Commodities

Gold rallied on Friday (Nov. 22) on safe-haven demand and was on track for its biggest weekly gain in over a year, propelled by the intensifying Russia-Ukraine crisis. Earlier this week, Ukraine launched its second Western-supplied missile into Russia, while Kyiv’s air force reported that Russia fired its first intercontinental ballistic missile at Ukraine on Thursday (Nov. 21) in retaliation. Spot gold

The Vienna-based Organization of the Petroleum Exporting Countries (OPEC) on Tuesday (Nov. 12) further cut its forecasts for world oil demand growth this year and next, marking the cartel’s downward revision for the fourth consecutive month. In its monthly oil market report for November, OPEC now expects a “healthy” global oil demand growth of 1.82 million barrels per day (bpd) for 2024.

Oil producer group OPEC’s Secretary General Haitham al-Ghais said on Thursday (April 27) the International Energy Agency (IEA) should be “very careful” with repeated calls to discourage investment in the oil industry, which was vital for “global economic growth and prosperity in the decades to come, especially in the developing world.” The influential group of 23 oil-exporting exporting nations and Paris-based IEA have jousted

The Organization of the Petroleum Exporting Countries (OPEC) and the United States Energy Information Administration (EIA) cut their respective oil demand projections for 2023. The EIA stated that its projection for global oil demand in 2023 has been reduced by 500,000 barrels per day from the previous forecast to 101 million bpd, according to its Short-Term Energy Outlook (STEO) report for October released on Wednesday

Mohammad Barkindo, a Nigerian politician and the secretary general of oil producer group OPEC, died suddenly aged 63 just a month before he was scheduled to be replaced by Kuwait’s Haitham Al-Ghais. The reason for his death which occured late Tuesday was not immediately known. “We lost our esteemed Dr (Mohammad) Sanusi Barkindo. He died at about 11:00 pm yesterday 5th July