Category: Highlights

Short-term oil price forecasts have been persistently bullish this year, with most forecasters expecting benchmarks to top $100 sometime next year. Over the longer term, however, things change. Goldman Sachs, for instance, this week said in a note that it expected oil could surge to $125 per barrel if China ended its Covid restrictions. Its base-case forecast for 2023 is for Brent at $110 per barrel, but stronger demand from China if and when restrictions end could push the price even higher. Separately, Morgan Stanley forecast that emerging markets are…

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LONGi recently held an event to formally launch its new generation of module products for the promotion of clean solar energy in Pakistan. The event was attended by a large number of partners and prospective clients of LONGi in Pakistan who were informed about the latest technological developments for maximizing the use of clean solar technology for a very large potential customer base in the country. In his introductory speech, the Country Manager of the leading clean energy company in Pakistan, Ali Majid, told the audience that LONGi was committed…

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Chevron Phillips Chemical and QatarEnergy on Wednesday said they have reached a final investment decision to build an $8.5 billion polymers facility in Orange, Texas. The agreement is part of a larger move by oil companies preparing for a future in which oil is used less to produce energy but still indispensable for making non-energy goods such as plastics, a type of polymer. The facility is expected to be operational in 2026. It will make polyethylene, the most common plastic, for production of goods from coolers, to water or gas…

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In the past and under normal circumstances, spot LNG has experienced peaks and troughs in demand and pricing mostly based on seasonal peaks for summer and winter in the main northern hemisphere markets of Europe and North Asia. However, the current LNG market has continued to defy these conventions, with the spot price softening considerably ahead of winter despite heightened demand. The price of JKM contracts ended at $27.23 per million British thermal units (mmBtu) on Monday, 61% lower from the record high of $69.96 per mmBtu reached on Aug.…

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On October 19, Romania’s Romgaz and Azerbaijan’s Socar inked a memorandum of understanding expressing an intention to “explore the opportunity of jointly developing a liquefied natural gas project [LNG] in the Black Sea” (Romgaz.ro, October 19). Both parties committed to preparing a comprehensive feasibility study; however, this concept is not new, as the Black Sea LNG Project (as coined by Romgaz) has been discussed for over a decade already. According to the official Romgaz press release, the Black Sea LNG Project will consist of “an LNG liquefaction plant, a regasification plant,…

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