On Tuesday, Goldman Sachs analysts cut their prediction for the price of oil in 2023 due to concerns over declining demand and an increase in the currency. However, due to continued supply issues, the long-term forecast for the oil market is still favorable. Although a seasonally adjusted supply shortfall is anticipated in the fourth quarters of 2022 and 2023, the bank reduced its oil price...

As U.S. Federal Reserve officials stated they are prepared to hike interest rates further, even if it results in an economic slowdown, Wall Street entered bear market territory and the S&P 500 stock index finished at a nearly two-year low on Tuesday. From its record close on January 3, the S&P 500 was down 24%. Earlier, the Fed gave a warning that high interest rates might last until 2023....

According to Reuters, Colombia's Ecopetrol has expanded its oil shipments to Europe. Colombian oil and gas producer Ecopetrol is involved in exploration, production, transportation, refining, and commercial activities. The government of Colombia owns 88.49% of the company. The business has operations both domestically and internationally. Ecopetrol CEO Felipe Bayon stated during the APPEC...

The shortfall of this metal on the global market will only get worse in the future as a result of the current decline in copper prices. The rise of capital investment in the expansion of copper production is hampered by weakening of quotes. Copper is required for the manufacture of a variety of products, from computer chips and toasters to air conditioners. Since March, the metal's prices have...

According to a survey from the World Steel Association, global steel production was 150.6 million tons in August, a 3% reduction from the same month previous year (World Steel Association, WSA). "World steel production in August 2022 declined 3.0% to 150.6 million tons," reads a message from the WSA. Included in the reporting period, the total amount of steel produced by CIS nations and Russia...

The commercial aviation market in the Middle East is expected to grow significantly over the next 20 years, according to an estimate by the American aerospace company Boeing. The company expects a significant increase in air travel and air tourism in the Middle East, with local airlines needing 2,980 new aircraft costing roughly $765 billion. According to Boeing, Middle Eastern airlines have...

For the third time in a row, the U.S. Federal Reserve (Fed) increased its benchmark interest rate by 75 basis points, to 3-3.25 percent. "The long-term goal of the central bank is to achieve maximum employment and inflation at 2%. The agency has decided to increase its target range for the benchmark interest rate to 3-3.25 percent in order to meet these objectives and anticipates that...

To combat unacceptably high inflation, the European Central Bank may have to increase interest rates to a point where they restrict economic expansion, said ECB President Christine Lagarde. The key rate consistent with our goal would be in restrictive area, she added, if there was any belief that strong inflation posed a threat to our ability to keep inflation expectations in check. ECB...

According to Reuters, who cited statistics from Chinese customs, Saudi Arabia has reclaimed the top spot in oil shipments to China, which grew by 22% from July to 8.48 million tons in August and by 5% from year to year. Russia now has the position of second in the ranking. The country’s oil exports increased to 8.34 million tons in August from 7.14 million tons a month earlier. The amount rose by...