According to Deputy Prime Minister and Oil Minister Mohammad Al-Fares, Kuwait has increased oil production within the quota established by the OPEC+ agreement. He noted that the overall global production capacity is constrained due to years of underinvestment, which causes significant market volatility. The minister said in a statement to the news agency KUNA that "the state of Kuwait has...

The Financial Times and Bloomberg estimate that investors who purchased dollar bonds from Chinese developers lost $130 billion. About two-thirds of the issued bonds have lost 30% of their value to date as a result of the second year of a real estate market crisis in China. It is now evident that values for many bonds (issued by Chinese developers) have dropped since last year due to unfavorable...

According to a news release from France's TotalEnergies, Japan's Inpex, and Australia's Woodside Energy, a joint venture has been given permission to carry out the appraisal work for a carbon dioxide storage plant in northwest Australia. "A joint venture between TotalEnergies (26%), Inpex (53%), and Woodside (21%) called Bonaparte CCS Assessment has been given permission to conduct an assessment...

According to a draft order enacted as part of the bill on climate and sustainability, fossil fuels other than natural gas cannot be promoted in France as of August 22, reports BFMTV. The TV station cited the draft directive: "Advertising relating to the commercialization or promotion of fossil fuels is outlawed as of Monday." It should be highlighted that the ban covers all petroleum products...

At a news conference with Turkish President Recep Tayyip Erdoğan and Ukrainian President Volodymyr Zelenskyy, UN Secretary General António Guterres said that wheat prices worldwide dropped 8% as a result of a food agreement. "There are indications that the world's food markets are starting to stabilize. Since the agreements were reached, wheat prices have decreased by as much as 8%," Guterres...

According to a study by UN Conference on Trade and Development (UNCTAD), cryptocurrencies help to muddle the tax base and undermine capital controls in emerging economies. UNCTAD analysts concur that cryptocurrencies weaken capital controls and the tax base in developing nations. The fact that crypto-asset payments are not governed by the same regulations as conventional financial assets makes it...

Due to the shoaling of German rivers brought on by the drought, the Federal Association of German Industry (BDI) expressed concern about the logistics situation. "The supply security of industry is threatened by the ongoing dry season and low water levels. Businesses are getting ready for the worst. The already challenging economic environment for businesses is getting worse," Deputy CEO of BDI...

Baker Hughes, an oilfield services provider, reports that the number of operating oil and gas rigs in the United States fell for the second consecutive week. Due to the fact that oil output is not anticipated to return to pre-pandemic levels until next year, there are issues with the building of drilling rigs. During the week of August 6–12, the number of active oil and gas rigs, the main...

Due to the high likelihood of supply disruptions, the International Energy Agency (IEA) does not completely rule out another price increase in the oil market in a monthly report. The IEA states that "further price rally (in the oil market) cannot be ruled out" given the significant chances of supply disruptions. The OPEC+ partners resolved to symbolically increase supply by 100,000 bpd in...