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Oil Daily | China's Crude Oil Import Decline Triggers Global Demand Growth Revision by OPEC and IEA

AInvestFriday, Nov 8, 2024 7:00 am ET
1min read
【Others】

Hedge funds have gained $1.2 billion after Donald Trump was announced as the next U.S. president, leading to a stock plunge in transition industries like solar and wind. U.S. firms such as Sunrun and Plug Power were notably affected, causing concerns about potential rollbacks of pro-transition legislation.

【Company News】

Brazil’s Petrobras reported a 22% increase in third-quarter net profit to $5.7 billion, planning a $3 billion dividend distribution. The company increased investments, mainly in oil and gas exploration, while revising down short-term spending plans but raising medium-term spending forecasts to $110 billion.

North Carolina’s Duke Energy Corp. estimates $2.4 billion to $2.9 billion in costs to restore hurricane-damaged facilities. Despite a 17.6% decline in earnings per share, the company’s electric utilities segment saw stable income, with storm restoration costs impacting profits.

Halliburton missed third-quarter earnings expectations due to a cyberattack and hurricanes impacting its North American revenues. Despite this, the company maintains its full-year cash flow and shareholder return guidance, with impacts from decreased pressure pumping services in U.S. land.

Harbour Energy, the largest oil producer in the UK North Sea, raised its 2024 production guidance after acquiring Wintershall Dea's upstream assets. With plans to sell stakes in North Sea oilfields, the firm is navigating regulatory uncertainties and windfall taxes affecting the sector.

【Latest Oil Policies】

Italy, alongside the Czech Republic, is advocating for a revision of the EU’s 2035 ban on combustion-engine cars, pushing for a broader array of solutions. Concerns about production, employment, and global competition urge a reevaluation of the timeline and solutions for the auto industry.

【Oil-Producing Countries Dynamics】

Angola plans to launch new oil and gas licensing rounds from 2026 to boost declining production, having already offered numerous blocks for exploration. The country has exited OPEC to focus on increasing its oil output, with Chevron investing in exploration blocks in Angola and Nigeria.

【Others】

India's Reliance Power is challenging a three-year ban by SECI from clean energy tenders after a bank guarantee was found fraudulent. Despite India’s 500 GW renewable energy target by 2030, coal remains a significant energy source, posing challenges to its green transition goals.

【Others】

Despite Trump’s election win, Germany-based Nordex sees the U.S. onshore wind market as robust. While Trump criticizes offshore wind, onshore wind remains a major market, contributing 10% to U.S. electricity generation, with developments expected to increase energy demand further.

【Global Oil Supply and Demand】

China's crude oil imports fell for the sixth consecutive month in October, affected by reduced refinery capacity and weak demand from independent refiners. The decrease has led to a downward revision in global oil demand growth expectations for 2024 by OPEC and the IEA.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.