Tag Archives: million barrels

Aramco health adds spice to Saudi yuan dilemma

The Saudi Aramco logo is pictured at an oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov Join now for FREE unlimited access to Reuters.com Register LONDON, March 21 (Reuters Breakingviews) – Saudi Aramco (2222.SE) is giving Mohammed bin Salman some extra firepower in his fight against Joe …

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Saudi crude exports hit 21-month high in January – JODI

FILE PHOTO: Flames are seen at Saudi Aramco’s Shaybah oilfield production site in the Empty Quarter, Saudi Arabia May 22, 2018. REUTERS/Ahmed Jadallah Join now for FREE unlimited access to Reuters.com Register March 18 (Reuters) – Saudi Arabia‘s crude oil exports in January reached 6.996 million barrels per day (bpd), …

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‘It’s a fossil fuel war’: Ukraine’s top climate scientist speaks out

This story was originally published by the Guardian and is reproduced here as part of the Climate office collaboration. For Svitlana Krakovska, Ukraine’s top climate scientist, it was the week when eight years of work culminated in a landmark UN report exposing the devastation the climate crisis is causing around …

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Oil could experience its biggest supply shock since 1973

The global oil market was already tight before Russia’s invasion of Ukraine, but Putin’s war and its aftermath on Russian crude supply and energy prices has the potential to send the market into a shock. major supply chain comparable to the Arab oil embargo of 1973. Oil inventories in major …

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Oil prices rise as fears over Russian crude supply escalate

Oil prices continued to climb on Wednesday as markets braced for severe disruptions in crude supplies from Russia as Moscow’s invasion of Ukraine continues. The global benchmark, Brent crude, climbed as high as $113 a barrel on Wednesday, just days after breaking the triple-digit mark for the first time in …

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Saudi Arabia could raise April crude prices to Asia to historic highs

A view shows branded oil tanks at the Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov Join now for FREE unlimited access to Reuters.com Register SINGAPORE, March 2 (Reuters) – Saudi Arabia, the world’s biggest oil exporter, could sharply raise crude prices for Asia in …

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Saudi Arabia denounces short-sighted campaign against oil

The world’s biggest oil exporter, Saudi Arabia, has repeatedly said it wants to be the producer that pumps out the very last barrel of oil. In the meantime, the world and its growing economy will still need oil and gas, even as renewable energy capacity soars globally. The rebound of …

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Oil prices swing as Russia threatens Ukraine

Uncertainty sent oil prices soaring at Sunday’s trade open as more Russian troops massed on Ukraine’s borders, but fell later overnight as reports said the President Biden would consider direct talks with his Russian counterpart as long as Russia does not invade. Oil prices had remained essentially flat over the …

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russia: Explained: How much oil, gas and coal India imports from Russia

LONDON: As the Ukraine-Russia crisis escalates and threatens to ignite conflict in Europe, analysts warn there could be implications for Asia, where several countries depend on Russia for oil, gas and coal. Any invasion of Ukraine by Russian troops could trigger sanctions and retaliation that would disrupt the movement of …

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RHB Raises Crude Oil Price Forecast to US$75-$90, Maintains ‘Overweight’ on Sector | Money

RHB Research said demand destruction was inevitable for Russia and Ukraine in the event of war. —Photo Reuters KUALA LUMPUR, February 14 – RHB Research maintained its call for “overweight” on the regional oil and gas sector and raised its crude oil price forecast to between USD 75 and USD …

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OPEC sees higher oil demand forecast for 2022 thanks to strong pandemic recovery

Crude oil storage tanks are seen from above at the Cushing Petroleum Center, appearing to run out of space to hold a historic supply glut that has driven prices up, in Cushing, Oklahoma March 24, 2016. Photo taken March 24, 2016. REUTERS/ Nick Oxford // File photo Join now for …

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Oil prices climb after API data shows surprise drop in US stocks

Crude oil storage tanks are seen in an aerial photograph of the Cushing Oil Hub in Cushing, Oklahoma, U.S., April 21, 2020. REUTERS/Drone Base Join now for FREE unlimited access to Reuters.com Register API data shows US crude, fuel stocks falling – sources Iran nuclear talks resume Tuesday in Vienna …

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Saudi Aramco CEO says energy transition ‘not going smoothly’

Saudi Arabia, the world’s largest oil exporter, aims to achieve net-zero greenhouse gas emissions by 2060 DUBAI, United Arab Emirates – Saudi Aramco Chief Executive Amin Nasser said on Thursday (January 27th) oil and gas investments are needed to accompany new energy investments until they can realistically sustain the increase …

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Saudi Arabia may raise crude oil prices in March for Asia

Flames emerge from a pipeline in the Basra oil fields, southeast of Baghdad, September 30, 2016. REUTERS/Essam Al-Sudani Join now for FREE unlimited access to Reuters.com Register Arab Light Crude March OSP could rise 60 cents/barrel – survey Improved jetting, fuel margins to support light grades SINGAPORE, Jan 26 (Reuters) …

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Oil may rise as Putin approaches Ukraine

Mike Waltz, R-Fla., speaks on Biden’s cancellation of U.S. pipelines and growing tensions at the Russia-Ukraine border. As Russian President Vladimir Putin moves closer to Ukraine, global energy markets face a potentially seismic event threatening a global economic downturn. Teleprinter Security Last Change Change % USO US OIL FUND LP …

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Newsmaker: Abdulaziz Bin Salman — Crude and Covid, Volatility and Virus

The most fundamental law of economics is that of supply and demand. When supply is high, prices are low. And when demand is high, prices are high. The modern global economy, so interconnected and dependent on every component, has never really had to deal with the economic laws that have …

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OPEC Plus and other oil producers fail to meet demand

Nearly two years ago, global oil producers halted and drastically reduced production as the pandemic gripped global economies. The sharp decline was accompanied by an implicit promise that as factories reopen and planes return to the air, the oil industry will also rebound, gradually ramping up production to help economies …

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Aramco gains a foothold in Russia’s backyard with Polish oil deal | OPEC News

Aramco, the world’s largest oil company, will buy 30% of a refinery on the Baltic coast, as well as a wholesale unit of fuel. Through Anthony Di Paola and Maciej MartewiczBloomberg Posted on January 12, 2022Jan 12, 2022 Saudi Aramco‘s deal to supply nearly half of Poland’s oil will give …

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Cold weather in North Dakota and Alberta forces oil producers to curb production

Regional prices for crude oil pumped in western Canada and North Dakota rose this week to reduce their rebates against the U.S. benchmark, WTI crude, after freezing winter temperatures upset prices. Crude flows from the oil sands in Alberta and the Bakken shale deposit in the United States. While freezing …

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Buhari repeats false statement about Nigeria’s oil revenues in recent years

President Muhammadu Buhari again cited erroneous figures on Nigeria’s average crude oil earnings between 1999 and 2014, while speaking of his administration’s efforts to build the economy with scarce resources. The president, in the interview broadcast by Channels TV on Wednesday, said Nigeria’s crude oil production from 1999 to 2014 …

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Dividends recover for Saudi Arabia’s 10 biggest companies after pandemic

LONDON: Greta Thunberg’s bitter sacking of world leaders for their promises to fight global warming as ‘blah, blah, blah’ was not what it turned out, too far off target in 2021. Despite serious commitments from Washington to Beijing to reduce fossil fuel consumption and reduce global heating emissions, demand for …

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Gulf economies headed for budget surpluses with some help from oil

Apart from the financial reforms and the volume of non-oil investments announced by the GCC countries, the growth of the oil and non-oil sectors will exceed recent forecasts. Image Credit: Pixabay / Gulf News What would be the Gulf’s economic prospects for 2022? This is a question asked by everyone, …

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Southeast Asia’s Oil and Gas Production May Never Return to Pre-COVID Levels

The Covid-19 pandemic marked the end of an era for combined oil and gas production in Southeast Asia, pushing the region’s production in 2021 to less than 5 million barrels of oil equivalent per day (bepj) for the first time since 1998, a threshold that should not be exceeded again …

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SOUTH KOREA DATA: November crude imports increase but short-term throughput is under pressure

Strong points First quarter spot crude purchases expected to drop amid fragile demand U.S. crude imports increase year-over-year for 8th consecutive month Refiners continue to find Middle East crude prices expensive South Korea’s crude oil imports in November were up 14.2% from a year earlier, as local refiners increased their …

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Was OPEC right on the oil markets?

Just a week ago, oil markets were looking to cross this year’s finish line on a winning note as oil prices recorded a respectable rally thanks to the easing of widespread foreclosure fears. Several reports have shown that, despite faster spread, the Omicron variant causes milder symptoms than Delta and …

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Kuwait Oil Price Rises $ 1.40 to $ 76.26 per Barrel

KUWAIT: The price of Kuwaiti oil rose 1.40 dollars to 76.26 dollars per barrel on Monday, from 74.86 dollars per barrel last Friday, the Kuwait Petroleum Corporation (KPC) announced yesterday. The world price of Brent crude fell 76 cents to $ 74.39 per barrel, while West Texas Intermediate followed suit, …

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Omicron Covid variant to reduce global oil demand, IEA says

A tanker truck drives past oil well pump jacks operated by Chevron Corp. in San Ardo, California, United States, on Tuesday, April 27, 2021. David Paul Morris | Bloomberg | Getty Images Oil demand is expected to fall below expectations next year, the International Energy Agency said on Tuesday, as …

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Investors see peak demand happening much further into the future

The recovery in economies this year has led to a robust rebound in demand for oil, refuting some projections since the start of the pandemic in 2020 that the world has already experienced a peak in demand for oil. Despite fears over new variants, such as Delta and lately Omicron, …

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Saudi Arabia, Kuwait Work To Increase Khafji And Wafra Oil Production

Oil heads for biggest weekly gain in four months as OPEC + exit decision is warranted LONDON: Oil prices rose on Friday and were heading for their strongest weekly advance since late August, as investors became less concerned about the potential effect of the omicron COVID-19 variant on economic growth …

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Is shale gas a game-changer for Saudi Arabia?

The first major contracts for Saudi Arabia’s Jafurah field – allegedly the largest shale gas field outside the United States – were awarded last week, as the Kingdom aims to become the third largest gas producer natural to the world by 2030, to the point where it could even become …

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Omicron Doom and Gloom may not be justified

They say once bitten, twice shy. Last year, global oil traders were in shock after oil prices fell into negative territory for the first time in history, a scenario few people could have imagined, let alone predicted. And their knee-jerk reaction to any emergence of new Covid-19 variants now appears …

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OPEC was in decline. Soon he might be more powerful than ever

But with the demand for crude rising as the impact of the pandemic wears off, that no longer appears to be the case. OPEC +, which brings together the Organization of the Petroleum Exporting Countries and allies like Russia, is once again showing dynamism. the group refusal of membership calls …

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Oil-producing countries sell billions of green bonds

It wasn’t that long ago that green investing was associated with a warm moral glow, but it wasn’t the mainstream – not by far. However, growing climate awareness, growing policy change, and investors demanding environmentally and socially conscious options are transforming this, and while this is still not mainstream, it …

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CER publishes regulatory decision on main contracts

CALGARY, AB, November 26, 2021 / CNW / – Enbridge Inc. (Enbridge or the Company) (TSX: ENB) (NYSE: ENB) today received a decision from the Canadian Energy Regulatory Authority (CER) regarding the commercial proposal of the Company to offer transportation contracts on its main pipeline system, which moves approximately 3 …

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US wants more oil, but OPEC + can’t turn on the tap much harder

LONDON: US pressure on OPEC + to pump more oil and cool scorching crude prices has highlighted a relatively new problem for the producer group: it doesn’t have much extra capacity to ramp up production faster , even if he wanted to. The Organization of the Petroleum Exporting Countries and …

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The energy crisis in Europe will worsen this winter

Geopolitics ExxonMobil and Qatar Petroleum are several weeks away from a resumption of exploratory drilling off Cyprus, while the French Total SA and the Italian Eni should resume drilling in the same area in the first half of 2022. This update of the Drilling from the Cypriot government prompted a …

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Column: US oil drilling set to accelerate in 2022: Kemp

Oil rigs are pictured in the Kern River oilfield in Bakersfield, Calif., November 9, 2014. REUTERS / Jonathan Alcorn / File Photo John Kemp is a market analyst at Reuters. The opinions expressed are his LONDON, Nov. 17 (Reuters) – U.S. shale producers have added additional drilling rigs much slower …

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With shale under control, Saudi Arabia and Russia become more comfortable with oil rally

A sticker shows crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, USA, November 22, 2019. REUTERS / Angus Mordant / File Photo OPEC + has pushed back US calls for faster production increases Russian source claims OPEC + is not …

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Only OPEC has the power to send oil prices to $ 100

After the price of West Texas Intermediate (WTI) recently crossed $ 80 a barrel, Russian President Vladimir Putin was asked if he could reach $ 100. He replied: “It is quite possible.” Given Russia’s dependence on revenues from its oil exports, he was probably smiling as he said so. The …

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Oil majors envision big gains in Africa

The optimistic response to a recent discovery in Côte d’Ivoire by Italian oil giant Eni, the first major discovery in the country in two decades, suggests that many African states are not yet ready to ditch fossil fuels and switch to renewable energies. In September, Côte d’Ivoire announced a major …

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Saudi Aramco Sees Revenue Increase to $ 30.4 Billion in Third Quarter | WJHL

through: ISABEL DEBRE, Associated Press Posted: Oct 31, 2021 / 6:53 AM EDT / Update: Oct 31, 2021 / 6:53 AM EDT FILE – In this file photo from June 28, 2021, engineers and journalists at Saudi Aramco examine the Hawiyah natural gas liquids recovery plant, which is designed to …

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The government takes advantage of the windfall of soaring oil prices

The government expects a boon in oil exports after crude oil shortages by major exporters around the world have pushed commodity prices to a three-year high. Crude oil prices peaked at $ 85 per barrel this week as demand for the commodity increased amid tight supply from China, the United …

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What is behind Saudi Arabia’s pivot to natural gas?

Saudi Aramco’s request for bids from local and international companies for the construction of a water desalination plant project in the Jafurah shale gas field highlights the Kingdom’s claims to be at the forefront of the global energy transition to cleaner energy through reduced carbon emissions. As with many of …

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Peak oil demand forecasts turn sour as demand continues to grow

In the minds of many news consumers, oil is disappearing. Coal too. Gas too, although this can stay on for a bit longer. After all, we are entering a new era of clean energy, and while it will take some time to get there, it is our only option for …

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$ 200 ‘Crazy’ Oil Bets Invade Options Market

A roaring bullish crude options trade indicates that the energy rally of 2021 is far from over. Traders are betting once again that the benchmark US oil will exceed $ 100 a barrel, up from $ 82 recently, as early as December. U.S. crude, known as West Texas Intermediate or …

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$ 100 of oil doesn’t seem likely

Saudi Energy Minister Prince Abdulaziz bin Salman al-Saud (Photo by KARIM SAHIB / AFP via Getty … [+] Images) AFP via Getty Images A woman was recently sentenced to four days in jail for approaching a bear to take a selfie: I guess she wasn’t at NYMEX, where bears seem …

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Covid at center of global energy crisis, but cascade of problems fuel it

LONDON – Much of the world is suffering from a severe energy crisis. Homes and factories across China are in darkness. India’s coal-fired power plants are scrapped. Dozens of UK utility companies have gone bankrupt. Spain announced emergency legislation after household utility bills rose by more than a third in …

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Moody’s raises average oil price outlook to $ 50- $ 70

NEW YORK: Oil prices fell nearly 2% on Wednesday after hitting multi-year highs as an unexpected increase in US crude inventories prompted buyers to pause after recent searing gains. The latest surge in crude prices was underpinned by the refusal of the Organization of the Petroleum Exporting Countries and its …

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Oil and gas prices could remain high as investors seek clean energy

HOUSTON – Americans are spending a dollar more on a gallon of gasoline than they were a year ago. Natural gas prices have climbed more than 150% over the same period, threatening to increase the prices of food, chemicals, plastics and heating this winter. The energy system is suddenly in …

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OPEC + will not and will not be able to stop the rise in oil prices

Few could have predicted that after an already big bull run this year against a backdrop of recovering demand, oil prices still had a long way to go. And yet, the world’s most traded commodity has just received a major boost from the gas crisis in Europe and Asia, prompting …

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Column: Oil prices soar with little help from hedge funds: Kemp

Oil storage containers are seen, amid the coronavirus disease (COVID-19) pandemic, in Los Angeles, California, United States, April 7, 2021. REUTERS / Lucy Nicholson LONDON, Sept. 27 (Reuters) – The prolonged disruption of oil production in the Gulf of Mexico and mounting signs of a global energy shortage have not …

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Gazprom Neft sees technical synergies with Abu Dhabi gas program

Gazprom Neft, the oil and gas exploration arm of Russian gas company Gazprom, expects oil prices to average $ 50 a barrel. The company also sees possible opportunities in sharing its technical expertise in developing the UAE’s gas reserves, its deputy managing director said. “When we talk about our strategic …

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India’s oil imports hit four-month high in August

India’s oil imports jumped 23% month-on-month to a four-month high of 4.2 million barrels per day (bpd) in August as refiners prepare to increase crude throughputs for the festival season which begins next month, Reuters reported. Tuesday, citing data on tankers from commercial sources. India’s oil imports also increased by …

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Gasoline and diesel prices could rise with soaring international oil prices as oil companies face squeezing margins

Petrol in Delhi currently costs Rs 101.19 per liter and diesel is priced at Rs 88.62 per liter A surge in international oil prices could translate into an increase in the retail price of gasoline and diesel in India as oil companies face extreme margin squeeze, sources said. Gasoline and …

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Oil ends week on a bullish note as blackouts persist

Hurricane Ida is now officially the most devastating hurricane of all time in terms of disrupting oil production, and experts expect the blackouts to last through September. Friday, September 17, 2021 The Gulf of Mexico in the United States is gradually bringing back slack production capacity – to date, about …

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Russian ESPO oil prices at 21-month high, boosted by strong Chinese demand

SINGAPORE, Sept. 16 (Reuters) – The rebound in demand for crude in China has pushed prices of a Russian-grade popular with independent Chinese refiners to the highest in 21 months, several trade sources said Thursday. Russian firm Surgutneftegaz (SNGS.MM) sold three cargo shipments of ESPO crude in November at premiums …

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Heavy gasoline consumption fuels record oil demand in the United States

Demand for oil in the United States continues its upward trajectory, hitting an all-time high last week, as commodity inventories fell to their lowest level in three years. If the demand trend continues, oil prices could rise further for the rest of the year, some analysts say. Despite the fact …

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China sees opportunity as Venezuela’s oil industry hits rock bottom

Venezuela’s near collapse and strict US sanctions create an opportunity for Russia, Iran and China to strengthen their presence in Latin America, a region that has been under US hegemony for decades. While Russia and Iran have, to some extent, gained a foothold in Venezuela by providing crucial support to …

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Oil hedge fund optimism fades: Kemp

LONDON (Reuters) – Hedge funds have sold oil for the seventh time in nine weeks, as rising coronavirus infections in major oil-consuming markets dampened hopes of a rapid recovery in aviation from long-haul passengers. FILE PHOTO: A pumpjack is seen in Fellows, Calif. April 3, 2010. REUTERS / Lucy Nicholson …

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Oil prices stable after US call for more oil raises supply concerns

White House: OPEC + output is not enough, may harm global recovery White House not asking US oil producers to increase production US crude and gasoline inventories are falling; lower fuel consumption -EIA SINGAPORE, Aug. 12 (Reuters) – Oil prices held steady on Thursday after two days of rising after …

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Exxon production drop is very bullish for oil prices

Last week, ExxonMobil (NYSE: XOM) posted its results for the second quarter of 2021 in one of Big Oil’s most anticipated dashboards this earnings season. The largest oil and gas company in the United States displayed stellar gains it proved that the worst for the US shale industry could finally …

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ICE Brent up 1.5% after Saudi Arabia reports no price wars

Saudi Aramco on Tuesday raised its official selling price of light Arab crude to Asian buyers by 80 cents per barrel (barrel), the largest monthly increase since January. Buyers in the United States will see smaller increases next month, with prices rising between 20 cents and 40 cents a barrel. …

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Jet fuel demand set to increase 30% in summer

The airline industry is at a critical inflection point. Regular vaccination deployments and declining infection rates in most Western economies allow commercial travel to resume after more than a year of stoppage. Altered vacation trips, postponed family reunions, newborn meetups, weddings, attending memorial services for loved ones are the new …

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Column: Supercycle, which supercycle? Chinese imports of raw materials do not impress (Russell)

Workers drive loaders unloading imported coal at a port in Lianyungang, Jiangsu province, China, December 5, 2019. REUTERS / Stringer The bullish glow surrounding commodities may have lost its luster, with imports in May from the main Chinese buyer looking distinctly unimpressive and far from levels associated with a new …

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Data-rich week could lead to price swings in oil markets

Daniel Graeber, Corresponding June 7, 2021Update: June 7, 2021 at 5:35 am A series of reports updating demand forecasts could lead to price swings in oil markets this week. Elizabeth Conley, Houston Chronicle / Staff Photographer Monthly market reports from OPEC, EIA and IEA could result in a volatile week …

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Pembina Pipeline enters into agreement to acquire Inter Pipeline from Canada

The deal is expected to create one of the largest energy infrastructure companies in Canada. Credit: PublicDomainPictures from Pixabay. register here for GlobalData’s free bi-weekly Covid-19 report on the latest information your industry needs to know. Pembina Pipeline has agreed to acquire Inter Pipeline in a transaction valued at approximately …

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Iran gears up to return to oil market as US talks advance

Iran gears up to boost global oil sales as talks to lift sanctions show signs of progress. But even if a deal is made, the flow of additional crude into the market can be gradual. State controlled National Iranian Oil Co. has primed the oil fields – and relationships with …

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Bold Prince firmly holds Saudi Aramco cash dispenser, the world’s most profitable company

Staredown: Crown Prince Mohammed bin Salman gives an interview to the official television station in Riyadh, Saudi Arabia on April 28, 2021. Anadolu Agency via Getty Images On track for $ 80 billion in revenue this year, Saudi Aramco retained its fifth place in the 2000 world rankings. Stocks trade …

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The 5 most influential oil companies in the world

At a virtual climate summit with 41 world leaders, President Joe Biden on Thursday unveiled an ambitious 10-year climate plan that proposes to cut U.S. greenhouse gas emissions by 50 to 52 percent d ‘by 2030. This represents a quasi-doubling the US commitment of a 26-28% reduction under the Obama …

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Surprise from Libyan oil production puts pressure on prices

Given the current imbalance between global oil supply and demand following the great waves of Covid-19 that hit the world last year, reports that Libya is now targeting 1.45 million barrels per day of oil production by the end of this year, 1.6 million bpd within two years and 2.1 …

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Saudi Arabia’s switch to renewables could save it $ 200 billion

By Irina Slav – April 26, 2021, 1:00 p.m. CDT Saudi Arabia could save some $ 200 billion over the next decade by switching from crude oil to natural gas and renewables for power generation, Reuters reports, quoting the Kingdom’s finance minister. “Instead of buying fuel in international markets for …

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Missed opportunity: Hedges to reduce first-quarter profit for U.S. shale oil producers

A sticker reads crude oil on the side of a storage tank in the Permian Basin in Mentone, Loving County, Texas, USA, November 22, 2019. REUTERS / Angus Mordant U.S. oil and gas operators face billions of dollars in hedging losses that will weigh on first quarter results as the …

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