Alberta has eliminated the gas flaring limit in 2024.
Calculations show that energy producers in Alberta, Canada’s largest oil producing province, exceeded the self-imposed provincial limit for annual gas flaring by 2024, for the second consecutive year. Alberta's energy regulator announced late last week that it would be ending the flaring limit. The regulator, who quietly posted a bulletin to its website, is the first one to report this change.
China's refinery output in May is at a 9-month low due to plant overhauls
Official data released on Monday showed that China's crude throughput fell by 1.8% from the previous year to its lowest level since August. This was due to maintenance being carried out at state-owned refineries and independent refineries. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 13,92 million barrels of crude per day in May.
Canadian Natural Resources restarts its oil sands operations as the wildfire threat decreases
Canadian Natural Resources restarted the Jackfish 1 oil-sands project in northern Alberta, after determining that wildfires were safe to a distance. The largest oil producer in the country said that its operations at the site would ramp up over the coming days and aim to reach full production of 36,500 barrels a day by Friday.
Nigerian oil sector enters new phase of growth thanks to local firms
Nigeria's oil and gas industry is undergoing a major shift as local companies take on a greater role, resulting in a new phase for innovation and growth. The companies that are leading the charge include those who have purchased onshore and shallow-water assets from oil majors, which plan to invest billions of dollars in developing abandoned fields. Even smaller producers are contributing.
EIA: US crude oil production hit a record high in March while demand fell
The U.S. Energy Information Administration reported in its Petroleum Supply Monthly Report on Friday that U.S. crude output reached a record monthly high in March while the demand for oil products fell to the lowest level in a full year. The U.S. crude output increased to 13,49 million barrels a day in March. This is up from the previous all-time record of 13…
Colombian oil and gas E&P investments could increase by 8% in 2025 according to an industry group
Colombia's top industry group warned on Thursday that the country's investment in hydrocarbon exploration and production could increase by 8% to $4.68 billion this year. However, this will not prevent a decline in gas production. The Colombian Oil and Gas Association, ACP, said that the resources will maintain the current crude oil production levels in the South American country.
Palm oil prices fall on the back of expectations for higher production and stock levels
After two sessions of gains in a row, the price of palm oil futures for Malaysia dipped on Tuesday as expectations of increased production and inventories put pressure on the market. At midday, the benchmark contract for palm oil delivery in August on the Bursa Derivatives exchange fell 27 ringgit (0.7%), to 3,806 Ringgit ($903.61) per metric ton.
Palm oil ahead of the lead on production data and poised to gain weekly
Malaysian palm futures were slightly higher on Friday and on course for a weekly increase as traders awaited more information on production data. At the midday break, the benchmark contract for palm oil on Bursa Derivatives Exchange, August delivery, gained 24 ringgit (0.63%) to 3,844 Ringgit ($904.90). The contract has gained 1.13 % so far this week.
OPEC+ targets US shale again with output increases
Saudi Arabia and Russia, the group's leaders, are also pushing a secondary objective behind OPEC+’s plan to increase oil production and punish overproducing allies: taking on U.S. shale to win back market shares from the United States. OPEC’s last price war against U.S. producers ten years ago failed, as technological and drilling breakthroughs allowed U.S.
Norway's oil & gas production higher than expected in April
Norwegian Offshore Directorate said that Norway's combined gas and oil production in April exceeded the official forecast by 1,2%, despite a slight decline year-on-year. In April, the total oil, gas liquids, natural condensate and gas production was 0.663 standard cubic metres per a day, which is equivalent to 4,17 million barrels. This represents a 2.4% decrease year-on-year.
China's refinery production in April fell by 1.4% on an annual basis
China's crude throughput in April fell from a year ago, according to official data released on Monday. This was due to maintenance carried out at state-owned refining plants and because independent plants reduced production amid low margins. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 14,12 million barrels of crude per day in April.
Texas oil drilling applications at 4-year low as producers consider OPEC+ increase, trade war
Enverus, a consultancy, said that oil and gas drilling permits in Texas, which is the leading U.S. state for oil production, dropped to their lowest level since February 2021. This was due to concerns about rising OPEC+ supply and a trade conflict continuing to impact crude prices. Enverus reports that operators in Texas filed 570 new drilling permits in April…
Argentina's YPF suffers a net loss in the first quarter
YPF, the state-owned oil company in Argentina, reported a loss of $10m for the first quarter. This was due to lower demand during the season and lower export volumes. This loss is compared to the net profit of $657 millions in the first quarter 2024. The revenue, on the other hand, increased by 7% over a year earlier to $4.61 billion.
Industry leaders claim that despite volatility, US Gulf oil production could reach 2.4 millions bpd.
Leaders in the oil and gas sector said that the U.S. Gulf of Mexico could continue to grow oil production despite geopolitical instability not seen for decades. Since last month, U.S. President Donald Trump’s global tariff announcements contributed to a drop in oil prices, and fears of a recession, making it harder for oil producers who follow his "drill baby, drill" call.
EIA reports that US oil production rose in February, as New Mexico set a record.
The U.S. Energy Information Administration reported on Wednesday that the total crude oil production in the United States increased slightly in February, as Texas and New Mexico, two of its top producers reversed recent declines by pumping more barrels. The data revealed that the oil output of the world's largest producer, Saudi Arabia, rose by about 29,000 barrels a day in February.
PetroChina's profit for the first quarter increased by 2.3% due to natural gas sales
PetroChina, China's largest energy producer, posted a 2.3% increase in its first-quarter profits on Tuesday. The company cited higher natural gas production, even though poor margins affected the refined products business. A filing at the Hong Kong Stock Exchange revealed that the profit attributable by the owners of the…
US refiners are unlikely to spend large amounts to process more domestic crude oil
It can be expensive and time-consuming to change refinery configuration. The margins and yields of refineries can be affected by using different types of crude. By Arathy S. Analysts and industry sources said that U.S. refiners do not plan to invest heavily to process more crude oil domestically and less oil imported from Canada and Mexico.
Palm extends its losses as soyoil and crude oil prices fall
Malaysian palm futures dropped to a 10-week-low on Monday. Pressured by lower soyoil prices and crude oil, fears of a trade war arose from China's retaliatory duties on U.S. products. The benchmark contract for palm oil delivery in June on Bursa Derivatives exchange fell 146 ringgit or 3.37% to close at $4,182 Ringgit ($934.32) per metric ton.
VEGOILS-Palm falls tracking weaker soyoil, crude oil prices
Malaysian palm futures declined on Monday for the third consecutive session. They were weighed down on lower soyoil prices and crude oil, while China's retaliatory duties on U.S. products raised fears of an international trade war. At midday, the benchmark palm oil contract on Bursa Derivatives exchange for June delivery fell 57 ringgit or 1.32% to 4,271 Ringgit ($957.62).
Mexico's Finance Ministry estimates crude oil production at 129,000 bpd less than target
Mexico has lowered its average crude oil production estimate for this year, citing "prudent" approach that takes into consideration the trajectory of the early months of the year. This would put the country under the ambitious target of 1.8 million bpd set by President Claudia Sheinbaum. The revised estimate of the Finance Ministry in its preliminary budget criteria…
