AGP Executive Report
Last update: 8 hours agoOil Markets: Brent fell to about $94 a barrel and WTI to $87 after both slid more than 8%, as US election results raised hopes of reduced escalation in the Iran conflict. A diplomatic resolution could restore disrupted Middle East flows, though the path remains uncertain. Refining Outlook: Wood Mackenzie forecasts oil demand will peak at 108 million barrels a day in 2032; one in five refineries faces rising closure risk as demand declines. Gas Supply: The Philippines began receiving gas from new Malampaya wells, adding an estimated 222 billion cubic feet to domestic reserves and reducing reliance on imports. Industry Costs: Australia’s Woodside plans to cut more than 500 jobs and target $400 million in annual cost savings from 2028.
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