Nov. 22.
US West Texas Intermediate crude dropped by 70 cents, or 0.98 percent, to $70.59 after registering its highest close since Nov. 7 in the previous session.

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Egypt partners with UAE’s AMEA Power to launch renewable energy projects in Aswan, Gulf of Suez

sarah.glubb — Sun, 15 Dec 2024 08:47:47 +0000

article author:

MIGUEL HADCHITY

Author:

Sun, 2024-12-15 11:30

RIYADH: Egypt has signed two agreements with UAE-based AMEA Power to develop a 500-megawatt wind farm in the Gulf of Suez, further strengthening the nation’s renewable energy sector.

The partnership, valued at $600 million, was formalized during the inauguration of the Abydos 1 solar power plant in the southern city of Aswan.

The agreements highlight Egypt’s commitment to diversifying the sector and advancing its national renewable energy strategy, according to a statement from the Cabinet.

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Uzbekistan inaugurates largest wind farm in Central Asia

ameen.syed — Sun, 15 Dec 2024 08:10:44 +0000

article author:

Nirmal Narayanan

Sun, 2024-12-15 11:07

RIYADH: Uzbekistan has officially inaugurated Central Asia’s largest wind farm, the 500-megawatt Zarafshan facility, as part of its efforts to expand clean energy capacity.

Developed by Abu Dhabi Future Energy Co., known as Masdar, the wind farm was launched by Uzbekistan’s President, Shavkat Mirziyoyev, in a ceremony attended by Sultan Al-Jaber, the UAE minister of industry and advanced technology.

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Oil Updates – crude stabilizes on course for first weekly gain in 3

owen.bennett — Fri, 13 Dec 2024 07:01:18 +0000

article author:

Reuters

Fri, 2024-12-13 09:54

SINGAPORE: Oil prices stabilized on Friday, heading for their first weekly rise since the end of November, as additional sanctions on Iran and Russia ratcheted up supply worries, while a surplus outlook weighed on markets.

Brent crude futures edged up 7 cents to $73.48 a barrel by 7:34 a.m. Saudi time, while US West Texas Intermediate crude was at $70.11 a barrel, up 9 cents.

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IEA predicts global oil market will remain well-supplied in 2025

shahrukh.jamshed — Thu, 12 Dec 2024 10:20:19 +0000

article author:

Nirmal Narayanan

Author:

Thu, 2024-12-12 13:18

RIYADH: The global oil market is expected to be adequately supplied in 2025, even as OPEC+ extends its voluntary production cuts by an additional three months, according to the International Energy Agency.

In its latest report, the IEA raised its global oil demand growth forecast for 2025 to 1.1 million barrels per day, up from its previous estimate of 990,000 bpd. This upward revision is driven by rising oil demand in Asian markets.

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Oil Updates – prices little changed as demand weakness offsets sanctions-driven supply risks

owen.bennett — Thu, 12 Dec 2024 07:11:40 +0000

article author:

Reuters

Author:

Thu, 2024-12-12 10:07

LONDON: Oil prices were little changed in Asian trade on Thursday as forecasts of weak demand and a higher-than-expected rise in US gasoline and distillate inventories stemmed gains from an additional round of EU sanctions threatening Russian oil flows.

Brent crude futures were up 14 cents at $73.66 a barrel at 8:19 a.m. Saudi time. US West Texas Intermediate crude futures rose 6 cents to $70.35. Both benchmarks rose over $1 each on Wednesday.

OPEC cut its demand growth forecasts for 2025 for the fifth straight month on Wednesday and by the largest amount yet.

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OPEC slashes global oil demand growth forecast

shahrukh.jamshed — Wed, 11 Dec 2024 13:02:08 +0000

article author:

Arab News

Wed, 2024-12-11 16:00

RIYADH: The Organization of the Petroleum Exporting Countries on Wednesday revised the global oil demand growth forecast for 2024 to 1.6 million barrels per day down from 1.8 million bpd in the previous report.

Total world oil demand is expected to reach 105.5 million bpd in the fourth quarter of 2024 and 103.8 million bpd in the full year of 2024.

OPEC also cut the global demand growth outlook for 2025 to 1.4 million bpd. Total world oil demand should stand at 105.3 bpd in 2025.

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Energy

Oil Updates – crude falls on demand growth concerns, robust dollar

Oil Updates — crude retreats on demand concerns after Fed signals slower easing ahead

��������Ƶ’s ACWA Power launches $3bn renewable projects in Uzbekistan

��������Ƶ’s crude production climbs to 8.97m bpd in October: JODI

��������Ƶ’s KACARE signs MoUs to propel energy innovation and empower women

Oil Updates — Crude steady while market eyes Fed rate decision

Oil Updates — prices nudge down on demand concerns, focus on Fed meeting

BP, ADNOC’s XRG agree Egypt gas JV Arcius Energy

Oil Updates — prices drop on soft Chinese spending data

Egypt partners with UAE’s AMEA Power to launch renewable energy projects in Aswan, Gulf of Suez

Uzbekistan inaugurates largest wind farm in Central Asia

Oil Updates – crude stabilizes on course for first weekly gain in 3

IEA predicts global oil market will remain well-supplied in 2025

Oil Updates – prices little changed as demand weakness offsets sanctions-driven supply risks

OPEC slashes global oil demand growth forecast

��Ƶ’s ACWA Power launches $3bn renewable projects in Uzbekistan

��Ƶ’s crude production climbs to 8.97m bpd in October: JODI

��Ƶ’s KACARE signs MoUs to propel energy innovation and empower women