Commodities News

Saudi Aramco’s oil spare capacity currently at 3 mln bpd, CEO says

Amin Nasser, President and Chief Executive Officer of Saudi Aramco, said at the Energy Intelligence Forum in London on Tuesday that he expected global oil demand to reach 103 million barrels per day in the second half of 2023. Saudi Aramco’s spare capacity, meanwhile, now stands at 3 million barrels per day, Nasser said. The […] Read more

WTI Crude Oil extends losses on largest stock build since January

Futures on US West Texas Intermediate Crude Oil extended losses from the prior trading sessions on Thursday, after an industry report revealed a substantial increase in US crude oil and gasoline stockpiles. The most recent data by the American Petroleum Institute showed crude oil inventories had surged by 12.94 million barrels in the week ending […] Read more

UAE launches 103.5 MW wind project prior to COP 28 summit

The United Arab Emirates announced the launch of its first commercial-sized wind project as part of a renewables push prior to hosting the COP 28 climate summit in November. With a capacity of 103.5 megawatt, the project, which is managed by renewable energy company Masdar, is expected to power over 23,000 households per year. Masdar, […] Read more

WTI Crude Oil heads for largest weekly slump since March

Futures on US West Texas Intermediate Crude Oil looked set to register their most notable weekly decline since March on concerns that interest rates, remaining elevated for longer, could hinder global growth and also weigh on fuel demand. Concerns over higher-for-longer US interest rates and a widening US budget deficit drove US Treasury prices down […] Read more

EU agrees on reduction of super-potent greenhouse gases

EU members struck a deal on Thursday to reduce usage of super-potent greenhouse gases in fridges and air conditioners, which comes as part of the bloc’s broader initiative to slash CO2 emissions. The European Union nations are expected to completely phase out the usage of hydrofluorocarbons by year 2050. “Such substances have highly negative impacts […] Read more

Russia ready to ease diesel export ban, report states

According to a report by the Kommersant daily, citing unnamed sources, Russia’s government may mitigate a ban on diesel exports in the upcoming days. The media said that the ban might be lifted only on pipeline exports of diesel, while volumes might be subject to quotas to avoid a spike in wholesale prices. On the […] Read more

WTI Crude hits over 1-year highs on sharp US inventory draw

Futures on US West Texas Intermediate Crude Oil touched highs unseen since August 2022 on Thursday, after a sharp drop in US crude inventories additionally amplified concerns over global supply tightness stemming from OPEC+ production cuts. Data by the US Energy Information Administration showed on Wednesday that crude oil stocks had decreased by 2.17 million […] Read more

Canada to review planned merger between Bunge and Viterra

According to a report by Reuters, citing a statement by Canada’s transport minister, the government is to review a proposed merger between US grains merchant Bunge and Glencore-backed Viterra. The country’s transport ministry will initiate a public interest assessment of the planned merger, which needs to be completed by June 2nd 2024, the minister said. […] Read more

Ukraine’s grain exports shrink sharply in September

Ukraine’s total grain exports stood at 1.57 million metric tons between September 1st and September 24th 2023, the country’s agriculture ministry said on Monday. That compared with 3.21 million metric tons exported in the respective period of 2022. Yet, the ministry did not explain what caused such a sharp drop. The country has exported a […] Read more

Mitsui, Northland to establish 1 GW wind farm in Taiwan

Mitsui & Co and Northland Power Inc have finalized a plan to establish a 1 gigawatt offshore wind farm in Taiwan, which is expected to cost JPY 960 billion ($6.5 billion). The project, which is 60% owned by Northland and 40% owned by Mitsui, is expected to be completed by the end of 2026 to […] Read more