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Mixed U.S. inventories impact crude oil gains, production offset by fuel demand
Concerns arose from attacks on Russian refineries and potential conflict escalation in the Middle East
Iraq and Nigeria lead reductions, maintaining OPEC's commitment to supply restraint
China and U.S. demand boost prices amid Middle East conflict
OPEC believes that the oil industry will need approximately $11.1 trillion by 2045
Russia's commitment to deeper production cuts as a key factor influencing the crude oil market in the coming months
For FY 2023/2024, Egypt has raised its projected total investments in oil and natural gas to $5.79 billion
Market concerns rise as major producers hold output policy steady
Al Ghais highlighted OPEC’s role in addressing global issues like climate change, energy transition
The attacks caused potential disruptions to oil capacity, estimated at 900k bpd
Al-Ghais highlighted that calls to abandon oil were "wrong" and "unrealistic"
Declining gasoline supply in the U.S. indicates potential slowdown in crude demand
The expectation of limited supplies continued to support crude prices
Fed, PMIs awaited for more economic cues
Surging prices fueled by refinery activity, China demand, and Middle East disruptions
The recent attacks on refineries added a risk premium of $2-$3 per barrel to crude prices
The non-oil sector investment key to sustaining 3.3 percent annual GDP growth over 2024-2027
Surprise decline in U.S. crude stockpiles supports prices
Surprising drop in U.S. oil and gasoline inventories points to increased demand from top fuel consumer
Concerns over China's economic weakness continue to impact oil market
The focus on U.S. inflation data, OPEC report influences oil prices
Despite decline in oil production, diverse industries foster growth in the kingdom
Manufacturing activities in the Kingdom rose by 1.1 percent in January 2024
Mixed signals from U.S. jobs data impact prices
