[Tree] Oil prices, summer demand, supply concerns, geopolitical tensions, Hurricane Beryl, OPEC+ production cuts, U.S. manufacturing activity, interest rate cuts
Version 1.27 (2024-07-02 09:56:13.140000)
updates: Integration of geopolitical and economic factors influencing oil prices
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Version 1.26 (2024-07-02 06:54:58.498000)
updates: Oil prices rise on hopes of summer demand and supply concerns
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Version 1.25 (2024-07-02 02:58:11.665000)
updates: Oil prices hold near two-month high on strong demand outlook and potential rate cut
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Version 1.24 (2024-07-02 01:57:55.032000)
updates: Updates on oil prices, geopolitical tensions, and Iraqi oil exports to the US
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Version 1.23 (2024-06-30 06:55:32.397000)
updates: US imports of Iraqi oil rise, contributing to overall increase in oil exports to the US
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Version 1.22 (2024-06-28 23:57:32.135000)
updates: Oil prices fall due to weak US fuel demand and profit-taking
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Version 1.21 (2024-06-28 08:54:38.629000)
updates: Oil prices headed for third weekly gain on hopes of US interest rate cuts
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Version 1.2 (2024-06-27 11:01:01.837000)
updates: Oil prices edge higher as Middle East tensions offset US demand concerns
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Version 1.19 (2024-06-27 08:57:33.713000)
updates: Oil prices ease as US stock build raises concerns about slow demand
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Version 1.18 (2024-06-27 06:55:15.094000)
updates: Oil prices dip on surprise US stockpile build, raising concerns about slow demand
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Version 1.17 (2024-06-27 05:57:25.734000)
updates: Oil prices fell due to a stronger US dollar and concerns over US inventory build
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Version 1.16 (2024-06-27 05:53:34.525000)
updates: Oil prices remained stable after a slight decline due to an industry report showing an increase in US crude inventories. The market is seeking a catalyst to break out of the tightest trading range in over three years. Traders are watching for a range of US economic data over the next two days, including employment figures, which could set the tone for oil and broader markets. Oil is on track for a monthly gain and there are expectations prices will climb further over the next quarter on seasonal strength. US Gulf Coast crude inventories ballooned by 2 million barrels last week and remain at the highest since 2020 on a seasonal basis. Overall stockpiles are the biggest since April. There are signs of lackluster fuel consumption, with measures of gasoline and jet fuel demand flagging.
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Version 1.15 (2024-06-27 04:54:24.388000)
updates: Oil prices remain stable in narrow range ahead of key US economic figures
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Version 1.14 (2024-06-27 03:54:07.269000)
updates: Oil prices remain stable in narrow range ahead of key US economic figures
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Version 1.13 (2024-06-27 01:56:50.896000)
updates: Oil prices slid on fears of slow US demand after surprise inventory build
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Version 1.12 (2024-06-26 08:55:10.263000)
updates: Oil prices remained stable despite rising US stockpiles
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Version 1.11 (2024-06-26 05:56:14.757000)
updates: Oil prices rise despite surprise jump in U.S. stockpiles
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Version 1.1 (2024-06-26 05:53:44.146000)
updates: Oil prices declined slightly on Wednesday, driven by lingering doubts over global demand and an unexpected build in U.S. inventories
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Version 1.09 (2024-06-26 01:56:27.466000)
updates: Integration of new information about US stockpiles
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Version 1.08 (2024-06-26 01:56:08.995000)
updates: Oil prices are experiencing a slight decline amid concerns over global demand and an unexpected build in US inventories
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Version 1.07 (2024-06-22 18:53:50.512000)
updates: Oil futures saw a slight decline in early trading on Friday amid expectations of prolonged interest rate hikes in Asia and the United States. Recent data from Japan showed a 2.5% year-on-year increase in consumer prices, reinforcing expectations of potential interest rate hikes. The decline in new unemployment benefit claims in the US underscored robust job market conditions. These economic factors contribute to uncertainties in oil demand outlooks, influenced by broader economic conditions and policy decisions impacting global markets.
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Version 1.06 (2024-06-22 16:54:55.425000)
updates: Oil futures saw a slight decline in early trading on Friday amid expectations of prolonged interest rate hikes in Asia and the United States. Recent data from Japan showed a 2.5% year-on-year increase in consumer prices, reinforcing expectations of potential interest rate hikes. The decline in new unemployment benefit claims in the US underscored robust job market conditions. These economic factors contribute to uncertainties in oil demand outlooks, influenced by broader economic conditions and policy decisions impacting global markets.
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Version 1.05 (2024-06-22 04:54:04.313000)
updates: Oil prices rise for second consecutive week amid signs of improving demand and falling inventories
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Version 1.04 (2024-06-21 08:56:35.449000)
updates: Includes information on US inventories draw and strong jobs data buoying crude oil prices
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Version 1.02 (2024-06-21 04:56:15.942000)
updates: Crude oil futures dip due to interest rate concerns and falling US inventories
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Version 1.01 (2024-06-21 03:55:35.050000)
updates: Integration of information about rate hike worries
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Version 1.0 (2024-06-20 08:54:41.144000)
updates: Oil prices dipped after hitting seven-week highs
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Version 0.99 (2024-06-20 07:55:00.484000)
updates: Incorporated information about Brent crude prices, Israeli tanks advancing into Gaza, and the delayed release of the US government's oil inventories report
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Version 0.98 (2024-06-20 06:55:48.560000)
updates: Oil prices remain near recent highs as traders monitor Middle East and await US inventory report
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Version 0.97 (2024-06-20 05:55:52.316000)
updates: Incorporated information about Israeli tanks advancing into Gaza and killing eight people, concerns over inventory build overshadowing geopolitical stress, and oil prices stabilizing in Asia below seven-week highs
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Version 0.96 (2024-06-20 01:59:29.900000)
updates: Inclusion of information about Israeli tanks advancing into Gaza and the delay of the US oil inventories report
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Version 0.95 (2024-06-20 01:58:52.499000)
updates: Integration of Middle East tensions and inventory data
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Version 0.94 (2024-06-19 23:54:54.330000)
updates: Oil prices dipped on Wednesday after hitting seven-week highs
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Version 0.92 (2024-06-19 05:54:59.375000)
updates: Updated information on US crude stocks and global tensions
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Version 0.91 (2024-06-19 05:53:06.486000)
updates: Inclusion of mixed economic data from China and Federal Reserve officials' interest rate cut considerations
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Version 0.9 (2024-06-19 04:54:57.209000)
updates: The story now includes information about the steady oil prices amid war concerns and the surprise build in US crude stocks
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Version 0.89 (2024-06-19 01:54:55.626000)
updates: Oil prices rise amid war concerns despite surprise build in US crude stocks
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Version 0.88 (2024-06-17 18:54:32.061000)
updates: Copper prices reach 8-week low on weak Chinese data
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Version 0.87 (2024-06-17 11:55:42.793000)
updates: Oil prices remained steady as downbeat Chinese data offset demand hopes
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Version 0.86 (2024-06-17 09:54:51.655000)
updates: Oil prices slipped in Asian trading on Monday after a survey showed weaker US consumer demand and as May crude production rose in China.
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Version 0.85 (2024-06-17 08:55:38.364000)
updates: Oil prices extended losses slightly from the previous session in early Asian trading on Monday after a survey showed weaker U.S. consumer demand and as traders awaited the release of key economic data from China. China's May domestic crude oil production rose 0.6% on year to 18.15 million tons. Year-to-date output was 89.1 million tons, up 1.8% from a year earlier. National crude oil throughput fell 1.8% in May over the same year-ago level to 60.52 million tons. Concerns of a wider Middle East war lingered after the Israeli military said intensified cross-border fire from Lebanon's Hezbollah into Israel could trigger serious escalation.
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Version 0.84 (2024-06-17 07:53:15.637000)
updates: Oil prices slipped in Asian trading on Monday after a survey showed weaker US consumer demand and as May crude production rose in China
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Version 0.83 (2024-06-17 07:53:00.721000)
updates: Oil prices slip on weaker US consumer demand, rise in China output
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Version 0.82 (2024-06-17 05:54:15.391000)
updates: Oil prices slipped in Asian trading on Monday after a survey showed weaker US consumer demand and as May crude production rose in China
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Version 0.81 (2024-06-17 03:54:24.302000)
updates: Incorporated information on China's economic data and its impact on oil prices
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Version 0.78 (2024-06-13 09:00:13.008000)
updates: Oil prices closed higher due to ongoing tensions in the Middle East
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Version 0.77 (2024-06-13 07:58:39.511000)
updates: Oil prices fall as US Federal Reserve delays rate cut and US stockpiles rise
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Version 0.75 (2024-06-13 05:54:34.966000)
updates: Oil prices fell as the US Federal Reserve likely pushed back a possible interest rate cut to December. Brent crude futures lost 23 cents, or 0.3%, to $82.37 a barrel, and US West Texas Intermediate (WTI) crude futures fell 20 cents, or 0.3%, to $78.30. The Fed held rates steady and pushed out the start of policy easing. Higher borrowing costs can dampen economic growth and limit oil demand. US crude stockpiles rose more than expected, driven by a jump in imports, while fuel inventories also increased. The International Energy Agency warned of excess supply. Ongoing talks for a ceasefire in Gaza could reduce fears of potential supply disruptions. Hamas proposed changes to a US-backed proposal for a ceasefire.
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Version 0.74 (2024-06-13 02:53:12.851000)
updates: Oil prices fell as US Federal Reserve maintained interest rates, impacting market sentiment. Concerns over supply disruptions and ceasefire negotiations in Gaza added volatility to the market.
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Version 0.73 (2024-06-13 01:55:09.334000)
updates: Oil prices fell due to US Federal Reserve's decision and rising US crude stockpiles
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Version 0.72 (2024-06-10 22:57:32.970000)
updates: Updates on US crude and fuel stockpiles, Macquarie Bank's forecast on US crude inventories
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Version 0.7 (2024-06-06 10:57:10.599000)
updates: Oil prices extended losses slightly from the previous session in early Asian trading on Wednesday after an industry report showed builds in U.S. crude and fuel stockpiles, adding to concerns around demand growth. OPEC plans to gradually phase out 2.2 Mb/d of quota cuts starting October 1st, resulting in a knockout blow to crude prices. WTI reached a high of US$80.62/b in May but fell due to rising US inventories and weaker demand in the US and China. The two largest consuming nations may see weaker demand, potentially causing crude prices to breach US$70/b. The US credit card delinquency rate is at its highest level since 2011, indicating lower consumer spending. The Bank of Canada lowered its rate to 4.75% and may lower it further. The Canadian dollar fell to 72.92 on this news. The slowdown in the consumer side of the economy may drag the overall economy into recession, but generous deficit spending by governments is offsetting this. OPEC's plan to increase production may cause friction with Iran. China is restricting the sale of nitrocellulose to harm the US and NATO countries. The NSA warns of China's destructive cyberattacks on critical US infrastructure. President Biden is pushing for a deal between Hamas and Israel. Israel is seeing more rocket barrage attacks from Hezbollah. US inventories rose by 14.4 Mb, with commercial stocks rising by 1.2 Mb. US crude production was flat at 13.1 Mb/d. Natural gas storage rose by 84 Bcf, with storage now at 2.42 Tcf. The US rig count remained unchanged at 600 rigs, while the Canadian rig count increased to 128 rigs. The S&P/TSX Energy Index is at 282, down 14 points from last week. Energy stocks peaked in April and a correction is expected. WTI prices are expected to breach US$72/b as inventories continue to build. Longer-term, WTI prices are expected to exceed the high of US$147.27/b in 2008. The next low-risk buying opportunity for energy stocks is expected during Q3/24.
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Version 0.69 (2024-06-05 00:54:30.900000)
updates: Oil prices slide on builds in US crude and fuel stockpiles
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Version 0.68 (2024-05-31 10:57:56.282000)
updates: Added information about US inventories, crude oil prices, economic data, geopolitical conflicts, and energy sector
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Version 0.67 (2024-05-17 18:54:52.079000)
updates: Integration of new information on rising yields and their impact on equities
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Version 0.66 (2024-05-17 11:54:11.858000)
updates: Mixed signals impact oil futures as benchmarks hold slim weekly gains
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Version 0.65 (2024-05-17 10:55:57.219000)
updates: Oil prices rise on positive US demand outlook and potential rate cuts
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Version 0.63 (2024-05-17 07:53:15.957000)
updates: Oil prices set for weekly gain on signs of improving demand
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Version 0.62 (2024-05-17 06:54:57.641000)
updates: Oil prices gain on signs of improving demand, set for weekly increase
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Version 0.61 (2024-05-17 05:54:19.626000)
updates: Oil prices steady, on track for modest weekly gains as demand outlook brightens
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Version 0.6 (2024-05-17 05:52:39.627000)
updates: Updated information on US economic data and rate cut expectations
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Version 0.59 (2024-05-16 16:54:49.226000)
updates: Oil prices rise on positive US economic data and demand outlook
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Version 0.58 (2024-05-16 14:57:25.343000)
updates: New information on US economic data, labor market, and crude oil inventories
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Version 0.57 (2024-05-16 09:57:00.584000)
updates: Oil prices rise on positive demand outlook in world's biggest crude consumers
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Version 0.56 (2024-05-16 07:59:59.121000)
updates: Oil prices extended gains on signs of stronger demand in the US, where data showed slower inflation than expected, bolstering the argument for an interest rate cut that could drive greater consumption. Brent futures rose 32 cents, or 0.4 percent, to $83.07 a barrel at 9:20 a.m. Saudi time, while US West Texas Intermediate crude gained 31 cents, or 0.4 percent, to $78.94. US consumer prices rose less than expected in April, boosting expectations for a September rate cut by the Federal Reserve. Crude inventories fell 2.5 million barrels to 457 million barrels in the week ended May 10, according to the Energy Information Administration. The International Energy Agency (IEA) trimmed its forecast for 2024 oil demand growth, widening the gap between its view and that of OPEC. Global oil demand this year will grow by 1.1 million barrels per day, down 140,000 bpd from its previous forecast, largely due to weak demand in developed nations of the Organization for Economic Co-operation and Development.
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Version 0.55 (2024-05-16 06:55:12.520000)
updates: Oil prices rose on slower US inflation and strong demand
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Version 0.54 (2024-05-16 05:54:05.824000)
updates: Oil prices rise on weaker dollar and tighter supply expectations
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Version 0.53 (2024-05-16 05:53:13.318000)
updates: Oil prices rise on slower US inflation and strong demand
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Version 0.52 (2024-05-15 09:56:21.295000)
updates: Oil prices rose on Wednesday on expectations for higher demand as the U.S. dollar weakened and a report showed U.S. crude and gasoline inventories fell while the release of inflation data may point to a more supportive economic outlook.
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Version 0.51 (2024-05-15 08:53:59.978000)
updates: Updates on US crude inventories and inflation data
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Version 0.5 (2024-05-15 08:02:49.902000)
updates: Updates on US crude inventories, concerns about inflationary pressures, weak demand signs, geopolitical tensions
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Version 0.49 (2024-05-15 07:56:43.265000)
updates: Oil prices rose on Wednesday on expectations for higher demand as the US dollar weakened and a report showed US crude and gasoline inventories fell while the release of inflation data may point to a more supportive economic outlook.
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Version 0.48 (2024-05-15 06:55:08.027000)
updates: Oil prices rise on US inventories drawdown expectations, CPI focus
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Version 0.47 (2024-05-15 05:54:27.700000)
updates: Oil market settled lower on concerns of high interest rates
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Version 0.46 (2024-05-14 06:54:13.211000)
updates: The story now includes information about investors awaiting the US inflation data and the OPEC report
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Version 0.45 (2024-05-14 05:54:42.652000)
updates: Oil prices surge on China's fiscal stimulus and Canadian wildfires
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Version 0.43 (2024-05-14 01:58:03.162000)
updates: Oil prices rise on China stimulus and Canadian supply disruptions
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Version 0.42 (2024-05-14 00:54:08.381000)
updates: Oil prices stabilize at $83 amid economic uncertainties and OPEC speculations
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Version 0.41 (2024-05-13 11:56:47.320000)
updates: Updated information on weak fuel demand and strong dollar
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Version 0.39 (2024-05-13 09:56:52.651000)
updates: Oil prices dipped as Federal Reserve officials showed a cautious approach to interest rate adjustments. Recent U.S. economic data suggested a slowdown, further dampening market sentiment. Signs of weak demand added to the bearish sentiment in the oil market. The oil rig count in the United States declined to its lowest level since November, signaling a potential slowdown in domestic oil production.
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Version 0.38 (2024-05-13 08:52:06.167000)
updates: Updated oil prices and additional details on weak fuel demand and strong dollar
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Version 0.37 (2024-05-13 07:53:13.033000)
updates: Updated oil prices, added information on China's producer price index and gasoline inventories
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Version 0.36 (2024-05-13 06:55:53.550000)
updates: Additional details on fuel demand, producer price index, and oil rig count
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Version 0.35 (2024-05-13 05:52:53.118000)
updates: Updated information on weak fuel demand and strong dollar
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Version 0.34 (2024-05-13 05:52:38.282000)
updates: Oil prices react to concerns about Chinese imports and US inflation
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Version 0.33 (2024-05-10 07:55:09.372000)
updates: Positive US-China demand data boosts oil prices
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Version 0.32 (2024-05-09 01:56:04.588000)
updates: Oil prices rose on US crude storage draw and Fed rate cut hopes
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Version 0.31 (2024-05-08 23:53:54.591000)
updates: Oil prices ended higher after US crude stock draw
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Version 0.3 (2024-05-08 16:53:16.733000)
updates: Oil prices rebound from 8-week lows following EIA data report
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Version 0.29 (2024-05-08 14:53:16.089000)
updates: Updates on US inventory data and Middle East tensions
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Version 0.28 (2024-05-08 09:56:22.308000)
updates: Added information about US stockpile build and Middle East tensions
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Version 0.27 (2024-05-08 08:58:03.153000)
updates: Incorporated information on the decline in oil prices, rising US stockpiles, and Middle East uncertainty
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Version 0.26 (2024-05-08 08:52:23.820000)
updates: Updated information on US stockpiles and Middle East tensions
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Version 0.25 (2024-05-08 02:56:41.379000)
updates: Middle East tensions added to the factors affecting oil prices
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Version 0.24 (2024-05-08 02:56:27.850000)
updates: Oil prices fall on rising US stockpiles and weak demand
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Version 0.23 (2024-05-08 01:53:07.445000)
updates: Oil prices continue to fall on rising US stockpiles and weak demand
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Version 0.22 (2024-05-02 07:56:41.555000)
updates: Oil prices fall due to US inventory build and inflation concerns
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Version 0.21 (2024-05-01 14:53:34.202000)
updates: Inclusion of EIA report on increase in crude inventory
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Version 0.2 (2024-04-03 00:18:00.274000)
updates: Oil prices rise on decrease in US stockpiles and OPEC+ meeting
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Version 0.19 (2024-03-27 03:18:46.013000)
updates: Oil prices fell for a second day after US crude inventories surged
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Version 0.18 (2024-03-27 02:19:43.436000)
updates: Information about US crude inventories and OPEC+ output policy
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Version 0.17 (2023-12-06 04:29:16.988000)
updates: Crude oil prices continue to fall despite OPEC+ output cuts
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Version 0.16 (2023-12-04 14:36:19.745000)
updates: Integration of information about the impact of lower crude demand on propane retailers
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Version 0.15 (2023-12-04 08:35:58.686000)
updates: Updated information on OPEC+ cuts and concerns over rising supplies
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Version 0.14 (2023-12-04 07:39:52.103000)
updates: Integration of information on geopolitical tensions and China's economy
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Version 0.13 (2023-12-02 16:45:46.192000)
updates: Updated information on OPEC+ cuts, concerns about global manufacturing, Saudi Arabia's warning, and additional sanctions on Russian oil
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Version 0.12 (2023-12-02 11:40:40.178000)
updates: Oil prices fell more than 2% due to investor skepticism over OPEC+ cuts
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Version 0.11 (2023-12-01 04:47:47.584000)
updates: Oil prices fall after OPEC+ cuts underwhelm market expectations
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Version 0.1 (2023-12-01 03:46:06.523000)
updates: Oil prices fall after OPEC+ cuts underwhelm market expectations
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Version 0.09 (2023-11-29 19:48:50.676000)
updates: WTI crude oil prices rise amid OPEC+ meeting speculations and weaker US dollar
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Version 0.08 (2023-11-28 09:41:25.902000)
updates: Oil prices rise on weak dollar and expectations of OPEC+ output cuts
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Version 0.07 (2023-11-28 05:39:12.593000)
updates: Brent crude sliding below $80 per barrel, OPEC+ meeting updates
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Version 0.06 (2023-11-27 19:45:50.502000)
updates: Updated information on OPEC+ meeting and oil prices
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Version 0.05 (2023-11-25 06:44:27.219000)
updates: Geopolitical risk subsides, OPEC+ meeting delayed
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Version 0.04 (2023-11-25 06:37:14.027000)
updates: Oil prices fell on Friday, but still recorded their first weekly gain in over a month.
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Version 0.03 (2023-11-24 09:46:55)
updates: Brent crude futures rose slightly as traders speculated on whether the OPEC+ producer group would agree on further supply cuts. Recent Chinese data and aid to the property sector could have a positive impact on the oil market. Gains may be limited by higher U.S. crude stockpiles and weak refining margins.
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Version 0.02 (2023-11-24 03:16:24.492000)
updates: Brent crude futures rose in early Asian trade on Friday as traders speculated on whether OPEC+ would agree on further production cuts. Both Brent crude and U.S. West Texas Intermediate crude are on track for their first weekly rise in five, supported by expectations that OPEC+ could reduce supply to balance the markets into 2024. In China, analysts predict that oil demand growth could weaken in the first half of 2024 due to the country's property sector crunch. Non-OPEC production growth is expected to remain strong, with Petrobras planning to invest $102 billion to boost output by 2028.
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