Oil & Gas

The International Monetary Fund (IMF) said that Ecuador was meeting its targets for the expanded IMF loan program of $5 billion, but that it still needed to overcome challenges ranging from the volatility in oil prices to the domestic security issues that make capital market access difficult for this South American country. IMF spokesperson Julie Kozack said at a regular briefing to the press that the Fund worked with Ecuadorean officials to determine the timeline of the next review to unlock additional loan funding. The program was increased by $1 billion with an immediate disbursement of $600 million in July....

According to the Interior Department's contingency plan published on Wednesday, some government employees will remain on duty during the shutdown to process oil, gas, and coal leases on public lands. The U.S. Bureau of Land Management posted a plan that stated the goal of maintaining workers in these areas was to address the national energy crisis declared by President Donald Trump when he assumed office in January. BLM's shutdown plan for 2023 did not exclude energy leasing or permitting. The plan stated that "in order to protect life and property of the federal government and to address the National Energy...

Kuwait, the world's largest oil producer, has raised $11.25bn from a three part bond issue, which attracted a large number of investors for its first U.S. Dollar issue since 2017. This marks a strong return on global debt markets following years of political gridlock in Kuwait. The Gulf State was the last sovereign in the region to tap into the bond market. Strong global appetite for bonds and low borrowing costs enable governments to diversify their funding sources and plug budget deficits, as well as invest in economic diversification. Kuwait sold $3.25bn in a portion of three years at 40...

A poll on Tuesday showed that oil prices will remain almost unchanged this year despite the increased supply of both OPEC+ producers and non-OPEC ones. Concerns about a possible glut are tempered by the uncertainty surrounding Russian production. According to a survey conducted by 32 economists and analyst in September, Brent crude is expected to average $67.61 a barrel in 2025. This forecast is just 4 cents lower than the previous month's prediction. Brent, which opened Tuesday at $67.22, has averaged about $69.90 this year. West Texas Intermediate, which was forecast to average $64.65 in August, is now expected to...

The tyre maker said that the Italian government determined Sinochem, which is the largest shareholder of Pirelli, had not violated "golden powers" measures in 2023. The historic Italian company is now a Chinese-owned business. Recent months have seen a sensitive issue. Camfin, the second largest shareholder of Pirelli, claimed that this would threaten its plans to expand into the United States. Washington tightens restrictions on Chinese automotive technology, banning software and hardware produced by Chinese-controlled firms in vehicles connected to U.S. roads. A statement from the Italian government said that it had concluded that actions taken by directors who were...

The oil prices rose on Friday. They are on course to reach their highest level since early June, as Ukraine's attacks against Russia's energy infrastructure led Moscow to restrict fuel imports and to be close to cutting crude production. Brent futures rose 13 cents or 0.2% to $69.55 per barrel at 0454 GMT. U.S. West Texas Intermediate crude futures increased 22 cents or 0.3% to $65.20 per barrel. Both benchmarks are up over 4% in the past week. This is their largest increase since the week ending June 13. The gains were backed by the ongoing Ukrainian drone attacks targeting...

Oil prices rose on Friday and are on course to reach their highest level since early June, as Ukraine's attacks against Russia's energy infrastructure force Moscow to restrict fuel imports and cut crude production. Brent futures rose 15 cents or 0.2% to $69.57 per barrel at 0100 GMT. U.S. West Texas Intermediate crude futures increased 23 cents or 0.4% to $65.21 per barrel. Both benchmarks are up over 4% in the past week. This is their largest increase since the week ending June 13. The gains were backed by the ongoing Ukrainian drone attacks targeting Russian oil infrastructure and NATO's...

California Attorney General Rob Bonta announced on Wednesday that his state will continue to sue Trump's administration for its aggressive deregulatory measures on environmental regulations. He also said he was looking into more lawsuits related to deception surrounding plastics recycling. Bonta said, "Every time they break the law, it hurts my state and my people. We will sue, we'll take them to court." "So far, that's been more than one per week." He said that "we definitely have more suits planned". California's strategy is to counteract the administration's rapid rollbacks in environmental policies and its push to expand fossil-fuels. In...

The U.S. Supreme Court is preparing to decide a number of cases during its upcoming term that begins in October. These cases include issues like tariffs, transgender, campaign finance, crisis pregnancy centers and religious rights. The following are some of the cases that will be heard during the upcoming court term. Separately, the court has also acted in emergency cases involving challenges against President Donald Trump's policy. TRUMP TARIFFS On September 9, the court agreed to rule on the legality Trump's sweeping tariffs around world, a test that will be a major part of his agenda for economics and trade....

Argentina's bonds and stocks soared on Tuesday, extending gains from the previous session. The expected meeting between U.S. president Donald Trump and Argentinean leader Javier Milei is expected to take place. Dollar bonds, the stock market, and the peso all rose on Monday, after U.S. Treasury secretary Scott Bessent stated that "all options" were available to Argentina. This included swap lines and direct currency purchase from Washington. MarketAxess data showed that Tuesday's bond moves lifted them up by as much as 2.3c before they began to retrace some of their gains. They were still more than one cent higher on...

People familiar with the plant's operations have said that Marathon Petroleum will complete repairs on its damaged hydrotreater by mid-October at its Galveston Bay refinery, which processes 631,000 barrels per day (bpd). Jamal Kheiry, the spokesperson for Marathon, declined to comment about the operations of the Texas City refinery. It is the largest in the United States by capacity. A fire that broke out on June 14 shut down the 64,000 bpd RHU (residual hydrotreating unit). The two sources confirmed that the RHU has restarted the operation of two small hydrotreating systems. A third unit is also expected to be...

Angola's senior debt official said that the country will decide in November whether it wants to extend its $1 billion total-return swap agreement with JPMorgan or raise money through international capital markets. JPMorgan and Angola signed a derivative contract worth $1 billion for a year, known as a Total Return Swap, backed up by $1.9 billion of government dollar bonds. The contract will expire this year. Dorivaldo Téixeira, Director General of the Public Debt Management Unit of Angola's Finance Ministry, said on the sidelines investor meetings in London, "We have options." Angola, if the market conditions are right, could issue...

Crude oil prices have been driven primarily by the unwinding of OPEC+'s production cuts, China's storage flows, and geopolitical tensions this year. This is likely to continue for the foreseeable. It is important to understand the factors that influence the market. It is impossible to predict with accuracy the future of these factors. Forecasting the market is a difficult task for the crude oil industry because all three factors are unpredictable and can change rapidly. The Energy Markets Forum, held in Fujairah (the hub for oil storage and shipping in the United Arab Emirates) this week, was a place where...

Crude oil prices have been driven primarily by the unwinding OPEC+ production cut, China storage flows, and geopolitical tensions this year. This is likely to continue for the foreseeable. It is important to understand the factors that influence the market. It is impossible to predict with accuracy the future of these factors. Forecasting the market is a difficult task for the crude oil industry because all three factors are unpredictable and can change rapidly. The Energy Markets Forum, held in Fujairah (the hub for oil storage and shipping in the United Arab Emirates) this week, was a place where participants...

The major Gulf stock markets opened mixed on Wednesday as the U.S. shutdown caused concern about the delayed release of vital jobs data and future interest rate trends. Deep partisan divides between Congress and the White House prevented them from reaching an agreement on funding. This could have led to a long, painful standoff, which could result in the loss of thousands federal jobs. The shutdown may delay the release key economic data such as the non-farm payrolls reports due on Friday. The U.S. monetary policy changes have a major impact on Gulf markets where the majority of currencies are...

QatarEnergy signed a long-term contract with German industrial gas company Messer for the supply of high-purity helium. This helium is used by a variety of technologies, from MRI scanners and quantum computing to a range other technologies. QatarEnergy has signed its first direct sale and purchase agreement for Messer, which is the largest private industrial gas company in the world. According to a report by IDTechEx, the global demand for helium may exceed 322 millions cubic metres in 2035. Helium is widely used in manufacturing due to its cooling and inert qualities. QatarEnergy believes that the helium in its North...

The European Union announced on Monday it had reinstituted sanctions against Iran following a similar action taken by the United Nations. The EU reinstated sanctions today against Iran as a result of its continued non-compliance to the nuclear deal. In a press release, the EU presidency said that diplomatic negotiations remain possible. The EU stated that the sanctions include freezing assets of the Iranian Central Bank, other Iranian banks and travel bans for certain Iranian officials. The EU also banned Iran from purchasing and transporting crude oil, as well as the sale or supply gold and certain naval gear. The...

Oil prices fell by nearly 1% Monday, after the Kurdistan region of Iraq resumed crude exports through Turkey at the weekend. OPEC+ also plans to increase oil production in November. Brent crude futures dropped 63 cents or 0.90% to $69.50 per barrel at 0023 GMT, after Friday's settlement, which was the highest since July 31, had been reached. U.S. West Texas Intermediate Crude was trading at $65.07 per barrel, down 65c or 0.99%. This is a significant reversal of Friday's gains. Michael McCarthy, CEO Moomoo Australia & New Zealand, said that "ongoing fears of increased production are limiting gains but...

The Italian antitrust regulator fined Eni, a major energy company in Italy, and five other oil firms operating in Italy for unfair competition practices in the sale fuel for trucks. The regulator announced that more than $9 billion in fines had been imposed on Eni, Esso owned by ExxonMobil, Ip, Q8, Saras, and Tamoil. In a press release, the watchdog revealed that the companies had operated as a cartel to fix the price of biofuel components contributing to the cost of fuel between January 2020 to June 2023. It said that the value of this price component increased from 20...

Saudi Arabian stocks rose the most on Wednesday since 2020, after a report that suggested the regulator of markets may relax rules limiting foreign ownership in listed companies. Bloomberg News reported on a possible easing of the cap on foreign ownership in listed companies. This could revive interest in the Arab World's largest stock exchange. In a report, CMA board member Abdulaziz Abdulmohsen Bin Hassan said that the law could be implemented before the end the year. According to UBS's projections, the move could result in an additional passive inflow of $9.5 billion to $10 billion from MSCI and FTSE...

Saudi Arabian stocks rose the most on Wednesday since 2020, after a report that suggested the regulator of markets may relax rules limiting foreign ownership in listed companies. Bloomberg News reported on a possible easing of the cap on foreign ownership in listed companies. This could revive interest in the Arab World's largest stock exchange. In a report, CMA board member Abdulaziz Abdulmohsen Bin Hassan said that the law could be implemented before the end the year. The benchmark index has fallen 9.6% this year. This is below other regional markets like Dubai and Kuwait, which have risen 13.8% and...

Gulf stocks fell in the early trading on Tuesday, as investors digested the regional interest rate reductions following U.S. Federal Reserve’s moves. However, lingering uncertainties about its policy outlook kept sentiment cautious. The Fed cut its benchmark rate on Wednesday by a quarter of a percentage point in response to an improving labour market. However, it signaled a cautious approach to future monetary policy ease, leaving investors uncertain about the pace at which further moves will be made. Saudi Arabia, United Arab Emirates and Qatar have all cut their rates by 25 basis point each. Dubai's main stock index fell...

Trade sources reported on Tuesday that the arbitrage window for shipping U.S. West Texas Intermediate Crude to Asia has shrunk as tanker rates have risen, and strong export demand has pushed up premiums for this grade to multi-month heights. The U.S. Asia arbitrage opened in late summer, and the demand for Very Large Crude Carriers to make this two-month journey prompted a tightening of vessel supply. Kpler's preliminary data shows that U.S. imports into Asia will increase in September. South Korea and India are the top buyers. The first shipment of U.S. oil for Pakistan's biggest refiner Cnergyico, and the...

In an interview with Kuwaiti newspaper Al Qabas, Oil Minister Tariq Al Roumi stated that Kuwait's crude production capacity is 3.2 million barrels a day. Multiple reports indicate that this is the highest capacity in over a decade. In 2010, it peaked at 3.33 million bpd before falling to less than 3 million bpd. Al-Roumi, a spokesperson for Al Qabas, said that Kuwait will increase its oil production under the OPEC+ deal to 2.559 millions bpd by October. On September 7, eight OPEC+ member countries agreed to increase output by 137,000 bpd for October. This is in line with the...