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RIYADH: Oil fell on Monday as concerns over the economic impact of the US Federal Reserve potentially raising interest rates and weaker Chinese manufacturing data outweighed support from new supply cuts taking effect this month by the Organization of Petroleum Exporting Countries and its allies, known as OPEC+.
The Fed, which meets from May 2 to 3, is expected to increase interest rates by another 25 basis points, Reuters reported.
Brent crude fell $1.55, or 1.93 percent, to $78.78 a barrel at 12:00 p.m. Saudi time, while US West Texas Intermediate crude lost $1.56, or 2.03 percent, to trade at $75.22.
Qatar Airways ‘fighting’ with oil companies for low-cost sustainable fuel
The CEO of Qatar Airways said on Monday that the airline is “fighting with oil companies” to produce sustainable aviation fuel in order to bring prices down.
“We are fighting with oil companies to create the economies of scale to produce SAF in big volumes to bring the price down,” Akbar Al-Baker said at a press conference, adding that the airline would like to use it, or at least blend SAF with aviation fuel.
Natural gas pumping resumes from Libya’s Brega to Al-Khums
Libya’s National Oil Corp. will resume pumping natural gas from Brega to the Libyan city of Al-Khums at a capacity of 100 million cubic feet per day after a 12-year halt, a company statement said on Monday.
Eni sees no major energy price upsets in 2023: CEO
The CEO of Italian oil and gas company Eni, Claudio Descalzi, said he does not expect any “big shocks” on the energy markets this year.
“European gas storages are full and, although the global economy has restarted, demand is not at its highest because China has not yet resumed full operations,” Descalzi said in an interview with La Stampa newspaper.
“Above all, in these months we have managed to diversify supplies, eliminating dependencies that are dangerous for the stability of supplies and prices,” he added.
He said imports of Russian gas had fallen to almost zero, thanks to supplies of liquefied natural gas from the US and new contracts with a number of African countries.
(With input from Reuters)