Having downplayed the Israeli retaliatory strike, the oil
markets are now anticipating an Iranian attack on Israel, using a large number of
drones from Iraqi territory.
A semblance of geopolitical risk premium has lifted ICE
Brent futures ahead of a particularly jittery week when the United States votes
for its president.
OPEC Plus postponed its planned increase of oil
production, bringing back the 2.2 million barrel per day output under eight
countries’ voluntary cuts, citing concerns about soft oil demand, particularly
on the heels of China’s slowing down, as well as rising non-OPEC supply.
In an attempt to retain its share in gas market, the US
Treasury announced new sanctions imposed on Novatek’s Arctic LNG 2
liquefaction terminal, Russia’s latest LNG project in the Arctic, targeting
construction service provider Smart Solutions and four LNG tankers run by newly
created UAE firms.
European majors flock into US gas, Norway’s state oil
firm Equinor boosted its portfolio of non-operated US shale assets after
it bought EQT’s gas interests in the northern Marcellus basin for US$1.25
billion, taking its stake to 40.7% as most of the assets are still operated by
Expand Energy.
In an attempt to diversify its energy supplying countries,
China’s top driller locked in Key Iraqi Deal. China’s top upstream
firm CNOOC signed an exploration and production contract with Iraq to
develop the onshore Block 7, with the state-owned firm holding 100% interest
over a massive territory covering more than 6,000 km2 in Diwaniyah province.
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