Financial Mirror on Nostr: Oil prices under pressure due to slower economies - Financial Mirror ========== Oil ...
Oil prices under pressure due to slower economies - Financial Mirror
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Oil prices are trading down due to disappointing economic data and the lack of expected interest rate cuts by the Fed. OPEC's crude oil production fell in April, but overproducing countries like Iraq have plans to cut more oil production. Standard Chartered forecasts that global oil demand will exceed 103 million barrels per day in May and June. The World Bank warns that the oil price could exceed $100 per barrel if the Middle East conflict escalates. The ING Group predicts that the oil price will average about $90 per barrel in 2024. High interest rates, inflation, and global conflict have dented the outlook for the global energy transition, according to JP Morgan. Wood Mackenzie warns that the energy transition isn't moving fast enough and will be expensive. OPEC's secretary general challenges reports predicting the demise of oil demand. Ukraine has resumed drone attacks on Russian refineries, and Russia continues to attack Ukraine's gas storage facilities. Total is considering switching its listing from Paris to New York. The G7 pact to stop using coal by 2035 sets up the next battle over gas supplies. Record power demand for cooling in India is met by revving up its coal mines.
#OilPrices #EconomicData #InterestRates #Opec #GlobalOilDemand #MiddleEastConflict #EnergyTransition #HighInterestRates #Inflation #GlobalConflict #Ukraine #Russia #Total #G7 #Coal #GasSupplies #India
https://www.financialmirror.com/2024/05/05/oil-prices-under-pressure-due-to-slower-economies/
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Oil prices are trading down due to disappointing economic data and the lack of expected interest rate cuts by the Fed. OPEC's crude oil production fell in April, but overproducing countries like Iraq have plans to cut more oil production. Standard Chartered forecasts that global oil demand will exceed 103 million barrels per day in May and June. The World Bank warns that the oil price could exceed $100 per barrel if the Middle East conflict escalates. The ING Group predicts that the oil price will average about $90 per barrel in 2024. High interest rates, inflation, and global conflict have dented the outlook for the global energy transition, according to JP Morgan. Wood Mackenzie warns that the energy transition isn't moving fast enough and will be expensive. OPEC's secretary general challenges reports predicting the demise of oil demand. Ukraine has resumed drone attacks on Russian refineries, and Russia continues to attack Ukraine's gas storage facilities. Total is considering switching its listing from Paris to New York. The G7 pact to stop using coal by 2035 sets up the next battle over gas supplies. Record power demand for cooling in India is met by revving up its coal mines.
#OilPrices #EconomicData #InterestRates #Opec #GlobalOilDemand #MiddleEastConflict #EnergyTransition #HighInterestRates #Inflation #GlobalConflict #Ukraine #Russia #Total #G7 #Coal #GasSupplies #India
https://www.financialmirror.com/2024/05/05/oil-prices-under-pressure-due-to-slower-economies/