In the May STEO, EIA expects energy demand growth to bring the global oil market into balance between Q3 2023 and Q1 2024. EIA estimated global liquids fuel production to increases by 1.5 million b/d in 2023 compared with 2022 primarily because of growth from non-OPEC producers. Excluding production from Russia, which is forecast to fall by 0.3 million b/d in 2023, they expect non-OPEC liquid fuels production to increase by 2.2 million b/d in 2023 and by an additional … Continue reading “EIA Expects Energy Demand Growth to Balance Global Oil Market Between Q3 2023 and Q1 2024”
Norway Hikes Interest Rate to 3.25 percent, Concerns About Weak Krone
Norway’s central bank, the Norges Bank’s Monetary Policy and Financial Stability Committee unanimously raised the policy benchmark interest rate by 25 bps to 3.25 percent during its May meeting, bringing borrowing costs to the highest level since December 2008, in line with market expectations. The Committee noted that the latest inflation readings were well above the central bank’s target of 2%. said the policy rate will need to be increased somewhat further to bring inflation in line. The bank indicated that it is … Continue reading “Norway Hikes Interest Rate to 3.25 percent, Concerns About Weak Krone”
EIA Sees OPEC+ Oil Production Cuts Offset, Led by U.S., Brazil, Norway & Canada
In the April STEO, EIA estimate global liquids fuel production will increase by 1.5 million b/d in 2023 because of strong growth from non-OPEC countries, which (excluding Russia) increase by 2.3 million b/d in their forecast. Non-OPEC production growth is largely driven by USA, Brazil, Canada and Mexico. EIA had already accounted for some of the reduction in crude oil output from OPEC countries (Russia’s 0.5 million b/d cut) in their latest production cuts. EIA reduced their forecast for OPEC’s … Continue reading “EIA Sees OPEC+ Oil Production Cuts Offset, Led by U.S., Brazil, Norway & Canada”
Norway Hikes Interest Rate to 3 percent, Highest Level Since February 2009
Norway’s central bank, the Norges Bank’s Monetary Policy and Financial Stability Committee unanimously raised the policy benchmark interest rate by 25 bps to 3 percent during its March meeting, bringing borrowing costs to the highest level since February 2009, in line with market expectations. The Committee noted that the latest inflation readings were well above the central bank’s target of 2%. said the policy rate will need to be increased somewhat further to bring inflation in line. The bank had five consecutive hikes … Continue reading “Norway Hikes Interest Rate to 3 percent, Highest Level Since February 2009 “
Philippines Central Bank Raised Rates by 25 basis points to 6.25%, Highest Since May 2007
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP), Philippines central bank hiked by 25 basis points to 6.25%. Rates are now the highest since the 7.50 percent logged in May 2007. Since it started raising interest rates in May last year, the BSP has so far increased key policy rates by 425 basis points (bps), making it the most aggressive central bank in the region. BSP joined the Federal Reserve and the Hong Kong’s monetary authority in raising … Continue reading “Philippines Central Bank Raised Rates by 25 basis points to 6.25%, Highest Since May 2007”
Norway Holds Interest Rate at 2.75 percent, Signaled More Hikes Ahead
Norway’s central bank, the Norges Bank’s Monetary Policy and Financial Stability Committee unanimously kept the policy benchmark interest rate at 2.75% in its January 2022 meeting, in line with market expectations, and signaled a further rate hike in the upcoming meeting. The Committee noted that the latest inflation readings were well above the central bank’s target of 2%. said the policy rate will need to be increased somewhat further to bring inflation in line. The bank had five consecutive hikes by December, … Continue reading “Norway Holds Interest Rate at 2.75 percent, Signaled More Hikes Ahead”
Norway Raised Interest Rate by 25 bps to 2.75 percent, Highest Since 2009
Norway’s central bank, the Norges Bank’s Monetary Policy and Financial Stability Committee unanimously raised the policy benchmark interest rate by 25bps to 2.75% in its December 2022 meeting, in line with market expectations, and signaled a further rate hike in the upcoming meeting. The bank has had five consecutive hikes since July, equaling the sharpest hike since 2002 and lifting the key rate to levels not seen since 2009, as the Committee noted that the latest inflation readings were well … Continue reading “Norway Raised Interest Rate by 25 bps to 2.75 percent, Highest Since 2009”
Philippines Central Bank Raised Rates by 50 basis points to 5.50% with Inflation at 14 Year Highs
The Monetary Board of the Bangko Sentral ng Pilipinas (BSP), Philippines central bank hiked by 50 basis points to 5.50% and follows a 75 basis-point increase at the last meeting. It was the seventh consecutive rate hike, pushing borrowing costs to a new high since early-2009. BSP joined the Federal Reserve and the Hong Kong’s monetary authority in raising its base rate to combat inflation. Later the same day, Taiwan’s central bank announced a 12.5-basis-point increase to 1.75%, The Philippine … Continue reading “Philippines Central Bank Raised Rates by 50 basis points to 5.50% with Inflation at 14 Year Highs”
Norway Raised Interest Rate by 25bps, Norwegian Crown Fell Against Euro
Norway’s central bank, the Norges Bank’s Monetary Policy and Financial Stability Committee unanimously raised the policy benchmark interest rate by 25bps to 2.50% in its November 2022 meeting, in line with market expectations, and signaled a further rate hike in the upcoming December meeting. The bank has had four consecutive hikes since July, equaling the sharpest hike since 2002 and lifting the key rate to levels not seen since 2011, as the Committee noted that the latest inflation readings were … Continue reading “Norway Raised Interest Rate by 25bps, Norwegian Crown Fell Against Euro”
Norway Raised Interest Rate by 50bps, Norwegian Crown Fell Against Euro
Norway’s central bank, the Norges Bank’s Monetary Policy and Financial Stability Committee unanimously raised the policy benchmark interest rate by 50bps to 2.25% in its September 2022 meeting, in line with market expectations, and signaled a further rate hike in the upcoming November meeting by 25 basis points. The bank has had three consecutive 50bps hikes since July, equaling the sharpest hike since 2002 and lifting the key rate to levels not seen since 2011, as the Committee noted that … Continue reading “Norway Raised Interest Rate by 50bps, Norwegian Crown Fell Against Euro”