Tag: Oil

OPEC Raises Forecast of Global Oil Demand, Peak Crude Demand Still Away

OPEC strongly criticized the IEA’s forecast of peak fossil fuel demand before the decade’s end, labeling the IEA’s narrative as “extremely risky,” “impractical,” and “ideologically driven”. OPEC has revised its medium- and long-term projections for global oil demand upward. The oil-producing consortium stated that meeting this increased demand would necessitate a substantial $14 trillion investment in the crude sector. This development comes even in the face of a rapid expansion of renewable energy technologies. However, this long-term oil demand projection from OPEC differs from that of the International Energy Agency…

Oil Prices Rise 4% as Hamas Attacks Israel Killing and Wounding Thousands

Oil prices rose today as Hamas and Israel continue their conflict with many injured and several dead on both sides. Oil prices have risen following the conflict between Israel and the Palestinian militant movement Hamas as the fight extends into the third day. Global benchmark Brent hit $88.41 per barrel on Monday after rising by 4.53%. The US West Texas also recorded an increase, climbing 4.69% to $88.67 a barrel. The conflict between both sides does not directly impact oil prices as neither is a major oil producer. According to…

Bitcoin Price (BTC) Observers Warn of Risk Aversion as Oil Prices Top $93

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Higher oil prices are often transmitted to retail fuel prices, raising key inflation metrics like the Consumer Price Index (CPI). That, in turn, weighs over households’ disposable income. Less disposable income means weak consumption, economic growth, and less inclination to invest in high-risk, high-reward assets like bitcoin and technology stocks. It’s notable that Bitcoin’s positive correlation with stocks has recently made a comeback. Original

Bitcoin Price (BTC) Slides Back Towards $26K as Nasdaq Falls on Rising Rates and Oil

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The declines came as the 10-year Treasury yield surged another nine basis points to a fresh 16-year high of 4.63%. Alongside the rise in interest rates, the price of oil was ahead by more than 3.5% to a new 2023 high of $93.53 per barrel. The term “stagflation” – suggesting a combination of slow growth and fast inflation in the economy – hasn’t been seen a lot since the 1970s, but quickly rising rates and oil prices are likely to spark an increase in usage. Original

Argentinian oil company to start mining crypto with gas power leftovers

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A Buenos Aires-headquartered oil company, Tecpetrol, has decided to convert excessive gas into energy for cryptocurrency mining.  As reported by local media on Sept. 24, Tecpetrol will launch its first gas-powered crypto mining facility in the Los Toldos 2 Este region, located north of Vaca Muerta in the Argentine Patagonia. The company claims its approach would allow it to advance its crude oil production project and optimize gas utilization, thereby reducing waste. Related: Stronghold requests permission to burn tires for crypto mining in Pennsylvania The company is planning to drill…

Olive Oil Prices Spike to Record Highs amid Drought-Induced Supply Crisis

Similarly, the global rice market is currently under pressure as China, the world’s top rice producer, deals with severe rain and flood concerns in its grain-producing north-eastern area. Olive oil, a staple in kitchens around the world, has recently become the center of attention due to an unprecedented surge in price. As severe droughts plague major olive-producing countries in the Mediterranean region, supplies are dwindling. Drought’s Grip on Olive Production The United States Department of Agriculture (USDA) highlighted in a recent report that in September, global Olive oil prices reached…

US Crude Oil Prices Cross $90 per Barrel for First Time in 10 Months

Prices of oil in the US hit a 10-month high as oil shortages are expected until the end of the year following Russia and Saudi output cuts. In response to fears of weaker supply, the prices of oil rose on Thursday. The West Texas Intermediate (WTI) crude climbed 1.6% to $90.04 per barrel, its highest point since November last year. Brent crude also sold at a 10-month record of $93.23 after rising 1.5%. The impact of the increase in crude prices may be stiff on the economy as gasoline prices…

Saudi Aramco Expects Strong Oil Demand from China and India despite Economic Downturn

The state-owned Aramco believes that the oil demand forecast for the rest of 2023 is solid even though metrics point to a dwindling economy. Saudi-owned oil and gas firm Saudi Aramco has a strong outlook on oil for the rest of the year as it anticipates healthy demand from India and China. Saudi Aramco predicts strong demand from both countries regardless of an economic retraction expected in global markets. Speaking at the Energy Asia conference in Kuala Lumpur, Aramco CEO Amin Nasser said oil market fundamentals “remain generally sound” for…