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Crude Oil and Refined Products Market Review and Outlook  Oil benchmark rose on Friday 12th April 2024 in anticipation of Iran’s retaliatory attack against Israel, with prices touching their highest since October 2023. This rise in oil prices, which hit a six-month high on Friday, emanates from the alleged Israeli attack on the Iranian embassy […]

Crude Oil and Refined Products Market Review and Outlook  Notwithstanding the recent surge in global crude prices, the average crude price fell by about 7% in Q1 2024 compared to Q4 2023. Recent data has shown an upsurge in the price of crude oil reaching as high as USD85.44/bbl since November 2023.  Compared to the

Crude Oil and Refined Products Market Review and Outlook The downward trajectory of global demand for crude oil and petroleum products reversed since the beginning of 2024 due to the positive signs of global economic recovery. Global economic indices have reversed in a positive trajectory in 2024 after worsening in 2023 due to the impact

Crude Oil and Refined Products Market Review and Outlook Global demand for crude oil and petroleum products has surged due to growth in the US and Chinese economies in Q4 2023. The Chinese government provided economic stimulus in the last quarter of 2023, which resulted in growth in the economy. Moreover, the drop in inflation

Crude Oil and Refined Products Market Review and Outlook Crude oil prices declined by about 3 percent from January to December 2023. The decline is attributed to weak global demand and a slower post-COVID-19 economic recovery. Global macroeconomic indicators show that economic growth fell below expectations in 2023 due to a weak post-COVID-19 recovery and

Refined Products Review and Outlook Global prices of crude oil have continued to follow a downward trajectory since the beginning of Q4 2023. Crude oil prices declined significantly in the first week of December to levels recorded in July, when high global inflation resulted in a significant decline in global demand for crude. Demand for

Crude Oil and Refined Products Market Review and Outlook Global demand for crude and petroleum products have continued to surge since January 2024 in tandem with the World Bank’s projections of about 3.1% global economic growth this year. According to the World Bank, the global economy in 2024 is expected to outpace growth in 2023

Refined Products Review and Outlook The global demand for crude and petroleum products continues to hit record highs, boosted by strong summer air travel, increased oil use in power generation, and surging Chinese petrochemical activities. The International Energy Agency (IEA) has projected that the global demand for oil will grow by 2.2 million b/d in

Refined Products Review and Outlook Crude oil prices have risen significantly since the month of July, to about USD86 per barrel in the last selling window of August 2023. This rise has been largely attributed to supply tightness due to OPEC+ production cuts and renewed optimism about Chinese demand. The OPEC+ nations in April 2023

Refined Products Review and Outlook Global crude prices rose significantly in the month of July largely due to supply tightness owing to OPEC+ production cuts and renewed optimism over Chinese demand and global growth. High inflation and interest rates in the US and  Europe and the weak economic indicators from economies like the US, EU,