Oil is on track for its most significant weekly decline in nearly a year, driven by concerns over weak demand and ample supply, despite Opec+ postponing a scheduled production increase
An investment bank predicts that oil prices could drop to $60 or even $50 per barrel by 2025.
Oil prices continued to decline on Wednesday, with forecasts suggesting an average of around $60 per barrel next year, and possibly even dipping to around $50, according to Citi.
Oil prices continued to rise on Monday morning
Oil prices continued to rise on Monday morning, as escalating tensions in the Middle East remained a significant concern for traders.
Share Talk Weekly Energy Sector News Round-Up, Sunday 4th August 2024
Oil prices have fallen to their lowest level since June due to concerns that a potential recession in the US might reduce demand from the world’s largest economy.
US oil giant Chevron abandons California after 150 years
One of America’s largest oil companies is set to move its headquarters out of California, citing opposition to “harsh” green policies.
Shell’s profits soared to $14 billion as the company pivoted back to oil and gas.
Shell reported $14 billion (£10.9 billion) in profits for the first half of the year, driven by its strategic shift from renewables back to oil and gas.
BP Reports $5.5 Billion Profit After Reducing Green Initiatives
BP has reported increased second-quarter profits as it shifts focus toward oil and gas developments.
Traders anticipate a US rate cut in September as inflation continues to decline.
Money markets indicate that the Federal Reserve will start cutting interest rates in September, following a continued slowdown in US inflation.
Wall Street’s record-breaking rally continues as stocks edge higher
Most U.S. stocks are trending higher this afternoon, pushing Wall Street toward new records.
BP to incur a $2 billion loss on an aging refinery due to declining fuel sales
BP is set to face a potential $2 billion (£1.6 billion) impact from its ageing refining operations in Germany, compounded by weak oil trading that has affected its second-quarter earnings.
Shell to incur $1bn loss after stopping work on biofuels plant
Shell anticipates a financial impact of up to $2 billion (£1.6 billion) after pausing construction on one of Europe’s largest planned biofuel plants and selling a refinery in Singapore.
Labour’s policies could spell the end for the North Sea industry.
David Latin is running out of patience. As the chairman of Serica Energy, with over 30 years in the oil and gas industry, including managing drilling operations in war zones,