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Saudi state-owned oil and gas company Saudi Aramco announced on Tuesday it would maintain oil production capacity at 12 million barrels per day and will not increase it to a planned 13 million.
In March, the company said it planned to increase oil production to 13 million barrels per day by 2027.
USD80-90 is the most talked prices by market analysts e.g. Jamie Damon. EV sales are dropping. Lithium price fell to the lowest since 2020. Market now realised they cannot get rid of fossil fuel. Hence, they are more focusing on CCS.
Egypt lost 55% revenue from its Suez Canal. Russia airspace is closed due to West sanctions. Shipping & Air Travel are rerouting. It is going to stay that way from now on. Texas is HOT. BRICS GDP is projected to exceed G7 by the end of this year. Global South is where you want to be.