World crude oil demand is expected to rise by by 4.2 million barrels per day in 2022 compared to the previous year, OPEC’s Bulletin issue for December 2021-January 2022 revealed on Tuesday (Feb. 8). The document also estimated that the world would achieve economic growth of 4.2% this year. “While some inflationary factors may qualify as temporary, the rise in wages and
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Russia and China are enhancing their “growing energy partnership.” A series of agreements were confirmed on Friday (Feb. 4) including oil and gas deals, during a meeting between Russian President Vladimir Putin and his Chinese counterpart Xi Jinping in Beijing. “Our oilmen have prepared very good new solutions on hydrocarbon supplies to the People’s Republic of China,” said Putin who was in
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Shares of PayPal closed down 24% on Wednesday (Feb. 2), a day after the payment service reported weaker than expected fourth quarter earnings and provided disappointing guidance that it blamed in part on inflation. Adjusted earnings increased by 4% to $1.11 a share, ex-items, but just missed Wall Street’s target of $1.12 a share, according to a Refinitiv survey of analysts. Revenue rose by
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Indian shares ended on a strong note on Dalal Street on Tuesday (Feb. 1) as investors gave a thumbs up to a growth-oriented Budget unveiled in Parliament today. The 30-share BSE Sensex closed up 1.46% to 58,862.57 points while the broader NSE Nifty index end the volatile trading session up 237 points, or 1.37% at 17,576.85 points. Both indices had slumped earlier
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World equities staged a modest rebound on the last trading day of a volatile month of January. Investors put aside concerns about geopolitical tensions, persistent inflation pressures and interest rate rises but markets have seen some solid downside pressure to begin 2022 with the MSCI World index down 6.2% in January – the worst start to the year since 2016. Asian stocks
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Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates (UAE) top oil producer, announced on Tuesday (Jan. 26), that it has created a new, wholly owned subsidiary, ADNOC Murban RSC Ltd (ADNOC Murban), to become its primary vehicle for selling debt. The company, named after ADNOC’s flagship crude grade Murban, prepares to sell bonds for the first time as the energy-rich
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London Stock Exchange’s FTSE 100 index closed up 0.35% on Wednesday (Jan. 19) seemingly shrugging off concerns over UK’s alarming near 30-year high inflation print. Figures published by the Office for National Statistics showed annual inflation rate in the country increased to 5.4% last month from 5.1% in November and above market forecasts of 5.2%. It is the highest reading since March
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