Bangladesh restricts fuel purchases due to Middle East conflict
Bangladesh imposed daily fuel sales limits in response to a 'panic buying' and a'stockpiling of fuels, which raised concerns over supply as the Middle East war roiled the global energy markets. These'measures' follow U.S., israeli, and other airstrikes against Iran, as well as retaliatory strikes by Tehran in the Middle East, which has caused oil shipments to be disrupted through the Strait of Hormuz - a vital energy route - and driven energy prices sky-high. Bangladesh Petroleum Corporation…
Russian LNG Tanker Sinks in Mediterranean
A Russian tanker carrying liquefied natural gas (LNG) sank in the Mediterranean on Wednesday after what Moscow described as an attack by Ukrainian drones launched from Libya.The Arctic Metagaz sank in waters between Libya and Malta after catching fire a day earlier, Libya's maritime rescue agency said in an advisory seen by Reuters."Information indicates that the tanker experienced sudden explosions followed by a massive fire, which ultimately led to its complete sinking," the agency said.Ukraine has frequently targeted Russian oil refineries and other energy infrastructure in an attempt
Nigerian Crude Oil Loading Programs Hold Steady for April
Loading of four key Nigerian crudes in April will hold steady, preliminary loading programmes seen by Reuters showed, while lower demand and high freight rates continued to weigh on Angolan differentialsAmong recent offers was Kissanje at dated Brent minus 85 cents, compared to dated Brent minus $1 heard in December, showing demand had slowly picked up, a trader said.Others were Angola's Hungo crude at dated Brent minus $3.15, compared to minus $1.90 heard in January, and Olombendo crude were last heard at dated Brent minus 95 cents, compared to the earlier-heard plus 45 cents in November
Trafigura Ships First Venezuelan Oil to Europe in Almost Two Years
Trader Trafigura has moved the first shipment of Venezuelan fuel oil to Europe in nearly two years, two trading sources and data seen by Reuters showed.The Aframax tanker Seawish loaded about half a million barrels of high-sulphur fuel oil at Amuay in Venezuela in late January and is due to arrive in Rotterdam, Europe's main fuel oil hub, in mid-February, according to Kpler data and PDVSA's export schedule.The cargo would mark the first arrival of Venezuelan fuel oil to Europe since April 2024, Kpler data showed.Reuters contacted Trafigura for comment.(Reuters)
Electricity Needs for AI, Data Centers May Turn LNG Glut into Gap by 2030
Growing electricity demand from AI and data centres, together with rising fuel use in Asia and European gas needs could turn an expected global liquefied natural gas supply glut into a shortage by 2030, Qatar Energy CEO Saad al-Kaabi said on Monday.LNG coming online between 2026 and 2029 has raised concerns of a supply glut that could depress prices, with projects like Golden Pass LNG on the U.S. Gulf Coast and Qatar's North Field Expansion expected to contribute sizeable…
Venezuelan Oil Exports Increase to 800,000 bpd in January Under US Control
Venezuelan oil exports rose to some 800,000 barrels per day (bpd) in January, from 498,000 bpd in December, after the U.S. capture of Nicolas Maduro and the ending of an oil blockade which has let traders carry most exports, shipping data showed.Washington imposed an oil embargo on the U.S.-sanctioned country in December to pressure Maduro and seized seven tankers.The blockade led to the accumulation of more than 40 million barrels of crude and fuel in onshore tanks and vessels…
Sources and documents say that trading houses will begin exporting Venezuelan LPG.
According to two sources, and a shipping documentation seen on Monday, trading houses are preparing to load and export Venezuelan LPG as part of a 50 million barrel oil supply deal between Caracas and Washington. Vitol & Trafigura were awarded the first U.S. licensing earlier this month to 'handle supplies of the $2 billion flagship agreement, which aims drain the accumulated?inventory since the U.S. implemented an oil blockade against the?country last December. Shipping data shows that the companies have exported around 10 million barrels Venezuelan crude oil since December.
The US Electric Grid is stressed by the cold weather
Electric grid operators in the U.S. took extra precautions on Saturday to avoid rotating blackouts, as frigid temperatures hit half of America's population. The PJM Interconnection – the largest?U.S. The PJM Interconnection, which serves 67,000,000 people in the East and Mid-Atlantic region, reported temporary spikes of wholesale spot?electricity? prices that rose above $3,000 per megawatt-hour on Saturday morning. Earlier levels were less than $200. Gridraven CEO Georg Rute is an expert in how weather impacts power line capacity.
Oil Prices Drop 2% as Trump Tones Down Threats Against Greenland, Iran
Oil prices slid about 2% on Thursday after U.S. President Donald Trump softened threats against Greenland and Iran, and as investors assessed the supply-demand outlook.Brent futures fell $1.01, or 1.6%, to $64.23 a barrel at 11:26 a.m. EDT (1626 GMT). U.S. West Texas Intermediate (WTI) crude fell 96 cents, or 1.6%, to $59.66 a barrel, headed for its lowest close since January 15.Trump said he had secured total and permanent U.S. access to Greenland in a deal with NATO, whose…
Russian Syzran Oil Refinery Halted by Ukraine Drone Attack
Russia's Syzran oil refinery on the Volga River halted oil processing on December 5 after being damaged by a Ukrainian drone attack, two industry sources said on Tuesday.Ukraine and Russia have been attacking each other's energy facilities as peace talks have failed to progress.The Ukrainian military said on Friday that it had carried out long-range strikes overnight on an oil refinery in the Russian city of Syzran and the Temryuk port in the Krasnodar region.The sources said the drones hit the plant's CDU-6 crude distillation unit, which is primary equipment that was also targeted by dro
Mexico's Pemex refines more and pumps less at home, according to data from October
Data shows that the Mexican state energy company Pemex refined more crude oil at home in October, but pumped less crude oil. Pemex attributes the continued decline in crude production, currently averaging 1.36 million barrels per day (bpd), down 6% on an annual basis, to a lack of discoveries relevant and the natural decline of key fields. Olmeca, the refinery located in Dos Bocas port, processed 191,657 barrels per day, helping to boost the refinery's output by 43%. It refined nothing in October of last year.
Pemex Crude Oil Production Falls 5.6% in September
Mexico's state energy company Pemex produced 5.6% less crude oil and condensate year-on-year in September, an average 1.65 million barrels per day (bpd), according to data it released late on Tuesday.The heavily-indebted driller has struggled to boost production, despite cash injections and tax relief since the previous administration, as many fields are being depleted and new discoveries have not managed to make up for this.Crude oil processing at the seven local refineries increased 7.7% year-on-year in September to 949,772 bpd but remained almost 10% below August levels.The seven refin
Mexico's Pemex production of oil fell 5.6% in September, as gasoline and diesel production rose
According to the data released by Pemex late Tuesday, Mexico's state-owned energy company Pemex has produced 5.6% less crude and condensate in September compared to last year. This equates to an average of 1.65 million barrels a day (bpd). The driller, who is heavily indebted, has been unable to increase production despite the cash injections and tax reductions since the previous administration. Many fields are depleting and new discoveries cannot compensate for this. The seven local refineries processed crude oil at 949,772 barrels per day in September.
Sources say that the Astrakhan Gas Plant in Russia has ceased operations following a drone attack.
Three industry sources have confirmed that the Astrakhan Gas Processing Plant, owned by energy giant Gazprom in Russia, stopped producing motor fuel after an attack by drones caused a fire on September 22, according to three sources. The fire was said to have engulfed an entire condensate unit that had a production capacity of three million metric tonnes per year. It produces diesel and gasoline. The plant near the Caspian sea, about 1,675 km from the Ukrainian border could only resume production within a few weeks or months. Gazprom didn't immediately respond to a comment request.
Bangladesh increases its power purchase from India and reduces its fuel oil consumption as the demand for electricity rises
Industry officials and analysts report that Bangladesh is increasing power imports from India as well as the output of fuel oil-fired plants to try and meet its rising electricity demand. The country faces a shortage of gas and maintenance costs for coal power plants. Government data revealed that power imports from eastern India's Adani Power coal-fired plants rose by 70% during the seven-month period ending in July, and they helped to meet most of the growing demand. The country's electricity demand was largely met by natural gas in the decade ending in 2020.
Data shows that Pemex crude exports rose in July, while refinery production dropped.
According to the most recent data from the company, Pemex, the Mexican state oil company, reported that crude oil exports rose by 31% in July, compared to last month. However, the company's refining production fell slightly in the same time period. Pemex exports and refinery output are closely monitored as the government attempts to reduce motor oil imports and prioritize domestic processing in order to achieve energy independence. Exports in July reached 600,669 barrels a day (bpd), up 31% compared to June when they hit a multiyear low.
Iraq Navy Detains Oil Tanker in Smuggling Crackdown
Iraq's navy has detained a Liberian-flagged oil tanker in its territorial waters as part of a crackdown on fuel smuggling at sea, sources with the navy and oil and transport ministries said on Friday.Smuggling is common in Gulf waters, where heavily subsidised fuel from some countries is sold on the black market to buyers across the region, though it has been relatively rare until recently for Iraqi authorities to seize ships.The vessel - identified by both the authorities and shipping sources as the Liliana tanker - was carrying 93…
US Gulf Coast Fuel Oil Imports Drops As Heavier Crude Is Preferred
Fuel oil imports into the refinery hub on the U.S. Gulf Coast hit a record low in June as tighter global supplies prompted refiners to run more heavy, sour crude.When refineries run a heavier, sourer crude slate, they produce more heavy residue, which is either processed in a secondary unit to produce higher value products like gasoline or diesel.Gulf Coast-bound fuel oil imports hit a record low at 213,000 barrels per day in June, down from 233,000 bpd on the month, according to ship tracker…
Israel resumes limited gas exports despite ongoing conflict; Egypt still waiting
Israel resumed exports of natural gas from its surplus, according to the Energy Ministry on Thursday. This comes nearly a full week after Israel and Iran engaged in an aerial battle. According to a source in the energy ministry, most of the gas exported is flowing into Jordan and "tiny quantities" have reached Egypt only this week. Egyptian fertilizer producers who had to stop operations because of the disruption in gas supply have said they still haven't received any gas, but are expecting it to return next week.
Egypt stops fertilizer production after Israeli gas shortages increase energy strain
Industry sources report that Egyptian fertilizer producers had to stop operations Friday because of a decline in natural gas imported from Israel. After Israel's attacks on Iranian nuclear and missile facilities, they said that major Israeli gasfields had halted operations. Egypt's Petroleum Ministry announced that an emergency plan had been implemented to prioritise gas allocations and cut supply to certain industries. The ministry reported that power stations are using fuel oil at maximum levels and switching to diesel is being done to protect the stability and load of the gas grid.