Urals crude discounts to Brent narrow on softer freight rates to Asia
Urals crude discounts to Brent narrowed amid softening freight rates for key routes from Russia’s western ports to Asia, while outright prices for the grade dip in line with the global oil market,...
View ArticleOPEC+ likely to role over output cuts – UBS
A group of major crude producers next meets at the start of June, and UBS expects them to agree to extend their voluntary production cuts, in an attempt to keep the oil market in balance. The...
View ArticleRussia’s Far East ESPO Blend oil slips to wider discounts in China amid weak...
Russia’s Far East ESPO Blend oil ESPO-DUB slipped to wider discounts against Brent in Chinese ports for May and June cargoes, as Chinese refiners’ demand for the grade cooled, while supply of the grade...
View ArticleIndonesia plans to offer 54 oil and gas blocks over 2024-2028 to boost E&P
The Indonesian government plans to offer 54 potential onshore and offshore oil and gas blocks over 2024-2028, an upstream senior official said May 16, as the country looks to combat declining...
View ArticleRussia’s Novorossiisk oil infrastructure hit by drone attack early on Friday,...
A drone attack on Russia’s Black Sea port of Novorossiisk early on Friday hit the Importpischeprom oil products terminal and Sheskharis oil harbour, sources said and video shared on social media...
View ArticleUS unlikely to change oil sanctions despite new Venezuelan candidate: experts
Venezuela’s political opposition has united behind a new presidential candidate — Edmundo González Urrutia – and polls suggest he could beat President Nicolás Maduro in July’s elections, but this...
View ArticleUAE’s ADNOC planning US trading expansion, sources say
Abu Dhabi National Oil Company (ADNOC) is planning to set up a trading desk in the U.S. as part of the United Arab Emirates-backed oil and gas producer’s global expansion efforts, several sources...
View ArticleOil heads for weekly gain on hopes of firmer demand
Oil prices stabilised on Friday, with global benchmark Brent heading for its first weekly gain in three weeks, as economic indicators from big consumers China and the United States bolstered hopes for...
View ArticleNon-Declaration of Cooperation (Non-DoC) oil supply developments
In 2023, non-DoC liquids output is estimated to have risen by 2.4 mb/d, y-o-y, to average 51.7 mb/d. US liquids production increased by 1.6 mb/d, mainly on the back of light tight oil production and...
View ArticleUS to favor existing investors for Venezuela oil licenses, say sources
The U.S. is preparing to prioritize issuinglimited licenses to operate in Venezuela to companies with existing oil production and assets over thoseseeking to enter the sanctioned OPEC nation for the...
View ArticleKuwait’s upstream sector sees room for growth amid sweeping political changes
Kuwait’s dissolution of parliament on May 10 and the suspension of a few constitutional articles will likely augur a new era of positive business sentiment particularly for the OPEC producer’s stagnant...
View ArticleMore critical minerals investment required to meet energy transition demand: IEA
Higher and more diversified investments into critical minerals mining and production is required to support the energy transition and help reach energy and climate goals, the International Energy...
View ArticleChina April refinery output down 3.3% yr/yr, according to stats bureau
China’s national refinery production in April fell 3.3% on year to 58.79 million metric tons, according to data from the National Bureau of Statistics on Friday. April crude oil production gained 1.3%...
View ArticleRussia’s oil and gas budget revenue to fall by one third m/m in May – Reuters...
Proceeds from oil and gas sales for Russia’s federal budget are set to decline by around one third to 0.80 trillion roubles this month from 1.23 trillion roubles ($13.47 billion) in April, Reuters...
View ArticleOil demand will rise further in medium term, says Rystad Energy
Oil demand will rise further in the medium term, according to Rystad Energy. In a statement on Thursday, the Oslo-based energy consulting firm said low-carbon alternatives are not yet sufficiently...
View ArticleOil steadies after death of Iran’s president, Saudi king’s ill health
Oil prices held steady on Monday amid political uncertainty in major producing countries after Iran’s president died in a helicopter crash and Saudi Arabia’s crown prince deferred a trip to Japan on...
View ArticleFACTBOX: President of Iran, OPEC’s third largest crude producer, killed in...
Iranian President Ebrahim Raisi and other officials died in a helicopter crash May 19, state television reported, as they were heading to inaugurate a project at the Tabriz oil refinery. Raisi’s death...
View ArticleADNOC secures equity position and LNG offtake agreement in NextDecades Rio...
ADNOC announced today the acquisition of a 11.7% stake in Phase 1 (Trains 1-3) of NextDecade Corporation’s (NextDecade) (Nasdaq: NEXT) Rio Grande LNG (RGLNG), a leading liquefied natural gas (LNG)...
View ArticleGlobal oil markets weaken as sluggish demand leaves overhang
Global physical crude oil markets are weakening because of soft refinery demand and ample supply, traders and analysts told Reuters, in a move that could spell further weakness for benchmark crude...
View ArticleUS oil refiners’ weekly capacity seen up 408,000 bpd, IIR says
U.S. oil refiners are expected to have about 122,000barrels per day (bpd) of capacity offline in the week ending May 24, increasing available refining capacity by 408,000bpd, research company IIR...
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