Oil prices fell on Monday after initial concerns about a wider conflict in the Middle East subsided. This followed Iran’s weekend attack on Israel proving less disruptive than anticipated.
Victor Adetimilehin
Victor Adetimilehin
Victor Adetimilehin, widely known as Vic’Adex, is a celebrated global arts in medicine fellow and a staunch ambassador for religious tolerance. Beyond his institutional affiliations, Victor is an incredibly passionate and award-winning spoken word artiste, most notably recognized for his stirring poem, "men not gods." A fervent supporter of pan-Africanism, he actively champions and bolsters Nigerian creative hubs, fostering an environment of artistic growth and cultural exchange. Victor's dedication to the arts and peace advocacy positions him as a vital influencer in bridging cultural gaps.
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China is bolstering its energy security by stockpiling Russian ESPO blend crude oil, a move that also aids Russia in finding a market for its oil exports amidst challenges created by Western sanctions. CNOOC, a state-owned company and major importer of Russian oil, has been accumulating these reserves at a new storage facility in eastern China.
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Energy stocks are surging on Wall Street, fueled by rising oil prices and a strong U.S. economy. Investors are seeking protection against inflation worries as they gear up for a busy week of earnings reports. The S&P 500 energy sector is leading the pack, driven by a 20% increase in U.S. crude oil prices.
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Oil markets brace for impact after Iran’s surprise attack on Israel. The potential for wider conflict and disruption to global oil supplies keeps markets on edge. Analysts predict an initial rise in oil prices, but the long-term trend hinges on the response from Israel and the West.
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The Biden administration on Friday unveiled a series of reforms designed to increase revenue generated from oil and gas drilling on federal lands, while also addressing environmental concerns. The new rules, finalized by the Bureau of Land Management (BLM), will require oil and gas companies to pay significantly higher bonding rates to cover the cost of plugging abandoned wells.
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The Organization of the Petroleum Exporting Countries (OPEC) is forecasting a robust summer for oil demand, driven by increased travel and economic growth. This prediction comes amidst a wider-than-usual range of forecasts from various agencies regarding global oil demand growth in 2024.
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Exxon Mobil CEO Darren Woods received a nearly 3% raise in total compensation for 2023, reaching $36.9 million, according to a regulatory filing submitted by the oil giant. This news comes as Exxon grapples with declining profits, highlighting a growing disconnect between executive pay and company performance. The situation has sparked outrage among some shareholders and raises questions about Exxon’s commitment to responsible corporate governance.
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The US tech industry’s reliance on data centers is creating a surge in electricity demand, straining power grids and prompting concerns about grid capacity and sustainability.
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Rising concerns about growth prospects and policy uncertainty, particularly in the US, are causing investors to pull back from renewable energy funds, threatening the green energy transition.
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The European Union is set to investigate potential unfair subsidies received by Chinese wind turbine suppliers, raising concerns about a level playing field for European clean energy companies. This move comes amid growing competition from China in the global wind turbine market.