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Forex Forum Commodity News And Economical Data Analysis.
U.S. oil and natural gas projects are forecast to face higher costs going forward as wages rise along with supply chain inflation.
The engineering, procurement, construction and installation (EPCI) segment may be the "first to record a double-digit percentage hike in costs," according to a new analysis by Rystad Energy.
Domestic EPCI costs, driven by increases in salaries and materials, are forecast to jump by about 10% in 2023 from current levels. Capital expenditures (capex) by U.S. companies for EPCI in 2023 could reach $15.5 billion, or around $1.4 billion higher than under the current cost status quo.
OPEC+ compliance with oil production cuts stood at 116% in October, up from 115% the previous month, internal data seen by Reuters showed, indicating the group continues to produce less than its agreed targets.
Compliance for participating OPEC members in the group rose from 115% in September to 121% in October, the highest since May, the data showed.
Compliance for non-OPEC participating producers stood at 106% in October, down from 114% in September.
On the other hand, Gold prices fell to a one-week low on Friday, weighed down by gains in the dollar after Federal Reserve Governor Christopher Waller called for early tapering of economic support to help chart a tighter monetary policy.
Spot gold fell 0.6% to $1,848.05 per ounce by 14:42 ET (1942 GMT). U.S. gold futures settled 0.5% lower at $1,851.60.
Another news is, The central board of the Employees' Provident Fund Organisation (EPFO) on November 20 approved investing up to 5 percent of the annual deposits in alternative investment funds (AIFs) including infrastructure investment trusts (InvITs).
The central board also approved setting up four subcommittees on employee pension, social security and augmentation of digital capacity to make EPFO a better user-friendly organisation.
"The board today gave it a go-ahead. We shall only focus on government-backed alternatives, which are category one funds like public sector InvITs," said Sunil Barthwal, secretary, labour and employment.
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