Oil Surges 5 Percent
Oil prices jumped by more than 5 percent on Monday after the United States and China agreed to a 90-day truce in a trade dispute, and ahead of a meeting this week of the producer club OPEC that is expected to cut supply.U.S. light crude oil rose $2.92 a barrel to a high of $53.85, up 5.7 percent, before easing to around $53.00 by 1240 GMT. Brent crude rose 5.3 percent or $3.14 to a high of $62.60 and was last trading around $61.75."From Argentina to Alberta…
Russian and Saudi Energy Ministers to Meet at G20
Russia's energy minister Alexander Novak will meet his Saudi counterpart at the G20 summit in Argentina and discuss an oil output reduction in 2019, RIA news agency cited Novak as saying on Friday.He was also reported to have said that Russia's 2019 oil output is expected at the same level as this year but could be adjusted, depending on a deal between OPEC and non-OPEC members.Producer group OPEC and its allies are meeting in Vienna next week to discuss oil production.(Reporting by Maria Tsvetkova Editing by David Goodman)
Oil Falls as High Inventories Outweigh Likely OPEC Cuts
Oil prices fell further on Friday as swelling inventories depressed sentiment despite widespread expectations that OPEC and Russia would agree some form of production cut next week.The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20 percent as global supply has outstripped demand.Brent fell $1.20, or 2.0 percent, to a low of $58.31 a barrel on Friday, before recovering to around $58.50 by 1425 GMT. U.S.
Saudi Oil Minister Meets with Argentina's Energy Minister
Saudi oil minister Khalid Al-Falih met with Argentina's energy minister Javier Iguacel on Thursday, Al-Falih said on his twitter account.Al-Falih said they discussed cooperation and investment in oil sector, as well as "the importance of the continuing efforts of oil producers to stabilise the markets."Al-Falih is in Argentina with the Saudi delegation accompanying Crown Prince Mohammed bin Salman at the G20 summit. (Reuters, Reporting by Omar Fahmy, Writing by Nayera Abdallah; Editing by Kirsten Donovan)
Oil Slips Below $60
Oil slipped to below $60 a barrel on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.U.S. crude stockpiles rose last week, the American Petroleum Institute (API) industry group said on Tuesday. Saudi Arabia on Wednesday dampened hopes of production cuts by OPEC and its allies by saying it would not act alone and Nigeria stopped short of committing to a new push to curb supplies.The outcome of next week's OPEC meeting "remains clouded by uncertainty"…
Argentina to Export First LNG in 2019
Argentina is due to begin exports of liquefied natural gas from a part of its vast Vaca Muerta shale gas resource next year through a floating LNG liquefaction (FLNG) vessel provided by Exmar, the Belgian shipping company said on Wednesday.The operations, due to start in the second quarter of 2019, will introduce Argentina into the small club of around 20 countries exporting LNG while the FLNG will be only the world's fourth and the smallest.The country's state-controlled oil company YPF signed a 10-year agreement with Exmar to deploy the barge-based FLNG…
Equinor Plans More International Wells
Norwegian oil and gas firm Equinor plans to drill more exploration wells internationally and more onshore wells in 2019 compared to this year, the company's head of exploration said on Tuesday."In general, there will be more international activity, and a larger share of onshore activity," Tim Dodson told Reuters on the sidelines of an Equinor conference.Equinor's plans include high-impact wells off Canada, the United States, Mexico and Brazil, as well as onshore wells in Turkey, Argentina, Algeria and Russia.Exploration on the Norwegian continental shelf is e
Equinor Makes Solar Energy Push
Norway's Equinor has bought a 9.7 percent stake in renewable energy producer Scatec Solar, raising its ownership to 10 percent, the state-controlled energy firm said on Thursday."The investment in Scatec Solar will increase Equinor’s exposure to a fast growing renewable sector, further complementing Equinor's portfolio with profitable solar energy," Equinor said in a statement."This is in line with our strategy to develop into a broad energy company," it said.It paid 700 million Norwegian crowns ($82.55 million) for the stake, corresponding to about 63.5 crow
Marathon Petroleum Profits Miss
U.S. oil refiner Marathon Petroleum's third-quarter profit missed Wall Street estimates on Thursday, as higher costs offset gains from cheaper crude.Marathon said total costs climbed 22 percent to $21.73 billion in the quarter ended September, partly due to some pension settlement charges.Marathon and other refiners process heavy crude, sourced from countries including Canada and Argentina, to make petroleum and fuel.But heavy crude prices have been driven lower by capacity constraints in Canadian pipelines and economic instability in Argentina.Marathon…
YPF to Spend Billions to Boost Oil and Gas Output
Argentina's state-controlled oil company, YPF, will significantly boost oil and gas production, investing between $4 billion and $5 billion per year through 2022, Chief Executive Daniel Gonzalez told Reuters on Friday.It plans to raise production by between 5 percent and 7 percent per year, with the largest increase in the Vaca Muerta formation, one of the world's largest reserves of shale oil and gas.The company intends to invest $3.6 billion on infrastructure in Vaca Muerta over the next five years…
Asian LNG Demand to Grow
Currently planned regasification capacity expansions in Asia will allow LNG demand to grow towards 2030, said energy consultent Rystad Energy.Total planned capacity additions is forecasted to reach 700 Mtpa by 2030 driven by expansions in China and India. Asia LNG demand of 392 Mt in 2030 would imply an average utilization rate of 56% if all regasification projects were sanctioned.The seasonality in East Asian demand will require China to continue its capacity development…
Excelerate, TGS Join for Argentina LNG Export Study
Excelerate Energy and Transportadora de Gas del Sur (TGS) have provisionally agreed to jointly assess the viability of an LNG liquefaction and export project at Bahia Blanca in Argentina.Argentina currently imports liquefied natural gas (LNG) through two floating import terminals, particularly during the country's peak winter consumption.The successful development of Argentina's shale gas reserves resulted in a potential excess of natural gas during the summer months.
Oil Slips as Focus Shifts to Demand in Coming Months
Oil prices edged lower on Monday as troubled emerging markets and trade tensions dented the outlook for fuel demand, though U.S. sanctions against Iran could mean tighter supply ahead. Brent crude futures fell 14 cents to $72.67 a barrel by 11:18 a.m. EDT (1518 GMT). U.S. West Texas Intermediate (WTI) crude fell 29 cents to $67.34 a barrel.Futures have struggled to find a footing since Wednesday, after they fell about 3 percent as a trade dispute between…
Fate of Argentine Biodiesel Industry Hinges on EU Sanctions
Argentina's biodiesel industry is at risk after the European Union threatened to impose tariffs on imports from the South American country, following accusations that the nation unfairly subsidized its biofuel sector. The threat of tariffs has halted Argentine biofuel sales to the EU, industry sources told Reuters, adding that imposing a tax would leave 85 percent of the country's biofuel exports without a viable market and may force suppliers to close shop. Boasting major producers like Cargill and Bunge , Argentina is a leader in biodiesel exports.
LNG Prices Climb on Limited Supply
Asian spot liquefied natural gas (LNG) prices rose this week to their highest since February as buying interest from China remained firm and as supply is expected to be limited during maintenance in August.Spot prices for July delivery in Asia were at $9.60 per million British thermal units (Btu) this week, gaining 40 cents from the previous week and are at the highest for this time of the year since 2014.Higher oil prices had been deterring some buyers…
Argentine Invites Oil Companies to Submit Offshore Proposals
Argentina has called on oil companies to submit proposals for offshore exploration areas, the country's official gazette said on Friday, looking to exploit under-explored parts of the country's continental shelf and other potential oil basins.Oil companies, including Shell and Statoil, have said they are mulling bidding in auctions to be held later this year.The country faces fierce competition to attract the billions of dollars of investment needed to develop deepwater reserves.
Argentina Offshore Auction Attracting Oil Producers
International oil firms including Norway's Statoil, U.S.
Statoil Eyes Britain's 2019 Renewable Subsidy Auction for Dogger Bank
Statoil is working with its partner SSE to develop the Dogger Bank offshore wind project so it can take part in Britain's renewable energy subsidy auction in 2019, the company said on Friday.The planned 4.8 gigawatt (GW) Dogger Bank project, which has approval from the British authorities, is set to become the world's largest offshore wind park and could deliver more than five percent of Britain's electricity needs, Statoil Executive Vice President…
Shell to Sell its Downstream Business in Argentina
Shell has signed an agreement to sell its Downstream business in Argentina to Raízen for $0.95 billion in cash proceeds at completion, subject to customary closing conditions. The sale includes the Buenos Aires Refinery, around 645 retail stations, liquefied petroleum gas, marine fuels, aviation fuels, bitumen, chemicals and lubricants businesses, as well as supply and distribution activities in the country. Additionally, after the transaction closes…
Venezuela Arrests Two Chevron Execs
Chevron Corp said on Tuesday two of its executives were arrested in Venezuela, a rare move likely to spook foreign energy firms still operating in the OPEC nation stricken by hyperinflation, shortages and crime.Venezuelan Sebin intelligence agents burst into the Petropiar joint venture's office in the coastal city of Puerto La Cruz on Monday and arrested the two Venezuelan employees for alleged wrongdoing, a half-dozen sources with knowledge of the…