Oil has become the gift that keeps on giving. Aggressive long liquidation leaves the markets exposed to a strong geopolitical bid as it has a direct effect on oil production and transportation in the Middle East.

Preliminary production figures for August 2023 show an average daily production of 2 006 000 barrels of oil, NGL and condensate.

“Any sudden changes to LNG supply or demand in Asia or the Americas could easily have a domino effect into Britain and Europe.”

The record-high prices that were triggered by Russia’s squeeze on deliveries last year are now gone, but worsening economic conditions are hitting demand just as hard. Gas usage across Europe’s industrial landscape is projected to remain about 20% below 2021 levels.

The Worldwide Rig Count for August was 1,788, down 32 from the 1,820 counted in July 2023, and down 37, from the 1,825 counted in August 2022.

Preliminary production figures for July 2023 show an average daily production of 2 036 000 barrels of oil, NGL and condensate.

Oil tabs remain steady after the cross of the $80/bbl price mark,as the Stock 600 Energy Complex paring gains of +1.01% standing at 113.42 at the European Open.

The Worldwide Rig Count for July was 1,820, up 20 from the 1,800 counted in June 2023, and up 45, from the 1,775 counted in July 2022.

Mitsui joined the Arctic LNG 2 project in 2019 via a subsidiary called Japan Arctic LNG, which secured substantial financial support from state-owned Japan Organization for Metals and Energy Security (JOGMEC) as part of wider Japanese efforts to ensure stable LNG supply and diversify import sources.

Benchmark futures settled 3.9% higher after another session of sharp price moves. Searing temperatures in parts of the region and global competition for liquefied natural gas continue to provide upward pressure — even as flows from Norway, Europe’s top supplier, return to levels last seen in April.