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Macquarie: The global oil market is expected to face "severe oversupply" by 2025.
According to the McKinsey supply and demand equilibrium forecast, the oil market will face a serious supply surplus in the next five quarters, triggering a situation similar to a 'price war', and oil prices may fall to around $50 per barrel.
Oil on Track for Weekly Gains After Global Benchmark's Dip Below $70 a Barrel
Sino Oil & Gas (00702.HK) will hold a hearing on the liquidation application and negotiate with creditors and relevant parties for a plan.
On September 13th, GeLongHui announced that sino oil & gas control (00702.HK) has submitted an application for liquidation, including a hearing and creditor plan. The company hereby updates that the appeal court rejected the company's appeal at the hearing held on September 13, 2024, and the company will negotiate with relevant parties to consider: (1) signing a supplementary agreement; or (2) terminating the restructuring agreement and signing a new agreement in due course.
Express News | Sino Oil and Gas - Will Negotiate With Relevant Parties and May Consider to Terminate Restructuring Agreement, Others
Express News | Sino Oil and Gas Holdings Ltd - Court of Appeal Has Dismissed Company's Appeal in Hearing Held on 13 September 2024
Demand expectations suffer another blow, WTI falls to a new low for the year.
This week (9.5-9.11), the overall crude oil price showed a downward trend. The average price of WTI this week is $67.72 per barrel, a decrease of $4.53 per barrel, or -6.27% compared to the previous week.
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