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<ul class="summary-list"><li>Russia's oil revenue has plummeted as global crude prices fall. </li><li>Oil sales dropped to $1.44 billion in the week ending September 8, per data cited by Bloomberg.</li></ul>Russia's oil business has taken a hit, with the nation's crude revenue dropping to its lowest levels in seven months, according to Argus Media data cited by <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-09-10/russia-s-oil-exports-earn-the-least-since-february-as-prices-tumble">Bloomberg</a>.Moscow, which relies on <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-west-secondary-sanctions-hitting-oil-exports-payments-revenue-2024-3">crude sales</a> for a big chunk of its revenue, saw the gross value of its oil exports drop to $1.44 billion in the week ending September 8, down from $1.52 billion netted the prior week, the outlet reported. That's the lowest amount Russia has netted from crude exports since January, despite the nation pumping out 40,000 more barrels of oil a day over the last week.The decline has largely been fueled by <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-prices-outlook-supply-demand-break-down-record-us-production-2024-9">plunging oil prices</a> as the demand outlook falters amid predictions of a recession in the US, while US producers continue to pump record amounts of crude. <a target="_blank" class="" href="http://oilprice.com">Urals crude</a>, Russia's flagship oil blend, has edged lower to $67.61 a barrel, down around 20% from its peak in the spring of this year.Russia is also selling less oil than it did in the prior years, thanks to weaker demand from its Asian customers and oil pipeline disruptions to Hungary in August. Russia's four-week average sales volume slumped to 3.13 million barrels a day as of September 8, down 30,000 barrels a day from the prior monthly average.Observed Russian crude shipments to Asia, in particular, dropped to an average 2.92 million barrels a day in the month over that time frame, around 10% below the average shipped earlier this year, the report said.Russia is set to make even steeper oil production cuts later in 2024, as part of <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-price-crash-opec-saudi-arabia-us-production-brent-outlook-2023-12">OPEC's goal to boost crude prices</a>. The nation is planning to ramp up production cuts in October and November to make up for producing more than it promised earlier in the year, Russia's Energy Ministry said in a <a target="_blank" class="" href="https://t.me/s/minenergo_official/3799">post</a> on Telegram, though it didn't clarify how much further it would cut.

Russia's oil revenue has plunged as global crude prices tumble

<ul class="summary-list"><li>Investors have turned bearish on oil amid fears of an OPEC+ price war and weak China oil demand.</li><li>But if world GDP grows 3.3% next year, energy demand will likely surge, Bank of America says.</li></ul>Investors have turned sour on oil over fears of an oversupplied market in the next year.However, the downbeat sentiment setting a "bear trap" for investors, Bank of America analysts say.That's because if GDP grows according to estimates, energy demand growth will likely follow. They note that recent short positioning in the oil market has reached near-record levels as investors become concerned about OPEC+ plans to add more supply to a market already awash in US oil. However, investors should look instead to the AI boom as a sign of future demand growth."For all the bearish concerns out there, we believe global energy consumption will likely speed up ahead as the next productivity revolution comes to the fore," the analysts wrote in a Monday note."It is important to remember that the upcoming clash between artificial intelligence and the fight against climate change has energy at its core," they added.The analysts estimate that with AI-driven demand for data centers coming as part of the next "productivity revolution," US electricity demand growth will speed up from 0.2% to 2% in the next seven years.With the analysts' estimates for 3.3% growth in world GDP in 2025, energy consumption could expand by six to nine million barrels of oil per day, so long as the global economy avoids a hard landing or a trade war. That totals as much as 3% growth in global energy demand.Further policy easing from the Federal Reserve with lower interest rates could also help boost the world economy "quite substantially over the coming quarters," the strategists said.They expect the Fed to drive rates below 3% by the end of next year, which they say could stimulate both oil and cyclical commodity demand, they said.And with tensions in the Middle East rising, supply could see unexpected changes, which could pose upside risks to the analysts' price projections.The analysts' forecast for greater for energy demand comes as investors have turned bearish on energy, with prices dwindling this year even amid mounting concerns of disruptions from conflicts in the Middle East. OPEC+ plans to add crude oil barrels into an existing surplus oil market after a series of cuts in the last two years.OPEC's supply plans and sluggish demand in China could pose risks to the oil market next year, the analysts said.Those factors, along with the chance for a global economic slowdown, pose downside risks to the analysts' oil price target."A trade war, an OPEC+ price war, or a hard economic landing could take oil below $60/bbl temporarily. Yet a move to this level could quickly push the oil market into balance and encourage substitution from the power generation sector," the analysts said.

Investors shorting oil are walking into a 'bear trap' with energy demand set to surge, Bank of America says

Climate Action 15: 2024's top global innovators powering green solutions

<ul class="summary-list"><li>Oil prices ended down 7% last week and are lower this year-to-date, despite Middle East tensions.</li><li>China's economic downturn, the US shale boom, and clean energy are contributing to current oil price trends.</li></ul>The oil markets aren't what they used to be, and two of the world's biggest producers of the commodity are feeling the pressure.Oil prices have been depressed this year because <a target="_blank" class="" href="https://www.businessinsider.com/oil-price-today-middle-east-israel-hezbollah-conflict-china-economy-2024-10">China</a> — the world's largest oil importer — is in a prolonged economic downturn. The US' massive boom in oil production over the last 15 years has also kept prices low.Now, Saudi Arabia and Russia are both trying to diversify their economies away from energy, which makes up about 40% and 20% of their GDP, respectively.With the shift, Saudi Arabia and Russia are trying to create new economic engines that can sustain the country for decades, Abishur Prakash, the founder of The Geopolitical Business, a strategy advisory firm in Toronto, told Business Insider.The existential reorientation comes amid what Prakash terms a "geopolitical misalignment," even in the face of a potential supply disruption."The reality is that Middle Eastern oil supplies are in the bull's-eye of geopolitics. A potential back-and-forth between Israel and Iran, which is increasingly likely, will draw in the region's energy ecosystem," he said.But this year, markets have largely shrugged off supply concerns stemming from the Middle East conflict — a break from history, when regional problems sent prices higher.<h2 id="45bcbf13-524d-48a5-aa00-144efa7dd75c">Moving away from oil</h2><a target="_blank" href="https://www.eia.gov/tools/faqs/faq.php?id=709&amp;t=6.">Saudi Arabia and Russia</a> tied for the world's second-largest oil producer after the US. Last year, they each accounted for 11% of the world's oil supply.While Saudi Arabia and Russia are still the world's top oil exporters, the <a target="_blank" class="" href="https://www.eia.gov/todayinenergy/detail.php?id=61584">US — which posted record oil shipments in 2023 — is fast becoming a competitor</a> for market share.In 2016, Saudi Arabia launched a grand <a target="_blank" href="https://www.businessinsider.com/vision-2030-saudi-arabia-plan-future-proof-oil-economy-2023-8">Vision 2030</a> plan to transform its oil-dependent economy into a more diversified one that includes tourism and sports as key growth pillars.Recently, the kingdom has been indicating that it's frustrated with low oil prices. It's giving up its $100 per barrel price target and is ready to increase oil output, the <a target="_blank" rel=" nofollow" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a> reported in late September.This means that Saudi Arabia is looking to corner a larger market share instead of targeting higher profit margins by restricting output.Russia has also expressed a desire to stop over-relying on oil exports."We are moving towards reducing the share of volatile income and reducing Russia's dependence on oil and gas in favor of boosting our domestic economy," Anton Siluanov, Russia's finance minister, told <a target="_blank" href="https://russian.rt.com/business/article/1379636-minfin-anton-siluanov-intervyu">RT Television's Arabic</a> service earlier this month.He said that Russia would instead aim to boost its domestic economy but did not specify how.Russia is already moving its trade eastward to address Western sanctions. <a target="_blank" class="" href="https://www.energyintel.com/00000192-ae46-dc01-adba-efff87000000">Saudi Arabia,</a> too, is looking to sell more oil to developing countries, whose electric vehicle adoption lags behind China and the West.Asia's emerging economies are expected to drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-prices-supply-opec-us-crude-producers-iea-2024-6">global oil demand</a> over the rest of the decade, as the world's consumption rises from 101.7 million barrels a day in 2023 to 105.6 million barrels per day by 2030, according to a June report from the <a target="_blank" class="" href="https://www.iea.org/news/slowing-demand-growth-and-surging-supply-put-global-oil-markets-on-course-for-major-surplus-this-decade">International Energy Agency</a>.<h2 id="6ae61431-8898-4c52-9abf-24b4a2055996">Prices, renewable energy, and the US all play a role</h2>Despite geopolitical tensions in the Middle East over fears of a widening war, oil prices haven't been on the climb.To be sure, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-price-prediction-brent-crude-israel-iran-opec-demand-citi-2024-10">oil prices could still</a> soar if the issues in the Middle East worsen.And there were several price spikes — such as in early October over concerns that Iranian oil facilities could be hit and in August over tensions in the Middle East — but they were shortlived. Oil prices dropped about 7% last week after the concerns subsided.International benchmark <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent</a> crude futures are down about 4% this year to date to around $74 a barrel, and US <a target="_blank" class="" href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> futures are down 1.3% so far this year to around $70 a barrel.A key contributor to the price trend comes from the US, which has witnessed a significant rise in oil production over the last 15 years following the shale oil boom.Matthew Huber, a Syracuse University professor who specializes in energy, climate politics, and resource geography, said the US has nudged Saudi Arabia out of its role as a swing producer."I think the US has now overtaken this role and because we're not in the Middle East, geopolitical conflict there is less impactful," Huber added.Then there's renewable energy."The explosion of electric vehicle adoption in China (and presumably or eventually in the US and Europe) means the writing is on the wall and we're going to reach 'peak demand' for oil sometime soon," said Huber. "It was always a good idea to diversify one's economy away from just oil but now more than ever."<h2 id="f0b0eb00-b6b7-4f2f-9acd-d2d555ca6010">The role of OPEC</h2>The changing dynamics of oil also sharpens the long-standing question of OPEC's influence and relevance. The oil producer group led by Saudi Arabia accounts for about 30% of global crude production."It goes in cycles. They were obviously relevant in the 1970s when they were able to increase prices almost single-handedly," said Huber."But the problem is when oil prices spike, it sends oil companies searching for temporarily profitable oil," he added, referring to the US shale boom as the most recent example.OPEC also faces rifts within its members, who have competing priorities."The big question now is whether OPEC members are all aligned in terms of oil targets," said The Geopolitical Business's Prakash, who added that not all OPEC members may be on board with Saudi Arabia's plan to boost production.A potential Trump presidency in the US could drive <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-election-impact-trump-win-election-financials-energy-rbc-2024-10">domestic oil and gas production.</a>"If OPEC can't bring everybody together, and members go their separate ways, it will lead to a further polarization of the Middle East," said Prakash."Instead of energy bringing the region together, like it did in the past, energy coupled with geopolitics could fragment the Middle East," he said.

2 of the world's biggest oil producers are looking for new ways to power their economies

<ul class="summary-list"><li>Saudi Arabia is committed to boosting oil output in December, the <a target="_blank" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">FT reported</a>.</li><li>The kingdom is resigning itself to a period a lower prices, sources told the FT.</li></ul>A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.According to sources that spoke with the <a target="_blank" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a>, the kingdom will no longer seek a $100 per barrel price and is instead ready to increase oil output.Speculation has mounted over what the world's largest oil exporter may do. Even as Saudi Arabia and other OPEC+ members have progressively<a target="_blank" href="https://www.businessinsider.com/surprise-oil-cutbacks-send-prices-soaring-30-year-oil-expert-2023-11"> cut oil output</a> to prop up global pricing, waning demand pushed crude to its lowest level since 2021 earlier this month.Despite this, those familiar with the matter said that Riyadh is prepared to boost output as scheduled on December 1. In essence, the kingdom is giving in to lower prices, FT sources said.Markets spiraled on the news, dropping over 3%. Brent crude, the international benchmark, fell as low as $70.7 as of 11:00 am ET. An even steeper decline hit US West Texas Intermediate, hitting $67 a barrel.The kingdom's decision may seem counterintuitive, as the $100 per barrel threshold <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-demand-collapse-saudi-arabia-production-russia-opec-2023-9">is considered essential</a> to financing the Saudi budget. Yet, sources told FT that Riyadh is no longer comfortable ceding its market share to other producers by limiting production.OPEC's joint efforts to support higher prices have also been made difficult by the fact that some coalition members have partially disregarded the restrictions. One source told FT that, if countries such as Iraq and Kazakhstan do not commit to curbing supply, Riyadh may unwind its own cuts quicker than expected.Under the current plan, Saudi Arabia will boost its monthly production by 83,000 barrels per day each month from December.Prices have stayed low as China, a key consumer of global oil, has signaled a lackluster appetite for the commodity.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-25/latest-oil-market-news-and-analysis-for-sept-26">Bloomberg</a>, developments in Libya also added to Thursday's oil plunge.The country agreed to appoint a new central bank governor, ending a deadlock between rival administrations. The eastern-based faction has committed to reopening the country's oil fields in response, a move that could bring more crude output back online.

Why oil prices have plunged 3% today

<ul class="summary-list"><li>Oil and gas prices will likely fall under Trump's proposed tariffs, a Bank of America strategist said.</li><li>He said tariffs will lead to a trade war, dampening demand and prices in the process.</li></ul>Oil and gas prices are set to fall amid an onslaught of steep tariffs under Donald Trump, according to Bank of America strategist Francisco Blanch.Blanch says the president-elect's proposed tariffs will likely curb global trade, driving down oil and gas prices in the process."America first means commodities second, and I think we kind of start from that point," he said in a Monday interview with Bloomberg Television.Trump has floated proposals of sweeping <a target="_blank" href="https://www.businessinsider.com/global-reaction-donald-trump-election-victory-tariffs-trade-disputes-2024-11">tariffs</a> of 10% to 20% on all countries, with the exception of <a target="_blank" href="https://www.businessinsider.com/china-stimulus-trump-us-election-tariffs-chinese-economy-trade-war-2024-10">China</a>, where the US would impose steeper duties of 60%. As those tariffs heighten trade tensions, that could slow economic growth and lead to higher inflation and interest rates, dampening demand and prices, Blanch's comments suggest.That could have an impact on production, too, Blanch says.In theory, Trump's deregulatory stances and <a target="_blank" href="https://www.businessinsider.com/biden-trump-climate-policies-ev-subsidies-renewables-fossil-fuel-drilling-2024-7?utm_medium=social&amp;utm_campaign=business-sf&amp;utm_source=facebook&amp;fbclid=IwY2xjawGoeZpleHRuA2FlbQIxMQABHfLoB8Cl3sA7ngI6j0XqTGKOlLQQq9ktKNJV9_yySewhWgslJ6LnmWQFXg_aem_oIAve7xxBu3McHKWflkroA">pro-fossil fuel</a> views should boost production. Throughout his campaign, Trump promised to lower energy prices by boosting <a target="_blank" href="https://www.businessinsider.com/trump-lower-gas-prices-exxonmobil-ceo-oil-boom-2024-11">US oil production</a>, saying, "We will frack, frack, frack and drill, baby, drill," at a rally in Detroit last month."I will cut your energy prices in half within 12 months," he added.But if prices are lower amid sweeping tariffs, that could mean production slows, too, as producers see less incentive to accelerate drilling, Blanch says."In America, prices determine how much output producers ultimately pull out of the ground, and I think the bigger risk to prices really is coming from tariffs. We have potentially a trade war here," he said, adding that <a target="_blank" href="https://www.businessinsider.com/stock-market-outlook-recession-fears-jump-trump-trade-war-tariffs-2024-11">trade war</a> is the main downside risk to demand globally.<a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-opec-crude-production-record-oil-prices-commodity-market-2024-11?_gl=1*4rar5l*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTczMTk1ODgyNS40MjAuMS4xNzMxOTU5NDEwLjIxLjAuMA..">US oil production</a> is also already historically high, reaching 13.4 million barrels a day in August to hit a new all-time monthly high.There are also some upside risks to commodity prices, Blanch acknowledges.He points to geopolitical tensions, including those in the Middle East and Ukraine. During his first term, Trump employed strict sanctions on Iran and Venezuela, and with Marco Rubio appointed as Secretary of State, that could bring such policies back, Blanch says."He's an anti-Iran, anti-Venezuela hawk. I think that could have an impact," he said, implying that stricter sanctions on those countries could drive up prices."Whatever happens to those geopolitical events that we're going through right now I think will also determine the path," he added.

'America first means commodities second': Oil and gas prices will tank under a Trump presidency, BofA strategist says

<ul class="summary-list"><li>US crude production hit a new all-time monthly high in August.</li><li>This complicates things for OPEC+, which was planning to start increasing output in December.</li></ul>The US is pumping a record amount of oil. But that may not be welcome news to other crude-producing nations.Domestic output reached <a target="_blank" href="https://www.eia.gov/petroleum/production/">13.4 million barrels a day in August,</a> eclipsing all previous monthly <a target="_blank" href="https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&amp;s=mcrfpus1&amp;f=m">records</a>. According to US Energy Information Administration data, firms in Texas and New Mexico led the surge.That level of production puts the US at odds with the plans of other oil-producing nations. OPEC+, an alliance led by Saudi Arabia and Russia, has said it plans to begin in December a sequence of monthly output increases. But given the decline in the price of crude oil — down 20% from an April high — continued record production from the US, and weakening demand, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-29/oil-traders-split-on-whether-opec-will-hike-supply-in-december">oil traders believe OPEC+ will delay its program</a> for a second time.It's the culmination of a multi-year period that saw OPEC+ members cut production to support higher market prices, only to be undercut by expanding production from non-OPEC exporters.Looking into 2025, analysts speculate that global demand will continue sliding, especially given <a target="_blank" href="https://www.iea.org/commentaries/china-s-slowdown-is-weighing-on-the-outlook-for-global-oil-demand-growth">China's decelerating oil consumption</a>. That's one reason the global oil surplus could swell to 1.2 million barrels per day next year, according to JPMorgan. Otherwise, expanding outflows from the US, Brazil, Guyana and Canada will also play a part."OPEC+ increasingly appears to be searching for El Dorado: an oil market where demand is strong enough that it can increase output and prices stay above $80 per barrel," wrote Bill Weatherburn, senior climate and commodities economist at Capital Economics. "We suspect that this won't be found in 2025 either as China's demand growth will remain soft and more oil supply from non-OPEC+ producers will enter the market."

The US is pumping more oil than ever, and it's complicating things for other crude-exporting countries

<ul class="summary-list"><li>The oil market could see a supply crunch, Goldman Sachs said.</li><li>Oil demand will rise for another 10 years, though producers are pulling back on new investment.</li></ul>The global oil market could run into a supply shortage as peak demand is still a decade away, according to Goldman Sachs analysts.The investment bank estimated the world's oil demand would continue to rise for at least the next 10 years, with <a target="_blank" href="https://www.goldmansachs.com/intelligence/pages/peak-oil-demand-is-still-a-decade-away.html">crude demand peaking at around 110 million barrels</a> a day in 2034. That's due to rising oil demand in Asia and increasing demand for petroleum products, the analysts said.Rising demand could spark a supply shortage, especially if companies continue to dial back on capital expenditures, the bank added. Spending by six major oil producers, including ExxonMobil and Chevron, could fall as much as $3.8 billion this year, according to a survey conducted by <a target="_blank" href="https://www.ogj.com/general-interest/economics-markets/article/55016973/us-ep-companies-capital-spending-to-decrease-in-2024">Oil &amp; Gas Journal</a>."We think peak demand is another decade away, and more importantly, after the decade it takes to peak, it plateaus, rather than sharply declines, for another few years," Nikhil Bhandari, a managing director at Goldman, and Amber Cai, an analyst at the bank, said in a recent report. "While peak oil demand is still a decade away, capital is slowing for the production of crude oil and oil products, contributing to constrained supply in the medium term," they later added.Oil prices slumped at the end of 2023, in part due to <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">booming crude production in the US</a> and <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-market-outlook-opec-price-cuts-us-crude-production-guyana-2023-12">other countries</a>. But US production is set to see a <a target="_blank" href="https://markets.businessinsider.com/news/commodities/oil-supply-us-production-outlook-slashed-half-prices-could-climb-2024-3">slowdown</a>, with the US Energy Information Agency forecasting domestic <a target="_blank" href="https://www.eia.gov/outlooks/steo/pdf/steo_full.pdf">crude production</a> to grow by just 2% from levels in 2023. Other oil producers are continuing to pull back on production, too. OPEC+, the oil cartel led by Saudi Arabia, has decided to <a target="_blank" href="https://www.opec.org/opec_web/en/press_room/7337.htm">extend its 2.2 million barrel-a-day supply cut</a> into 2025, according to a release from its last meeting.Oil prices have climbed higher over the past month as markets weigh the supply and demand outlook. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> has surged 8% from its low in early June, trading around $84.51 a barrel on Monday.

The oil market is at risk of a supply shortage as peak demand is still 10 years away, Goldman Sachs says 

<keyword id="19895282" type="General" weightage="20" keywordseo="Mumbai" source="keywords">Mumbai</keyword>: Rupee traded in a narrow range in morning trade on Thursday, as the support from positive <keyword id="20024980" type="General" weightage="20" keywordseo="domestic-equities" source="keywords">domestic equities</keyword> was negated by relentless <keyword id="20024981" type="General" weightage="20" keywordseo="dollar-demand" source="keywords">dollar demand</keyword> from importers. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the local unit opened at 83.93 and fell to 83.95, registering a loss of 5 paise from its previous close. On Wednesday, the Indian rupee fell 13 paise to 83.90 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword>. "The rupee's ongoing decline has been fuelled by a growing trade deficit and relentless dollar demand from importers, placing it under significant pressure," CR Forex Advisors MD Amit Pabari said. Pabari further noted that "the <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> is expected to step in to prevent the rupee from breaching the critical 84.00 threshold. The market anticipates that the central bank might sell USD to maintain stability. Additionally, the recent dip in crude oil prices to around USD 75.48 per barrel could offer the rupee some much-needed relief." Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, gained 0.17 per cent to 101.21 points. Brent crude, the global oil benchmark, was 0.01 per cent up at USD 76.06 per barrel in futures trade, Meanwhile, the Federal Reserve's recent meeting minutes revealed that most officials are inclined towards a rate cut in September, provided inflation continues to cool. This has increased the likelihood of a Fed rate cut, putting downward pressure on the US dollar and offering some support to the rupee. Now, all eyes will turn to the Jackson Hole symposium, where Fed Chair Jerome Powell's remarks could set the tone for global currency markets, Pabari said. In the domestic equity market, the 30-share BSE Sensex gained 166.66 points, or 0.21 per cent, to 81,071.96 points, while the Nifty increased by 55.10 points, or 0.22 per cent, to 24,825.30 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 799.74 crore, according to exchange data.

Rupee trades in narrow range against US dollar in early trade

<ul class="summary-list"><li>Global oil supply will rise 8 million barrels per day above projected demand, the IEA said.</li><li>Meanwhile, global demand will plateau and peak before 2030.</li></ul>An overflow of global oil supply will hit the market this decade as world consumption peaks ahead of 2030, the International Energy Agency said in its latest <a target="_blank" href="https://www.iea.org/reports/oil-2024">report</a>.Supply is expected to blow past projected demand starting in 2025, rising to a "staggering" 8 million barrels per day above the projected demand of 105.4 million barrels per day, the group said. "World oil production capacity, led higher by the United States and other producers in the Americas, is forecast to outstrip demand growth over the 2023-2030 forecast and, barring the Covid pandemic period, inflate the world's spare capacity cushion to unprecedented levels," the report said.This massive oil production buffer will likely bring about lower oil prices worldwide, an unwelcome prospect for major producers in both the US and the OPEC+ group, the IEA said. While OPEC and its allies are already suspending curtailing output, the reaction of the <a target="_blank" href="https://markets.businessinsider.com/news/commodities/us-oil-crude-production-record-opec-cuts-russia-saudi-arabia-2024-3">US shale industry</a> may have wide-ranging consequences.For consumers, demand will plateau at 105.6 million barrels per day by 2029, around 4% higher than last year's levels.While emerging economies in Asia will help support consumption, the story is different for advanced regions; demand will continue a "decades-long decline," falling to its lowest level since 1991 by the decade's end.<div type="image" title="World oil demand forecast to plateau this decade" height="566" width="1034" msid="110945749" hostid="261" sizebytes="30310"></div>"As the pandemic rebound loses steam, clean energy transitions advance, and the structure of China's economy shifts, growth in global oil demand is slowing down and set to reach its peak by 2030," <a target="_blank" href="https://www.iea.org/news/slowing-demand-growth-and-surging-supply-put-global-oil-markets-on-course-for-major-surplus-this-decade">said</a> IEA Executive Director Fatih Birol. This year, we expect demand to rise by around 1 million barrels per day."The IEA has been broadcasting its <a target="_blank" href="https://markets.businessinsider.com/news/commodities/global-oil-demand-iea-energy-prices-barrels-gas-coal-climate-2023-9?utm_medium=ingest&amp;utm_source=markets">projections of a coming end</a> to the fossil fuel era since last year, when it first said a peak in demand was near.That's not a view shared by those in the industry, and many commodity experts have since disagreed with the agency's outlook. Some of the biggest pushback came from OPEC itself, with chief Haitham Al Ghais noting that peak demand warnings have been <a target="_blank" href="https://markets.businessinsider.com/news/commodities/peak-oil-theories-iea-opec-al-ghais-crude-demand-supply-2024-1">repeated since the 1880s</a> — and have yet to manifest.

Peak oil demand before 2030 will usher in a major supply glut, the International Energy Agency says

<ul class="summary-list"><li>Oil prices fell again on Thursday, following Wednesday's drop of as much as 6%.</li><li>The sharp drop Wednesday followed weekly data from the Energy Department that indicated lower demand for gasoline.</li></ul>Oil prices declined further on Thursday, following the <a href="https://markets.businessinsider.com/news/commodities/oil-prices-wti-brent-crude-inventory-demand-destruction-economy-slowdown-2023-10">prior day's roughly 6% plunge</a> for both <a href="https://markets.businessinsider.com/commodities/oil-price?type=brent">Brent</a> and <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">West Texas Intermediate</a> crude. Brent, the international benchmark, fell 1.4% to $84.59 a barrel, and US prices dropped 1.6% to $82.90. The retreat comes after prices had climbed 30% over the last couple months. The sharp drop Wednesday followed weekly data from the Energy Department that indicated lower demand for gasoline. And JPMorgan strategists cautioned that oil demand could weaken from the summer's high prices and a slowdown in seasonal travel."Demand destruction has begun (again)," JPMorgan's Natasha Kaneva said in a Wednesday. She has a year-end price target of $86 a barrel for oil, and noted that "global oil stock draws have ended."Kaneva cited satellite observations from Platts that suggest global commercial crude inventories declined 8 million barrels during the first three weeks of September, while the oil product stocks surged 38 million barrels, resulting in a net increase in total oil liquids of 30 million barrels. Reports also indicated that Russia was considering lifting its diesel export ban. At the same time however, Russia and Saudi Arabia will maintain their production cuts that had allowed crude prices to rally over recent weeks. Meanwhile, <a href="https://markets.businessinsider.com/news/currencies/dollar-vs-euro-pound-yen-ruble-economy-currencies-interest-rates-2023-10?_gl=1*1wchymm*_ga*MjA5NTAyMzYyOS4xNjYyNDcwMDc5*_ga_E21CV80ZCZ*MTY5NjUwNzk1NC4xMzMyLjEuMTY5NjUxMDA3Ni42MC4wLjA.">the US dollar strengthened this week to a 10-month high</a>, coinciding with the dip in oil prices over the last two days.When the dollar is strong against rival currencies and oil prices are high at the same time, it exacerbates energy costs for other countries around the world, Saxo Bank strategists highlighted in a Monday note.

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