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The surge in COVID cases is set to temporarily slow the recovery in global oil demand, but the impact of the Omicron variant will likely be more muted than previous waves and will not upend the current demand recovery, the International Energy Agency (IEA) said on Tuesday. The recent spike in COVID cases is set to slow demand recovery in the coming weeks, with jet fuel demand most affected, the IEA said in its latest Oil Market Report for December. Due to new restrictions on international travel, the IEA revised down slightlyby

Dec 14, 2021 (Bloomberg) Oil held steady as the International Energy Agency said the global oil market has returned to surplus with the omicron variant curbing international travel.Brent crude futures were near $74 a barrel, paring earlier gains, as the Paris-based IEA which advises major economies said that rebounding supplies from numerous producers are creating a Read more

Asian Stocks Lower as Omicron Circulates – Fed Decision Asian stocks lower as Omicron circulates – Fed decision – shares mostly fell. Accordingly, the price of oil has entered a phase of decline. The release of the Omicron option has shocked investors; who are already facing central bank decisions this week, including the Federal Reserve’s […] The post Asian Stocks Lower as Omicron Circulates – Fed Decision appeared first on FinanceBrokerage .

WASHINGTON (dpa-AFX) - Oil prices were little changed near $75 a barrel on Tuesday as the arrival of Omicron coronavirus variant, reported in more than 60 countries, forced market participants to

Nigeria has regained the top spot among crude oil producing countries in Africa with the nations crude oil production averaging 1.27 million barrels per day in November. The Organisation of the Petroleum Exporting Countries (OPEC) made this known in its Oil Market Report for December on Monday. For almost a year, specifically between October 2020 []

The Commander of NNS Soroh, Commodore Patrick Effah, revealed this at a press briefing on Monday in Akassa. The post Navy arrest 20 suspected crude oil thieves in Bayelsa State appeared first on The Eagle Online .

New Delhi, December 13 Retail inflation inched up to a three-month high of 4.91 per cent in November, mainly due to an uptick in food prices, government data showed on Monday. The Consumer Price Index (CPI) based inflation, however, remained within the comfort zone of the Reserve Bank of India. The government has mandated the central bank to keep the inflation at 4 per cent (+/- 2 per cent). The annual CPI inflation was 4.48 per cent in October 2021 and 6.93 per cent in November 2020. It had eased from 5.3 per cent in August to 4.35 per cent in September and then moved up to 4.48 per cent in October. As per the data released by the National Statistical Office (NSO), inflation in vegetables segment was negative on a yearly basis. However, it was on the higher side as compared to the preceding month. The rate of price rise in the ''oils and fat'' segment was 29.67 per cent year-on-year. The inflation was, however, lower in November over October. On the other hand, inflation in the fruit basket was higher in November over the preceding month.

Saudi Arabia boosted its revenue forecast for next year, with higher oil prices and production volumes poised to deliver the first budget surplus in eight years and the fastest economic growth since 2011.

The spread of the new omicron coronavirus will not have a significant impact on the rate of oil consumption, TASS quotes OPEC''s December report, Report informs.

The Daily Kos Elections Morning Digest is compiled by David Nir, Jeff Singer, Stephen Wolf, Daniel Donner, and Carolyn Fiddler, with additional contributions from David Jarman, Steve Singiser, James Lambert, David Beard, and Arjun Jaikumar. Leading Off MD Redistricting : Want to know why Maryland Democrats pulled their punches when it came to targeting the state''s lone Republican congressional seat? Slate''s Jim Newell has an excellent new piece detailing which politicians were obstacles to an 8-0 Democratic map, and why. At the top of the list are Rep. Jim Sarbanes and Kweisi Mfume. Sarbanes, as the lead sponsor of H.R. 1, the bill to ban congressional gerrymandering nationwide, was reportedly reluctant to support a maximalist map that would ensure Republican Rep. Andy Harris would lose re-election. Maryland''s new map, however, is still very much a Democratic gerrymanderhalf-hearted though it may beso it''s not as though Sarbanes can pitch himself as above the partisan fray, especially since he declined to criticize the map after it passed.

PETALING JAYA: The building and construction industry has urged the government to intervene to manage the steep rise in building materials prices in the recent month, according to a joint statement by seven organisations and associations from the industry. In the statement, they highlighted that the rise in material prices has resulted in a 13-20% increase in cost of doing business. citing that prices of some items such as mild steel and sand have jumped up by 41% and 20% respectively, since October 2020. This situation has put companies already dwindling profit margins (if any), under pressure, they said. They observed a surge in raw material cost, shortage of foreign workers, rise in logistics cost, an upward trend in crude oil prices and a rising energy cost as the major factors contributing to this phenomenon. We are very worried that if these issues are not given urgent attention, the industry will suffer further and subsequently would adversely impact our sector and the country economic growth, said the joint statement by Master Builders Association Malaysia, Real Estate and Housing Developers Association Malaysia, Persatuan Kontraktor Melayu Malaysia, Persatuan Kontraktor Bumiputra Malaysia, Guild of Bumiputra Contractors Wibawa, the United Malaysia Contractors Association and Persatuan Kontraktor India Malaysia.

Overall, last week was upbeat for Wall Street with the S&P 500, the Dow Jones, the Nasdaq Composite and the Russell 2000 gaining about decently. The rally was spurred by bets that the new COVID-19 var

Humanity's reliance on fossil fuels is harder to reduce than most people seem to realize. We can identify five separate periods of oil supply/demand fundamentals.

Irans draft budget for the next calendar year, which starts on March 21, 2022, is based on an oil price of $60 per barrel

Both major oil benchmarks consolidated last weeks mini-rally with rising inflationary pressure in the US and increasing Omicron optimism.