Oil prices dropped as fears of a broader Middle East conflict subsided, with Iran holding back on its threats against Israel. Market analysts point to a reduced geopolitical risk premium in crude futures.
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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OPEC has reduced its 2024 global oil demand growth forecast due to weaker-than-expected demand from China, complicating decisions for the OPEC+ group on whether to increase production later this year.
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Chevron has reached a groundbreaking milestone by producing oil from the Anchor field in the Gulf of Mexico under ultra-high pressure conditions, setting a new standard in deepwater extraction technology.
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Petrobras may issue extraordinary dividends in 2024 if conditions allow, despite a recent net loss. The company remains focused on balancing payouts with future investments.
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Petrochemical producers in Asia and Europe are battling oversupply and high energy costs, leading to consolidation, asset sales, and plant closures to stay competitive.
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India’s Reliance Industries secures a crude-for-naphtha swap deal with Venezuela after receiving U.S. approval to resume oil trade, navigating sanctions and global oil market challenges.
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Oil prices are on track for a 3% weekly gain, driven by escalating Middle East tensions and positive U.S. economic data. The market remains volatile amid ongoing geopolitical risks.
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The EPA has launched investigations into biofuel producers over concerns of fraudulent feedstocks like used cooking oil, aiming to ensure sustainability and compliance with environmental standards.
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U.S. natural gas producers plan strategic production cuts amid falling prices, with major companies like EQT and Apache adjusting their output to balance supply and demand.
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Saudi Aramco reports a 3.4% decline in profits due to lower crude volumes and refining margins but maintains its dividend payout at $31.1 billion, highlighting its financial resilience.