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Projected Decline in Oil Prices for 2025 and 2026: EIA Insights   On January 21, 2025, the Energy Information Administration (EIA) projected a significant decline in oil prices anticipated by the year 2026. The EIA forecasts that benchmark Brent crude oil prices will decrease from an average of $81 per barrel in 2024 to $74 per barrel in 2025, ultimately reaching $66 per barrel in 2026. This anticipated decline is attributed to robust global growth in the production of petroleum and other liquids, coupled with slower demand growth, which exerts downward pressure on prices. These factors are instrumental in offsetting heightened geopolitical risks and voluntary production constraints imposed by OPEC+ members. The forecast indicates that prices are expected to average $66 per barrel in 2026, primarily due to increasing production from countries outside OPEC+ and demand growth that falls short of pre-pandemic levels. Consequently, this production surplus relative to consumption is projected to elevate global oil inventories, thereby reducing forecast oil prices. It is also expected that OPEC+ members will continue to exercise production restraint in 2025 and 2026 to mitigate further price declines. Ultimately, the EIA anticipates that lower prices will lead to a reduction in drilling activity and investment in U.S. crude oil and other liquids production, resulting in only a modest increase in production in 2026. Credit: Energy Information Administration Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #oil          #forecast              #brent

Navigating the Future: OPEC’s Oil Market Projections for 2026 In the January edition of the OPEC Monthly Oil Market Report (MOMR), a feature article regarding the oil market outlook for the year 2026 is presented: “The world economy is forecast to see a continued robust growth of 3.2% in 2026, supported by relatively steady growth levels in major economies. This is up slightly from the forecast growth of 3.1% in 2025, reflecting a continued and sustainable global economic expansion. Among OECD economies, the US is expected to see further solid growth, while the Eurozone and Japan are anticipated to see a gradual improvement in their modest growth rates. Within non-OECD economies, the key oil-consuming nations of China and India, along with other developing Asian economies, are projected to sustain their robust growth, contributing significantly to global economic expansion. With this, global oil demand in 2026 is set to grow by a healthy 1.4 mb/d, y-o-y, sustained by continued solid economic activity in Asia and other non-OECD countries. On a regional basis, OECD oil demand is forecast to expand by around 0.1 mb/d, y-o-y, entirely from the Americas, while non-OECD oil demand is expected to witness a growth of around 1.3 mb/d, mostly in India, China, Other Asia, the Middle East, and Latin America.” Source: OPEC MOMR, January 2025 🔸Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel X: Petrodaleel #oildemand #forecast #growth

China at Forefront of Global Polypropylene Capacity Additions “China is likely to register the highest polypropylene capacity additions globally by 2028, contributing about 45 percent of the total capacity additions from the upcoming planned and announced projects,” GlobalData stated in a recent release, which highlighted a report from the company on polypropylene industry capacity and capital expenditure forecasts. That report revealed that China is likely to witness total polypropylene capacity additions of 21.92 million tons per annum during 2024 to 2028 from 43 planned and seven announced projects. “Polypropylene is a key chemical in the petrochemical industry,” Nivedita Roy, an oil and gas analyst at GlobalData, said in the release. “Due to its versatile durability, heat resistance, and flexibility, it finds applications in various industries,” Roy added. “China is witnessing a significant surge in demand for polypropylene, driven by the robust growth in the automotive, construction, and packaging industries,” Roy continued. Credit: Rigzone Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #polypropylene #petrochemical #China 

Base Oil: SN-350 Base Oil SN-350 is a type of Group I mineral oil. Group I oils are considered conventionally refined, meaning they have undergone solvent refining and dewaxing processes to remove impurities. Packaging: In Bulk Characteristics: ·        Medium Viscosity ·        Cost-Effective ·        Solvent-Refined ·        Dewaxed ·        Hydrogen-treated ·        No Impurities Applications: ·        Metalworking Fluids: Cutting Oils, Coolants ·        Blending Stock: Used as a base for formulating other specialized lubricants ·        Industrial Lubrication: Hydraulic Fluids, Gear Oils, and Compressor Oils ·        Heat Dissipation: Prevents thermal damage to both the workpiece and cutting tool ·        Debris Removal: Helps suspend and remove contaminants from the cutting zone ·        General-Purpose Oils: Serves as a cost-effective solution for these applications, offering adequate performance for various machinery components Industries: ·        Automotive Manufacturing ·        Heavy Equipment Manufacturing ·        Construction Equipment Manufacturing ·        Mining Equipment Lubrication ·        Farm Machinery Lubrication Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #baseoil #refined #lubricant

Copper Production Q3 2024 The below graphic depicts copper production by the world's largest producers in Q3 2024, comparing the results to the same period in 2023. While copper production for the largest producers remained relatively stable, several smaller companies experienced significant changes. Significant Increases in Copper Production: CMOC saw a 46.4% increase in production, reaching 162,261 tones. Teck Resources reported a significant 59.68% increase in production, reaching 115,000 tones. MMG also performed well with a production increase of 21.9%, reaching 114,665 tones. Significant Decreases in Copper Production: First Quantum experienced a sharp 47.8% decline in production, falling to 116,088 tones. Anglo American also saw a decrease in production, dropping 13.4% to 181,000 tons. Credit: Mining Visuals   Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel               #copper       #production          #increase

Average annual Brent crude oil price from 1976 to 2024 The average annual price of Brent crude oil stood at 81.13 U.S. dollars per barrel in 2024, according to preliminary data from November. This is some 19 U.S. dollars lower than the 2022 annual average, when an energy supply shortage and concerns over the fallout from the Russia-Ukraine war saw prices surge. Brent is the world's leading price benchmark for Atlantic Basin crude oils. Crude oil is one of the most closely observed commodity prices as it influences costs across all stages of the production process and consequently, alters the price of consumer goods as well. What determines crude oil benchmarks? In the past decade, crude oil prices have been especially volatile. Their inherent inelasticity regarding short-term changes in demand and supply means that oil prices are erratic by nature. However, since the 2009 financial crisis, many commercial developments have greatly contributed to price volatility; such as economic growth by BRIC countries like China and India, and the advent of hydraulic fracturing and horizontal drilling in the U.S. The outbreak of the coronavirus pandemic and the Russia-Ukraine war are  examples of geopolitical events dictating prices. Light crude oils - Brent and WTI Brent Crude is considered a classification of sweet light crude oil and acts as a benchmark price for oil around the world. It is considered a sweet light crude oil due to its low sulfur content and low density and may be easily refined into gasoline. This oil originates in the North Sea and comprises several different oil blends, including Brent Blend and Ekofisk crude. Often, this crude oil is refined in Northwest Europe. Another sweet light oil often referenced alongside UK Brent is West Texas Intermediate (WTI). WTI oil prices amounted to 77.58 U.S. dollars per barrel in 2023. Credit: Statista Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #crudeoil        #Brent             #benchmark       

What is Heavy End? What is it used for? Heavy End, a byproduct of the crude oil refining process, is composed of heavy hydrocarbons and is highly valuable in various industrial applications. Packaging: In  Bulk Characteristics: ·        Mix of Hydrocarbons (C14-C18) ·        High molecular weight ·        High boiling point ·        High-energy content ·        Durable Applications: ·        An essential feedstock for industries that require durable, high-performance products; ·        Used in the construction, transportation, and manufacturing sectors; ·        Further processed to produce a range of petrochemicals, which serve as building blocks for the production of plastics, synthetic fibers, and other chemical products. Industries: ·        Lubricant Manufacturing ·        Fuel Oil Production ·        Asphalt Production ·        Petrochemical Production ·        Specialty Chemicals Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #heavyend #oilderivatives #oman

Happy New Year 2025! #Petro Daleel sends you heartfelt wishes for happiness, success, health, and wealth in 2025! As we bid farewell to the challenges and opportunities of 2024, let’s embrace the good memories, grow from the challenges, and welcome 2025 with open hearts and renewed aspirations. We are truly grateful to have you on this journey, and we look forward to deepening our connection in the year ahead. Together, we will light the path to a brighter future! Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel X: Petrodaleel #newyear #europe #dubai

Energy Highlights in 2024 The year 2024 was marked by significant developments in world energy, including volatility in oil supply, increased electricity demand, and a rise in natural gas demand. Highlights: ·        Divergent forecasts between OPEC and the International Energy Agency regarding oil demand, with concerns over China's underwhelming demand affecting oil prices. ·        Despite stimulus packages from China, oil imports struggled to rise significantly, leading to price depressions. ·        The conflict in the Middle East temporarily raised fears of supply disruptions, but the focus quickly returned to Chinese demand. ·        The U.S. oil industry saw continued merger and acquisition activity, although the pace slowed as targets decreased. ·        Following Donald Trump’s election, expectations for increased U.S. oil production were tempered by statements from industry leaders like Exxon’s CEO. ·        Natural gas demand surged due to increased electricity consumption from data centers, while the outlook for natural gas remains positive. ·        The growth of wind and solar energy has slowed, with developers facing challenges like higher costs and reduced subsidies. Credit: oilprice.com Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #industry #oilandgas #market

November 2024 Crude Steel Production World crude steel production for the 71 countries reporting to the World Steel Association (worldsteel) was 146.8 million tons (Mt) in November 2024, a 0.8% increase compared to November 2023. Crude steel production by region Africa produced 1.8 Mt in November 2024, down 5.0% on November 2023. Asia and Oceania produced 107.4 Mt, up 2.0%. The EU (27) produced 10.7 Mt, up 3.9%. Europe, Other produced 3.4 Mt, down 5.5%. The Middle East produced 5.1 Mt, up 2.7%. North America produced 8.5 Mt, down 5.2%. Russia & other CIS + Ukraine produced 6.5 Mt, down 7.8%. South America produced 3.4 Mt, down 3.4%. Top 10 steel-producing countries China produced 78.4 Mt in November 2024, up 2.5% on November 2023. India produced 12.4 Mt, up 4.5%. Japan produced 6.9 Mt, down 3.1%. The United States produced 6.4 Mt, down 2.8%. Russia is estimated to have produced 5.5 Mt, down 9.2%. South Korea produced 5.2 Mt, down 3.6%. Germany produced 2.9 Mt, up 8.6%. Türkiye produced 3.0 Mt, up 0.7%. Brazil produced 2.8 Mt, up 1.9%. Iran produced 3.1 Mt, up 0.1%. Credit: WorldSteel Association Contact us: WhatsApp: +968 7999 2732 Mail: info@petrodaleel.com LinkedIn: petro-daleel Instagram: petro_daleel X: Petrodaleel #steel #trading #economy