Oil Latest: Halliburton CEO Sees Market Tightening Further

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Ministers and oil industry chiefs are gathering for the biggest energy conference in the Middle East as crude heads toward $100 a barrel. Whether prices can hold at these levels and the outlook for OPEC+ supply cuts are among topics that will be discussed from Monday.

But this year, climate is looming large over the forum. Delegates at the annual Adipec summit in Abu Dhabi, which has been dominated by oil in its long-running history, will devote a lot of their time to the energy transition. The meeting comes just two months ahead of the United Arab Emirates also hosting the crucial COP28 conference.

Chief executive officers of Shell Plc, TotalEnergies SE and Occidental Petroleum Corp., among others, will later Monday discuss plans for the energy transition. UAE Energy Minister Suhail Al Mazrouei and OPEC Secretary-General Haitham al-Ghais are also scheduled to speak.There’s a lot of support for oil prices and the market will continue to tighten, Halliburton Co. Chief Executive Officer Jeff Miller said in a Bloomberg TV interview at the Adipec conference.

A lack of investments in projects is the main issue for oil, while demand remains strong, Descalzi said.Canada economic growth misses expectations, backing rate pause The Canadian economy rebounded slightly last month but still saw little growth, backing a case for the central bank to keep rates on hold despite inflation remaining elevated.More landlords converting units into short-term rentals

Some Ontario landlords are looking to change their long-term rental units into short-term leases where they stand to make more profit and face fewer challenges with the province’s backlogged tribunal, according to two landlords with groups representing rental operators.

 

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