Tags

OPEC Fund invests $1.7bn for global climate change and energy transition in 2023

A Nigerian solar plant and an Azerbaijan wind farm were among the 55 projects that received financing worth $1.7 billion from the OPEC Fund for International Development in 2023.

Aligned with the multilateral development finance institution’s Climate Action Plan, support for renewable energy projects constituted nearly 60 percent of all lending in the energy sector, according to a press release.

Oil Dips on Faltering Chinese Economy

il prices fell on Wednesday, pressured by lacklustre economic activity in leading crude importer China, but a first monthly gain since September remained in sight as flaring tensions in the Middle East heightened supply concerns.

Oil exports restart at key Russian terminal after drone attack

Loadings of Russian and Kazakhstan oil onto marine tankers at Russia’s second-largest export terminal on the Baltic Sea, Ust-Luga, have resumed at around midday on Monday after coming to a standstill in the early morning hours on Sunday when captains ordered vessels to be pulled back to sea due to security concerns, marine traffic data suggests.

OPEC Leaves Forecast for 2024 Oil-Demand Growth Unchanged

The Organization of the Petroleum Exporting Countries (OPEC) on Wednesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and said 2025 will see a robust increase in oil use, led by China and the Middle East.

OPEC, in a monthly report, said world oil demand will rise by 1.85 million barrels per day in 2025. For 2024, OPEC saw demand growth of 2.25 million bpd, unchanged from last month.

Fundamentals Point To Flat Oil Prices in 2024

Analysts: oil prices are likely to remain around current levels this year.
OPEC+ producers now have sufficient spare capacity to potentially counter extreme market tightness and disruptions to oil flows that could result from geopolitical risks in the Middle East.
As of November 2023, the OPEC+ alliance held 5.1 million barrels per day (bpd) of spare oil production capacity—or about 5% of global demand.

Oil Demand Balance More Bullish Than 2023

Commodity analysts at Standard Chartered have reported that silver and distillates are the only commodities whose investor positioning has changed significantly from a year ago.
Standard Chartered: oil could be undervalued by at least $10 per barrel.
Supply and demand balances are significantly more bullish compared to a year ago, when an outsized January surplus of 3.5 mb/d led to a large 1.6 mb/d Q1-2023 surplus.