Latest news with #BonnyLight
See - Sada Elbalad
6 days ago
- Business
- See - Sada Elbalad
Oil Prices Dip Amid Surprise Surge in US Inventories
Taarek Refaat Oil prices saw a slight decline on Wednesday, as a surprise increase in U.S. fuel inventories overshadowed signs of rising demand. The news also coincided with growing concerns over broader economic impacts from U.S. tariffs, which continued to weigh on the markets. Brent crude closed down by 19 cents, or 0.3%, at $68.52 per barrel. Meanwhile, West Texas Intermediate (WTI) crude dropped 14 cents, or 0.2%, ending the day at $66.38 per barrel. Latest Oil Prices: WTI Crude $66.62 +0.10 +0.15% Brent Crude $68.69 -0.02 -0.03% Murban Crude $69.93 -0.17 -0.24% Louisiana Light $70.89 -1.54 -2.13% Bonny Light $78.62 -2.30 -2.84% Mars US $71.88 -1.03 -1.41% Gasoline $2.153 -0.017 -0.78% Natural Gas $3.565 +0.042 +1.19% Despite the ongoing expectations for increased demand, the unexpected inventory rise sent a ripple through the oil markets. According to the Energy Information Administration (EIA), U.S. gasoline stocks surged by 3.4 million barrels last week, while market analysts had forecast a decrease of 1 million barrels. The data further showed that distillate inventories, which include diesel and heating oil, jumped by 4.2 million barrels—vastly surpassing expectations of a mere 200,000 barrel increase. These figures are notable, as they could signal an oversupply in the short-term, affecting global oil prices. Conversely, commercial crude oil stocks fell by 3.9 million barrels to 422.2 million barrels, a larger drawdown than the forecasted 552,000 barrel reduction. This drop in crude reserves could signal stronger demand or more effective supply chain management, balancing out some of the negative signals from the fuel inventories. Geopolitical Tensions and Trade Concerns Loom Amid these market shifts, the broader geopolitical climate remains a significant influence on oil prices. The threat of escalating trade wars, particularly from U.S. President Donald Trump's policies, continues to cloud market forecasts. Trump recently warned of imposing heavy tariffs on Russia in the coming 50 days unless a resolution to the ongoing Ukraine conflict is reached, adding to investor uncertainty. Additionally, the European Commission is preparing for potential countermeasures should talks with Washington fail. These tensions have raised concerns about possible disruptions in global trade, which could further strain energy markets. In the U.S., reports that President Trump might seek to remove Federal Reserve Chairman Jerome Powell led to a sharp rise in short-term U.S. interest rate futures, prompting investors to bet on potential rate cuts beginning as soon as September. Looking forward, the Organization of the Petroleum Exporting Countries (OPEC) in its latest monthly report projected that the global economy would improve in the second half of the year, driven by stronger growth in China, India, and Brazil, alongside recovery in the U.S. and the European Union. In China, state-run refineries ramped up production after completing maintenance, responding to surging demand in the third quarter. Barclays estimates that China's demand for oil grew by 400,000 barrels per day in the first half of the year, reaching 17.2 million barrels per day. However, the oil market faces ongoing disruptions from geopolitical tensions in the Middle East. Drone attacks on oil fields in Iraq's Kurdistan region, now continuing for the third consecutive day, have caused a loss in production of approximately 140,000 to 150,000 barrels per day. This supply shortfall, along with other regional instability, continues to impact the overall balance of supply and demand. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks Arts & Culture Hawass Foundation Launches 1st Course to Teach Ancient Egyptian Language Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
See - Sada Elbalad
25-06-2025
- Business
- See - Sada Elbalad
Oil Caught in Crossfire: Markets React to Fragile Iran-Israel Ceasefire
Taarek Refaat Amid escalating tensions and fragile diplomatic efforts, global oil markets have once again found themselves at the center of geopolitical turbulence. On Wednesday, oil prices climbed modestly, rebounding from sharp losses earlier this week, as investors assess the stability of a fragile ceasefire between Iran and Israel. This is not just a price shift—it's a reflection of how tightly energy markets are interwoven with Middle East tensions, strategic waterways, and nuclear brinkmanship. Market Reaction: Oil Prices Edge Up Brent crude futures rose by 1.3%, reaching $68.01 per barrel U.S. West Texas Intermediate (WTI) climbed 1.37% to $65.25 per barrel Latest Oil Prices: WTI Crude • 65.11 +0.74 +1.15% Brent Crude • 67.86 +0.72 +1.07% Murban Crude • 68.30 +0.46 +0.68% Louisiana Light • 71.86 +0.00 +0.00% Bonny Light • 78.62 -2.30 -2.84% Opec Basket • 68.71 -7.48 -9.82% Mars US • 71.88 -1.03 -1.41% Gasoline • 2.086 +0.001 +0.03% Natural Gas • 3.389 -0.148 -4.18% Both benchmarks had plunged to multi-week lows earlier this week—Brent to levels unseen since June 10, and WTI to June 5 prices—erasing much of the premium built after Israel's surprise airstrike on Iranian nuclear and military facilities on June 13. Now, with a ceasefire in place, however tentative, oil traders are recalibrating their risk assessments. A Ceasefire Brokered by U.S. President Donald Trump, the current ceasefire has paused direct aerial warfare between Iran and Israel. But 'paused' is the operative word. Intelligence assessments from U.S. agencies suggest that the strikes did not destroy Iran's nuclear capabilities, but rather delayed them by a few months. The underlying conflict—one rooted in existential distrust, regional rivalry, and nuclear fears—remains unresolved. One senior analyst noted, 'This isn't peace; it's just a moment to reload.' Strait of Hormuz: The Pressure Point Markets are particularly sensitive to any threat around the Strait of Hormuz, the world's most critical oil chokepoint. Between 18 and 19 million barrels of oil pass through the narrow corridor between Iran and Oman daily—about 20% of global consumption. Even rumors of disruption in this vital passage can send oil prices soaring. With the U.S. now militarily involved, investors are pricing in geopolitical risk that goes far beyond mere headlines. What's Next for Oil? Much hinges on two critical factors: Will the ceasefire hold? If even one retaliatory strike occurs, prices could spike dramatically. What do inventories say? Later today, the U.S. government will release official data on domestic oil and fuel stockpiles. Preliminary figures from the American Petroleum Institute show a drawdown of 4.23 million barrels last week—potentially tightening supply further. These dual forces—geopolitical uncertainty and shifting inventory data—create the perfect storm for volatility. A Market on the Edge This moment in the oil market isn't just about barrels and charts. It's about how energy continues to be both a weapon and a lifeline, a reflection of the world's volatility, and a driver of its stability. For investors, analysts, and policymakers, the message is clear: as long as conflict brews in the Middle East, oil will remain a battlefield of its own. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream News Shell Unveils Cost-Cutting, LNG Growth Plan Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean
See - Sada Elbalad
13-06-2025
- Business
- See - Sada Elbalad
Oil Prices Surge 9% After Israeli Strikes on Iran Spark Fears of Regional Escalation
Taarek Refaat Oil prices spiked sharply on Friday following Israel's announcement of a large-scale military operation targeting Iran, heightening fears that a broader conflict could disrupt energy supplies from the region. Brent crude futures rose $4.35, or 6.19%, reaching $74.60 a barrel, while U.S. West Texas Intermediate (WTI) crude jumped $5.33, or 7.83%, to $73.37 a barrel by 00:29 GMT—pushing both benchmarks to their highest levels in over two months. Latest Oil Prices: WTI Crude $74.35 +9.27% Brent Crude $75.57 +8.95% Murban Crude $75.07 +8.40% Louisiana Light $71.76 +4.39% Bonny Light $78.62 -2.84% Opec Basket $67.47 +0.18% Mars US $72.21 -1.45% Gasoline $2.259 +5.43% Natural Gas $3.544 +1.49% The surge came hours after Israeli military officials confirmed a series of airstrikes targeting what they described as 'dozens of military and nuclear-linked facilities' across Iran. A senior Israeli source stated that the strikes were aimed at weakening Tehran's military capabilities and undermining its nuclear infrastructure. 'We believe Iran has the capability to strike Israel at any moment,' the source warned. According to Israeli officials, several of the targets included nuclear facilities, though no details have yet been released about the extent of the damage. Iranian state media has confirmed the deaths of senior Revolutionary Guard commanders, but Tehran has not yet commented publicly on the alleged strikes against nuclear infrastructure. The developments have added new urgency to diplomatic efforts. A sixth round of nuclear talks between U.S. and Iranian officials is scheduled for Sunday in Oman, with mediation from Omani diplomats. U.S. Special Envoy Steve Witkoff is expected to meet with Iranian Foreign Minister Abbas Araqchi to discuss Iran's potential response to Washington's latest proposal on nuclear compliance. Former U.S. President Donald Trump has reportedly reiterated his stance that military action remains an option if talks collapse. Iran has responded by warning that any aggression would be met with retaliatory strikes on U.S. military bases in the region. The risk of military escalation has raised alarms over global energy security, particularly regarding the Strait of Hormuz—a critical shipping chokepoint for global oil supplies. The UK Maritime Trade Operations issued a warning earlier this week that rising tensions could impact maritime traffic in key Middle Eastern waterways. Analysts at JPMorgan warned that oil prices could spike to $120–$130 per barrel if the Strait of Hormuz were to be closed, though they currently view the likelihood of that scenario as low. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan Videos & Features Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream Technology 50-Year Soviet Spacecraft 'Kosmos 482' Crashes into Indian Ocean News 3 Killed in Shooting Attack in Thailand
See - Sada Elbalad
01-06-2025
- Business
- See - Sada Elbalad
OPEC+ Agrees to Increase Oil Production in July despite Causing Price Drop
Taarek Refaat OPEC+ agreed on Saturday to increase oil production in July by 411,000 barrels per day, the same level as in May and June, as the group of oil-producing countries continues to restore supplies at a faster pace than previously planned. US crude futures fell on Friday amid concerns that OPEC+ may increase its oil production for July by more than previously expected. Brent crude futures fell 0.34% to $63.93 a barrel. US West Texas Intermediate (WTI) crude was last down 0.34% at $60.73 a barrel, after earlier falling more than $1 a barrel. At these levels, the benchmark contracts for the previous month are on track for weekly losses of more than 1%. Latest Oil Prices: WTI Crude $60.79 -0.25% Brent Crude $62.78 -0.90% Murban Crude $62.11 -1.15% Louisiana Light $64.69 +1.70% Bonny Light $78.62 -2.84% Mars US $72.21 -1.45% Gasoline $2.015 -0.022 Natural Gas $3.447 -2.13% Eight OPEC+ members have increased their production at a faster pace than planned since May, even though the oversupply has weighed on prices. Saudi Arabia and Russia, which lead the OPEC+ alliance, are seeking to punish their allies who are partially overproducing and regain market share. On Saturday, the eight countries agreed to the July increase in an online meeting. An OPEC+ delegate said they also discussed other options. On Friday, sources familiar with the OPEC+ talks said they may discuss a larger increase. In a statement issued after the meeting, OPEC+ cited "the stable global economic outlook and currently sound market fundamentals, as reflected in the decline in oil inventories" as the reason for the July increase. OPEC+ pumps about half of the world's oil and includes OPEC members and allies such as Russia. While the eight countries are increasing their supply, some are being asked to ease those increases to compensate for the overproduction of recent months. The July increase from the G8 will bring the total increase for April, May, June, and July to 1.37 million barrels per day, representing a 62% reduction from the group's latest production cut of 2.2 million barrels per day, according to Reuters calculations. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Business Insider
19-05-2025
- Business
- Business Insider
Top 5 African countries that produced the most oil in April 2025
As per the recent monthly oil-report by the Organization of the Petroleum Exporting Countries (OPEC), in April, the OPEC Reference Basket (ORB) value fell by $5.02, or 6.8%, month on month, to average $68.98/barrel. The OPEC Reference Basket (ORB) value dropped by 6.8% in April, averaging $68.98 per barrel. Year-to-date, the ORB value is $74.82 per barrel, reflecting a 10.6% decrease from the previous year. Specific crude oil components saw varying degrees of price decline, influenced by market dynamics. All ORB component prices fell in accordance with their respective crude oil benchmarks. Lower official selling prices for most components in the three main marketplaces also contributed to the decrease. Year-to-date, the ORB value was $74.82/b, down $8.85 or 10.6% from the previous year. 'West and North African Basket components – Bonny Light, Djeno, Es Sider, Rabi Light, Sahara Blend and Zafiro – fell by an average of $4.77, or 6.7%, m-o-m, to $66.85/b, and multiple-region destination grades – Arab Light, Basrah Medium, Iran Heavy and Kuwait Export – decreased on average by $5.11, or 6.8%, m-o-m, to settle at $69.89/b,' the report states. 'Murban crude fell by $4.90, or 6.7%, m-o-m, on average to settle at $67.73/b. The Merey component decreased by $4.38, or 7.2%, m-o-m, to settle at $56.72/b' it adds. The report also highlights that despite recent tariff developments, the global economy continues to grow steadily. The globe's economic growth prediction for 2025 has been lowered down to 2.9%, while the growth forecast for 2026 stays at 3.1%. Additionally, the world's oil demand in 2025 is projected to climb by 1.3 mb/d, year on year, unchanged from last month's projection. Despite recent tariff-related changes, the global economy is on track for growth, and as for Africa's largest oil-producer: Nigeria, this trend is prevalent. The Nigerian economy is not expected to be seriously affected by recent US tariffs due to exemptions for oil and gas exports and little commerce with the US. 'The April 2025 Stanbic IBTC Bank Nigeria PMI eased slightly to 54.2 from a one-year high of 54.3 in March, but still marked the fifth consecutive month of expansion in the private sector. Output growth accelerated to its fastest pace since January 2024, while employment rose for the fifth straight month to an eight-month high, as firms responded to stronger demand,' the OPEC report states. 'However, rising raw material costs and currency depreciation pushed input prices higher, leading to a further uptick in output charges. Despite these inflationary pressures, businesses remained optimistic about the year-ahead outlook, although confidence softened for the third consecutive month, it adds. With that said, here are the African countries with the highest oil production last month in thousand barrels per day (tb/d), according to OPEC's report. Save Congo which plateaued at 0, mucj like last month when it stood as the only country on the list to record an increase, everyother country on the list produced less oil. Top 5 African countries with the highest oil-production in April 2025 Rank Country DoC crude oil production based on secondary sources, tb/d Change between April and March 1. Nigeria 1,471 -28 2. Libya 1,263 -14 3. Algeria 912 -1 4. Congo 260 0 5. Gabon 222 -1
