17 Oct 2024
Oil prices remained near a two-week low on Wednesday, following a 7% decline over the previous three days due to forecasts of reduced demand growth and easing concerns over the ongoing conflict in the Middle East.
17 Oct 2024
16 Oct 2024
The cancellation of the Ras al-Zour project, which aimed to build a 400,000-barrel-per-day refinery, was driven by uncertainties surrounding domestic demand. Originally announced in November 2022, the project would have converted 45% of the refinery's crude output into chemicals.
16 Oct 2024
Oil prices slumped over 4% on Tuesday, 15 October 2024, reaching their lowest in nearly two weeks, as a report suggested that Israel would not target Iranian nuclear and oil facilities. This development calmed fears of potential disruptions to global supply, a key factor driving recent market volatility.
16 Oct 2024
Importers, mindful of extended lead times and complications such as the Red Sea diversion, placed orders much earlier this year to meet year-end demand. This strategic shift has contributed to the current lull in activity. Industry experts suggest that the downtrend in booking rates is likely to continue, but a sharp decline seems unlikely
16 Oct 2024
15 Oct 2024
