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  • The Oil Market Is At The Whim Of Geopolitical Disputes
    by Alex Kimani on 2022-01-21 at 00:00

    Oil prices have continued their early-year surge in the new year, thanks in large part to easing worries about omicron as well as tight oil and gas supplies amid growing geopolitical uncertainties. Front-month Brent reached USD 89.05 per barrel (bbl) in early trading on 19 January, the highest level since 13 October 2014. Brent settled at USD 87.51/bbl, a w/w increase of USD 3.79/bbl. WTI rose USD 4.21/bbl w/w to USD 85.43/bbl, while the value of the OPEC basket of crude oils rose by USD 5.95/bbl to USD 88.08/bbl and by EUR 5.52/bbl to EUR 77.77/bbl. …

  • How Realistic Are Libya’s 2022 Oil Production Goals?
    by Simon Watkins on 2022-01-20 at 23:00

    Although Libya’s crude oil production is now re-approaching the 1 million barrels per day (bpd) level, according to various industry reports, the outlook for sustained gains appears as tenuous as it has been since the removal of long-time leader, Muammar Gaddafi, in 2011, and the ensuing multi-factional civil conflict that ensued. Given the delicate supply and demand balance at play in the oil market, which is likely to remain for some time, as analysed in depth in my new book on the global oil markets, even relatively incremental additions…

  • Iran’s Oil Industry Is Preparing For Life After Sanctions
    by Felicity Bradstock on 2022-01-20 at 22:00

    Iran is taking its oil future into its own hands, despite ongoing sanctions from the U.S. With higher oil sales and revenues in 2021, Iran is planning to invest in its oil industry by opening a new refinery, constructing a new pipeline, and fostering international relationships to enhance its export opportunities. While U.S. sanctions continue to restrict Iran’s oil exports, this is not stopping the country from continuing trade where possible and preparing for life after sanctions. This month, the Head of National Iranian Oil Company (NIOC)…

  • China Is Reselling LNG Cargoes, Driving Gas Prices Lower
    by Tsvetana Paraskova on 2022-01-20 at 21:30

    Major Chinese liquefied natural gas (LNG) importers are now offering to resell some cargoes on the spot market this year, suggesting that China has stocked up more than enough to see it through the winter and easing concerns about the global gas crunch. Natural gas prices fell on Wednesday and Thursday after reports emerged that major state-owned LNG importers in China have turned to the spot market to sell some cargoes. The trading arm of China Petroleum & Chemical Corporation, or Sinopec, issued this week a sales tender to sell dozens of…

  • Is $100 Oil On The Horizon?
    by on 2022-01-20 at 21:00

    OANDA’s senior analyst Craig Erlam has told City A.M. that oil prices could reach $100 per barrel during the first quarter, following intense rallies over recent days. His bullish forecast follows upbeat commentary on prices published in his latest market update, where he argued tightening supplies amid rebounding demand meant high prices are here to stay. Erlam said: “This imbalance has led to surging prices which will further pressure households and businesses already fighting high inflation What’s more, not only does the rally…

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