In this episode of the Energy News Beat Daily Standup, host Michael Tanner discusses the significant disparity between OPEC and the IEA's oil demand forecasts, with OPEC projecting a higher demand increase than the IEA. The New Mexico State Land Office is indefinitely halting some lease sales in the Permian Basin as it seeks legislative approval to increase its top tier royalty rate from 20% to 25%. This move aims to boost state revenues and align with neighboring Texas's royalty rates. In finance, the S&P 500 and Nasdaq showed gains, while Bitcoin experienced a slight drop. Crude oil prices were volatile due to mixed market influences, including inflation concerns and the unexpected API crude oil inventory estimate indicating a significant draw from the Strategic Petroleum Reserve. Finally, natural gas prices continued to decline, and ECT faced market backlash over its merger with Equity Plans. Tanner wraps up with a brief announcement about tomorrow's show and encourages viewers to check out Energy News Beat's website and survey.

Highlights of the Podcast

00:00 - Intro

01:07 - OPEC, IEA at most divided on oil demand since at least 2008

05:01 - New Mexico halts some oil-field lease sales in standoff over royalty rates in Permian Basin

07:37 - Markets Update

09:37 - Outro

Please see the links below or articles that we discuss in the podcast.

OPEC, IEA at most divided on oil demand since at least 2008

March 12, 2024 Mariel Alumit

LONDON, March 11 (Reuters) – Producer group OPEC and the International Energy Agency, the world’s most closely watched forecasters of oil demand growth, are further apart than they have been for at least 16 years […]

New Mexico halts some oil-field lease sales in standoff over royalty rates in Permian Basin

March 11, 2024 Mariel Alumit

SANTA FE, N.M. (AP) — New Mexico’s State Land Office will withhold lease sales indefinitely on its most promising tracts for oil and natural gas development in the Permian Basin as it seeks approval by […]

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