- The International Energy Agency expects oil demand growth to slow in 2024
- The International Monetary Fund re-selects Kristalina Georgieva as its director
- Libya to target producing 1.4 million b/d by end 2024
- TotalEnergies launches the Marsa LNG project and deploys it multi-energy strategy in Oman
- H.E. Minister Al-Kaabi: Demand for oil and gas will continue for long; we have to be responsible, and Qatar is doing its part
- Egypt to stop exporting LNG starting from the beginning of May 2024
- QatarEnergy selects Nakilat to own and operate 25 conventional LNG vessels
- The joint development of the Dorra field between Saudi Arabia and Kuwait is pending the demarcation of the border with Iran
- Minister of Energy reaffirms the UAE’s commitment to adopting clean energy and supporting the Paris Agreement
- The new Hassi Messaoud refinery enjoys the support of the government and President Tebboune
Oil prices towards relative improvement to touch 60$ a barrel
Oil prices recovered after a period of decline, but oil gains were constrained by lower expectations for global demand for the remainder of the year as economic growth slowed.
OPEC cited challenges in 2020 as its competitors produce more crude, reinforcing maintaining an OPEC-led agreement to curb supplies.
Ahead of the OPEC monthly report, Brent crude approached $ 59.50 a barrel and US crude was trading at $ 55.67. Both benchmarks ended the week on small gains after two consecutive weeks of decline.
The price of Brent is still about 10% above its level at the beginning of the year supported by cuts in supplies from OPEC and its allies, led by Russia, who form a group known as OPEC plus. The group had agreed in July 2019 to extend the oil production cuts until March 2020 in order to support oil prices.
