China's crude oil output in August is up 7.6% on a year-on-year basis
China's crude throughput in August increased 7.6% compared to a year ago, official data revealed on Monday. State-owned refineries also maintained high operating rates. According to the National Bureau of Statistics, the world's second largest oil consumer processed approximately 14.94 million barrels of crude per day in August.
CANADA-CRUDE-Discount on Western Canada Select narrows
On Tuesday, the discount between West Texas Intermediate and Western Canada Select futures (the North American benchmark) narrowed. WCS for Hardisty, Alberta delivery in October settled at $11.20 per barrel below the U.S. benchmark WTI according to brokerage CalRock. This compares with a $11.40 discount on Monday. * The discount on WCS was narrowest since late July.
Document from the Politburo shows Vietnam is open to using small modules nuclear reactors
According to a document released by the Communist Party’s Politburo (the most powerful body in the country), Vietnam is open to the use of small module reactors to power its planned nuclear plants. Southeast Asia, a manufacturing hub in the region, seeks to increase its capacity for power generation to support an economy that is one of the fastest growing in the world.
PetroChina's H1 profits down 5.4% from the previous record
PetroChina, China's largest gas and oil company, reported a 5.4% drop in its first-half net profit compared to a record set a year ago, due to lower oil prices. According to a filing at the Hong Kong Stock Exchange, the net profit was 84 billion Yuan ($11.7billion), down from the 88.8billion yuan of the same period in last year. Revenues fell 6.7%, to 1.45trillion yuan.
China's oil throughput in July surges by 8.9% on an annual basis
China's crude throughput in July increased 8.9% compared to a year ago, according to official data released on Friday. State-owned refineries also maintained high operational rates. According to the National Bureau of Statistics, the world's second largest oil consumer processed approximately 14.85 million barrels of crude per day in July.
EIA expects Brent oil to fall below $60/bbl by Q4
The U.S. Energy Information Administration forecast Brent crude oil spot price will average less that $60 per barrel during the fourth quarter. This would be the lowest average price since 2020. In its August Short Term Energy Outlook, it stated that it expects Brent to be around $50 per barrel by 2026. The global benchmark closed Tuesday at just over $66. The U.S.
EIA: US crude production will reach record 13,41 million bpd by 2025, before dropping.
The Energy Information Administration predicted in its monthly report on Tuesday that the U.S. crude oil production would reach a record 13,41 million barrels a day in 2025, despite lower oil prices causing a decline in 2026. EIA data show that the drop in production in 2026 to 13,28 million barrels per day would be the world's first decline since 2021.
Choose your favorite. Russell: China's imports of commodities can be either solid or soft.
The markets often use data, such as China's imports for major commodities, to determine trends regarding the second largest economy in the world. The July trade data is not very clear. It gives ammunition for both an economy that's resilient and recovering and another that's struggling to gain momentum. Crude oil provides a good example.
Choose your favorite. Russell: China's imports of commodities can be either solid or soft.
The markets often use data, such as China's imports for major commodities, to determine trends regarding the second largest economy in the world. The July trade data is not very clear. It gives ammunition for both an economy that's resilient and recovering and another that's struggling to gain momentum. Crude oil provides a good example.
EIA data show that US oil production rose to record levels in May.
The U.S. Energy Information Administration reported on Thursday that U.S. crude production reached a record 13,49 million barrels per day in May, despite concerns about oversupply pushing the price of the commodity to its lowest level in four years. Donald Trump, the U.S. president, has called repeatedly for increased oil production in the United States…
Guyana's crude oil production fell to 664,000 barrels per day in June.
The government reported that the average crude oil production in Guyana, a country rich in oil, fell to 664,000 barrels a day (bpd), down from 667,000 the month before. Guyana, where the entire oil and gas production is controlled by Exxon Mobil, a U.S.-based major, since it began offshore production in 2019 expects to reach 900…
Norway's total oil and gas production beats expectations in June
Norwegian Offshore Directorate, NOD, said that Norway's combined oil-and-gas production in June exceeded the official forecast by 2,3%. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields. The total oil…
Energy ministry reports that Russia's crude oil production fell 3.5% between January and May.
The Russian energy ministry announced on Wednesday that the country produced 211 millions metric tons of oil (10.24million barrels per day) between January and the end of May. This is a 3.5% decrease compared to the same period last year. The data were revealed during a presentation by Energy Minister Sergei Tsivilev before the Federation Council (Russia's upper chamber of parliament).
China's oil output surges in June as state-owned refining facilities ramp up their operations
China's crude throughput in June increased 8.5% compared to a year ago, official data revealed on Tuesday. State-owned refineries saw an increase in operations, and a return in profits, according consultancies. According to the National Bureau of Statistics, the world's second largest oil consumer processed about 15,15 million barrels of crude per day in June.
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.
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.
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…