Oil Industry Elite Hits Singapore to Debate Crude’s Next Twist

Producers, hedge funds, analysts and traders will all converge on the Southeast Asian city-state for this year’s Asia Pacific Petroleum Conference, organized by S&P Global Commodity Insights. The region’s biggest industry gathering — which kicks off on Monday — is a staple of the calendar, offering both a handy litmus test of the market’s current mood as well as clues on the outlook.

Crude’s gyrations over 2023 saw global benchmark Brent hit the lowest level since 2021 in June at just over $70 a barrel. That slump — which caught out overly bullish banks including Goldman Sachs Group Inc. — was driven in part as flows from Russia proved more resilient than expected despite sanctions and a price cap imposed after the invasion of Ukraine. Supply curbs led by Saudi Arabia then paved the way for a revival, with Brent now above $88.

“I’m sure that Saudi Arabia will start to unwind the additional 1-million-barrel-a-day supply cut at some point,” said Warren Patterson, head of commodities strategy for ING Groep NV, predicting the output would come back in the fourth quarter. “Fundamentally, the market can easily absorb the return of these barrels.

الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين

Similar News:يمكنك أيضًا قراءة قصص إخبارية مشابهة لهذه التي قمنا بجمعها من مصادر إخبارية أخرى.

Industry being built around Alberta's ample liquid brine lithium supply turning major cornerThere's an emerging industry in Alberta -- potentially worth billions of dollars -- mining ancient saltwater deposits instead of solid rock for lithium.
مصدر: CTVCalgary - 🏆 26. / 68 اقرأ أكثر »

Spanish Food Industry Group Makes Plea for Water as Drought Threatens CropsSpain’s food and drink industry made a rare call for the government to grant it priority access to water amid a drought that’s threatening food supplies in the southern European country.
مصدر: BNNBloomberg - 🏆 83. / 50 اقرأ أكثر »

U.S. airlines, travel industry gear up for Labor Day weekend surgeBy Priyamvada C (Reuters) - U.S. airlines and airports have geared up for a busy weekend ahead of the Labor Day holiday as travelers plan to jet off to ...
مصدر: SaltWire Network - 🏆 45. / 63 اقرأ أكثر »

U.S. private funds industry sues securities regulator over new rulesSix private equity and hedge fund trade groups argue SEC has overstepped its statutory authority
مصدر: globeandmail - 🏆 5. / 92 اقرأ أكثر »

US private funds industry sues securities regulator over new rulesBy Carolina Mandl NEW YORK (Reuters) -Six private equity and hedge fund trade groups on Friday sued the U.S. Securities and Exchange Commission (SEC), ...
مصدر: SaltWire Network - 🏆 45. / 63 اقرأ أكثر »