According to the information compiled from the industrial production and retail sales data showing the slowdown in economic activities in China, the decrease in fuel demand in China caused oil prices to fall by about 1.5% on the first working day of the week, falling below $70.

The barrel price of Brent oil is currently trading at $69.57, while the American West Texas oil (WTI) continues to trade at $67.35/barrel, down 1.6% compared to Friday.

Oil Prices Drop by 1.5% To Below $70 | Devamı>>>

The year-end oil price forecast by the American investment bank JP Morgan was reduced by $5 per barrel.

In the report prepared by JP Morgan, the crude oil price forecast for the end of 2021 was reduced from $83/barrel to $78/barrel.

In addition, the 3rd quarter forecast for global oil demand was reduced by 1 million barrels per day.

Oil Price Forecast by ‘JP Morgan’ Dropped 5 Dollars | Devamı>>>

While 98% of the energy it uses is fossil fuel, Singapore is the world record holder in this field, while this country meets 73% of its energy needs from oil consumption.

Fossil fuel use is 93 percent in Australia and 91 percent in South Africa. In Luxembourg and the Netherlands, the use of fossil fuels is 90 percent.

While coal consumption in South Africa covers 73 percent of all fossil fuels, in the Netherlands 45 percent of total energy consumption is met from natural gas.

Which of the World’s 5 Countries Depends on Fossil Fuels? | Devamı>>>

The value of Saudi Arabia’s oil exports in May increased 147% to just over 60 billion riyals ($16 billion) from a year earlier while non-oil exports rose by 70%, official data showed on Wednesday.

“Overall merchandise exports increased by 120.1% in May 2021 compared to May 2020, when international trade was impacted by COVID-related lockdowns and travel bans in numerous countries”, the General Authority for Statistics said.

Oil exports accounted for 73.2% of total exports, up from 65.3% in May last year.

Saudi Arabia’s Oil Exports Climb 147% to $16 bln in May | Devamı>>>

The Brent oil price forecast by the EIA was increased by $6 to $72 per barrel in the second half of the year.

The US Department of Energy’s Energy Information Administration (EIA) increased its Brent oil price forecasts in its Short-Term Energy Outlook study published in July. While the price forecast for Brent oil for the second half of 2021 was announced as 72 dollars / barrel, the price forecast for 2022 was stated as 67 dollars / barrel.

‘EIA’ Upgrades Oil Price Forecasts | Devamı>>>

OPEC forecast on Thursday that world oil demand would rise in 2022 to reach a level similar to before the pandemic, led by growth in the United States, China and India.

The Organization of the Petroleum Exporting Countries said in its monthly report that demand next year would rise by 3.4% to 99.86 million barrels per day (bpd), and would average more than 100 million bpd in the second half of 2022.

OPEC Sees World Oil Demand Reaching Pre-Pandemic Level in 2022 | Devamı>>>

The OPEC+ alliance is widely expected to decide next week to further ease the collective production cuts, but the additional supply from August will likely still be less than the supply deficit on the market, analysts and traders told Bloomberg in a survey.

The ministers of OPEC+ meet on July 1 to decide how to proceed with the management of oil supply to the market in the first meeting since April, which analysts expect with more noise than in the past three months when the group was meeting just to confirm plans it had made for easing the cuts between May and July.

Analysts Expect OPEC+ To Raise Oil Supply From August | Devamı>>>

The 17th Ministerial Meeting, where the OPEC+ member countries, energy and oil ministers came together via video conference to evaluate the market conditions and discuss the amount of production cuts agreed on April 01, ended.

In the statement made by OPEC, it was stated that the production regulation decision determined at the 15th Ministerial Meeting, in line with the observations made on the fundamental situation in the markets, will also be implemented for July.

‘OPEC+ Countries’ to Continue Plan to Mitigate Production Cuts | Devamı>>>

A National Football Team, which has been camping at Antalya Regnum Carya Golf & Spa Resort for EURO 2020 since 18 May, took a short break from their work last night and watched the stage show of the brand face, Cem Yılmaz, with the surprise organization of OPET. OPET and Cem Yılmaz wished success to the Nationals in EURO 2020 with the slogan “Goodbye, goodbye, goodbye”.

Turkish Football Federation Official Fuel Supplier OPET organized a morale show with the concept of “Goodbye Go, Goodbye Bride” for the National Team on its way to the UEFA Euro 2020 European Football Championship, together with its brand face, Cem Yılmaz.

National Team Morale Night “Goodbye Go, Goodbye Come” Happened | Devamı>>>

President Joe Biden signed an executive order Wednesday aimed at strengthening U.S. cybersecurity defenses, a move that follows a series of sweeping cyberattacks on private companies and federal government networks over the past year.

The action comes as Colonial Pipeline continues to grapple with a crippling ransomware attack, which has led to widespread fuel shortages along the East Coast and prompted an all-of-government response.

Biden Signs Executive Order to Strengthen U.S. Cybersecurity Defenses | Devamı>>>

The deep freeze that afflicted the center of the US last week caused massive power outages in Texas and surrounding states. The plight of millions without power and heat captured the headlines and attracted world-wide attention.

What little discussion there was of shortages at gasoline stations and of natural gas outages, was in the context of the power outages. (The gas stations couldn’t pump fuel due to power outages, and natural gas is the leading fuel for generating electricity nationwide, including in Texas.)

It is the largest source of energy used by American consumers and businesses—larger than oil.

For Energy Security ‘Power’ is The New Oil | Devamı>>>

Climate change challenges and the rise of renewable energy sources are increasing the social and environmental pressure on oil companies to re-position themselves in the societies in which they operate. They have been doing this in a variety of different ways.

Firstly, some oil companies have continued with business as usual and are strengthening their current strategies of oil extraction to maximise profits. Secondly, other oil companies have switched to low carbon sources, such as natural gas, blue hydrogen and biofuels.

International Oil Companies and the Energy Transition | Devamı>>>