Other news

The agenda includes the OPEC meeting, the results of the US Federal Reserve meeting, crude oil and petroleum products stocks, as well as gasoline and distillate production.

On January 31, the World Gold Council (WGC) will release data on demand and supply for the fourth quarter of 2022 as well as the whole year. Commerzbank's economists believe that ETF investors’ interest in the precious metal will continue to set the direction of prices.

The IMF increased the forecast for the global economy for the first time in a year due to the constant expenditures of the U.S. and the removal of anti-COVID restrictions in China.

Asia is not losing interest in Russian oil. According to data, this month not less than 5.1 million tons of Urals crude have been shipped from the Russian European ports of Primorsk, Ust-Luga and Novorossiysk to Asian markets.

According to Norwegian authorities, researchers have discovered rich deposits of minerals and metals, including zinc, copper and rare earths on the continental shelf.

OPEC+ is taking a cautious approach on oil, waiting for China's renewed economic activity and new limits on supplies from Russia. Delegates said OPEC+ will stand for preserving the same levels of black gold output at Wednesday's meeting.

U.K. oil company BP reported its annual energy outlook with three possible scenarios of events. Each of them forecasts lower oil and gas demand.

On Monday, Chinese copper miner MMG Ltd reported that work at its Las Bambas mine in Peru is likely to be halted from February 1.

The International Energy Agency (IEA) reported that China's oil and gas consumption fell in 2022. This drop is the first seen in several decades.

This week is expected to bring extremely cold winter weather to Texas. Local oil and gas producers have been instructed to secure their equipment and facilities.