The Cop28 UN climate summit in December secured agreement from almost 200 nations to “transition away from fossil fuels in energy systems in a just, orderly and equitable manner” – a decision hailed by world leaders as “historic”.
PetroChina’s contract to develop the Nahr bin Umar gas field follows the takeover by PetroChina of ExxonMobil’s operator role in the giant West Qurna 1 field.
For China, Iraq’s gas sector is not just potentially massive but is also highly connected to its equally potentially huge oil sector.
Around 70 percent of Iraq’s gas reserves are ‘associated’ with oil fields, and the majority of these fields are located in the southeast of Iraq.
China’s oil imports reached 11.28 million bpd in the previous year, an 11% increase from
2022, driven by strong fuel demand at home and abroad.
Domestic crude oil production in China also hit a record, totaling 208 million tons for the year, averaging 4.2 million barrels per day.
China’s substantial oil storage activities and fuel exports, particularly to Europe post-Russian embargo, highlight both domestic and international demand dynamics.
Top U.S. banks forecast a median Brent price of $85 for 2024, citing demand growth and potential supply disruptions.
Goldman Sachs revised its forecast to $70-$90 per barrel, while Citigroup predicts an average price of $75, factoring in slower demand growth and higher U.S. output.
The global oil market outlook for 2024 is largely bearish, but increased demand, especially from Asia, could lead to higher prices.
World oil consumption will rise by 1.1 million barrels per day(bpd) in 2024, the International Energy Agency (IEA) said in a monthly report
This week, the oil market witnessed a significant rebound, driven by a confluence of factors including a weaker dollar and revised demand forecasts from major energy organizations.
World oil consumption will rise by 1.1 million barrels per day(bpd) in 2024, the International Energy Agency (IEA) said in a monthly report
IEA: Russia’s oil revenues dropped in November.
IEA: Russia’s export revenues for crude and oil products fell by 17% month-on-month in November to $15.2 billion.
Russia’s overall oil shipments declined by 200,000 barrels per day (bpd) in November, the agency noted.
The International Energy Agency said in its recent oil report that oil consumption is close to peaking, thanks to transition efforts and energy efficiency gains.
U.S. Deputy Energy Secretary Turk: “We are refilling as much as we can. We have been doing that for the last several months, and at this price level we’ll keep doing it,”.