Crude oil witnessed a steep fall on demand worries and concerns over surplus supply. Prices remained averse after an underwhelming production cut initiated by OPEC plus countries in its latest meeting which ended on November 30. The US benchmark, NYMEX futures, slipped below $70 a barrel last week while its Asian counterpart, Brent crude, traded … Read more
European and UK gas prices surged on Wednesday by more than 25 percent, energised by soaring demand before the northern hemisphere winter. Europe‘s reference Dutch TTF gas price jumped to 145.19 euros per megawatt hour and UK prices soared to 347.27 pence per therm. The two markets had already rocketed in earlier deals to record … Read more
LONDON: OPEC on Tuesday raised its forecast for growth in world oil demand this year on expectations the pandemic will subside, providing help for the group and its allies in their efforts to support the market. Demand will rise by 5.95 million barrels per day (bpd) in 2021, or 6.6%, the Organization of the Petroleum … Read more
BP expects to reach its $35 billion net debt target in the first quarter of 2021, the energy group said on Tuesday, following earlier-than-expected proceeds from disposals and a “very strong” quarter. The company, which had a debt pile of $39 billion at the end of 2020, had earlier expected to reduce its debt to … Read more
LONDON: The coronavirus crisis may have triggered the long-anticipated tipping point in oil demand and it is focusing minds in OPEC. The pandemic drove down daily crude consumption by as much as a third earlier this year, at a time when the rise of electric vehicles and a shift to renewable energy sources were already … Read more