{"id":83425,"date":"2024-02-14T00:00:00","date_gmt":"2024-02-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/14\/the-latest-from-the-eternal-game-to-shape-the-global-oil-market\/"},"modified":"2024-02-14T00:00:00","modified_gmt":"2024-02-14T00:00:00","slug":"the-latest-from-the-eternal-game-to-shape-the-global-oil-market","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/02\/14\/the-latest-from-the-eternal-game-to-shape-the-global-oil-market\/","title":{"rendered":"The latest from the eternal game to shape the global oil market"},"content":{"rendered":"

It was an interesting day in oil markets yesterday <\/strong>as state oil giant Aramco continued its push into US oil trading, OPEC looked to looked to put its spin on recent remarks<\/a> by Aramco and Energy Minister Prince Abdulaziz bin Salman on Aramco\u2019s decision to scale back investment in hydrocarbons, and the IAE once more tries to shape oil market expectations for the year. <\/p>\n

#1- <\/strong>Aramco capping its plans for oil capacity expansion \u2260 drop in oil demand:<\/strong> Aramco\u2019s decision to put on hold plans for oil capacity expansion shouldn\u2019t be seen as a sign that demand for oil is falling off the face of the earth, OPEC Secretary General Haitham Al Ghais told Reuters<\/a> yesterday. \u201cFirst of all I want to be clear that I cannot comment on a Saudi decision \u2026 but this is in no way to be misconstrued as a view that demand is falling,\u201d he said on the sidelines of the World Governments Summit in Dubai.<\/p>\n

#2- A \u201ccomfortable\u201d year for oil markets?<\/strong> Global oil markets are bound for a \u201ccomfortable\u201d year as output meets demand and keeps prices moderate, International Energy Agency (IEA)\u2019s Executive Fatih Birol told Bloomberg<\/a> in an interview yesterday. Birol expects global oil consumption to rise by 1.2 to 1.3 mn barrels a day this year, a pace that he described as \u201csignificantly weaker\u201d than last year amid a slower economic growth in China and others.<\/p>\n

What the IEA chief is saying:<\/strong> \u201cThis growth is more than enough to meet the global oil demand,\u201d he said. \u201cSo in the absence of major geopolitical turmoil or major extreme weather events, we would expect a rather comfortable oil market and moderate oil price evolution throughout 2024.\u201d<\/p>\n

#3- <\/strong>State oil giant Aramco has started trading a grade of US crude that helps set the <\/strong>global Brent benchmark<\/strong>, Reuters<\/a> reported yesterday, citing S&P Global Commodity Insights \u2014 the oil-index publisher overseeing the process. The world\u2019s largest oil company has been expanding its trading business in recent years, marking its first WTI trades in the Platts window after it sold a shipment of USD WTI Midland to Total yesterday and another US crude cargo last week.<\/p>\n","protected":false},"excerpt":{"rendered":"

OPEC is putting its spin on Aramco\u2019s decision to cap investment in hydrocarbon production<\/p>\n","protected":false},"author":1,"featured_media":83426,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2557],"tags":[139,2425,10,1047,159,158],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oil-watch","tag-aramco","tag-energy","tag-enterpriseam-ksa","tag-international-energy-agency","tag-oil-watch","tag-opec","wpautop","entry"],"acf":{"mongo_id":"f8c4cf1d-34ad-47f4-892d-ec6e2307028f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/1368.jpg","photo_position":"above","homepage_title":"","full_issue_title":"The latest from the eternal game to shape the global oil market","related_issue":[83419],"teaser":"OPEC is putting its spin on Aramco\u2019s decision to cap investment in hydrocarbon production","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.5e1fcb97-6a90-4691-964c-f86135e47e3b.mp3"},"yoast_head":"\nThe latest from the eternal game to shape the global oil market - 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