New refineries bring down profits for global refiners
Oil refiners across Asia, Europe, and the United States have seen their profitability drop to multi-year-lows. This is a significant downturn in an industry which had previously enjoyed booming returns following the pandemic. It also highlights the global slowdown. This weakness is another sign of a…
China's Premier Li in Riyadh calls for an acceleration of Gulf trade negotiations
China's Premier Li Qiang urged Beijing on Wednesday to speed up free trade negotiations with the Gulf Cooperation Council, which includes Saudi Arabia. Li made these remarks at a meeting with GCC Secretary-General Jasem al-Budaiwi in Riyadh, reported Chinese state-run news agency Xinhua. Li will also visit the UAE later this week.
UK's Hunting maintains annual forecast despite H1 profit increase
Hunting Plc, a British energy services company, posted a 23% increase in its first-half profits on Thursday. The firm attributed the jump to a robust order book for its oil and subsea businesses. However, it maintained its earnings forecast. The shares of the company fell up to 7.7% during morning trading, but pared some of their losses by 739 GMT.
Qatar signs another LNG supply contract with Kuwait for 15 years
Qatar has agreed to supply Kuwait for 15 years with 3 million tonnes per annum of liquefied gas (LNG). This is the second LNG deal signed since 2020, as Kuwait imports this fuel to meet the rising demand for electricity generation. Kuwait Petroleum Corporation and QatarEnergy, a state-owned company, signed a long-term agreement to sell and buy LNG.
Kuwait and Qatar in negotiations for new LNG supply contract of 15 years from North Field
Qatar Energy has been in discussions with Kuwait Petroleum Corporation for a long-term supply liquefied gas (LNG). This will help to meet the rising demand in Gulf Arab State for electricity generation. Four sources confirmed that the deal will see Qatar provide Kuwait with 3,000,000 metric tons of seaborne fuel per year (mtpa)…
India Asks Refiners to Cut Reliance on Middle East Oil after OPEC+ Decision
India has asked state refiners to speed up the diversification of oil imports to gradually cut their dependence on the Middle East after OPEC+ decided last week to largely continue production cuts in April, two sources said.India, the world's third biggest oil importer and consumer, imports about 84%…
OPEC Production in June Cut by 1.25 mbpd
OPEC has cut oil output in June by 1.25 million barrels per day (bpd) from May levels as it works to implement a supply restraint agreement with Russia and other allies, according to estimates from tanker-tracking company Petro-Logistics.OPEC and its allies, a group known as OPEC+, agreed to cut supply…
Saudi Oil Price Hike Throws Asian Lifeline to U.S. Shale
Saudi Arabia's decision to jack up the price of its July exports to Asia may have opened the door for U.S. crude oil producers to boost sales to the region that consumes more oil than anywhere else in the world.State-controlled producer Saudi Aramco hoisted its official selling prices (OSPs) to all regions for July-loading cargoes…
OPEC, Russia Extend Record Oil Cuts
OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq…
Brent Hits One-month High, U.S. Oil Tops $32 as Lockdowns Ease
Oil prices jumped on Monday, with benchmark Brent hitting a one-month high and U.S. crude topping $30, supported by optimism about the reopening of economies and output cuts by major producers. Brent crude was up $2.32, or 7.1%, at $34.82 a barrel by 1344 GMT, its highest level since mid-April. U.S.
IEA: Early Signs of Recovery Visible, But Oil Demand Still Set For Record Fall
Oil demand is still set for a record fall in 2020, the International Energy Agency (IEA) said on Thursday, but it trimmed its forecast for the drop citing easing lockdown measures.Demand is expected to fall by 8.6 million barrels per day (bpd), the IEA said in its monthly report, raising its estimate by 690…
IEA: New Cuts by Saudi Arabia and Others Unlikely to Balance Oil Market
International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday that recently announced oil output cuts by major Gulf Arab producers would likely not be enough to balance global markets as coronavirus lockdowns hollow out demand."I am happy to see Saudi Arabia, the Emirates and Kuwait…
Saudi Arabia to Reduce Oil Production Further
Saudi Arabia will voluntarily deepen oil output cuts from June as low oil prices are causing huge pain to the kingdom's budget and global demand remains weak due to lockdowns to contain the coronavirus pandemic.The announcement by the kingdom to add 1 million barrels per day (bpd) - equal to 1% of global…
Record Oil Output Cuts Fail to Make Waves in Coronavirus-hit Market
The minimal impact on oil prices from a global deal for record output cuts showed that oil producers have a mountain to climb if they are to restore market balance as the coronavirus shreds demand and sends stockpiles soaring, industry watchers said.After several days of discussions, oil producing and…
Oil Rises After OPEC+ Agrees Record Output Cut
Oil prices rose on Monday after major producers finally agreed their biggest-ever output cut, but gains were capped amid concern that it won't be enough to head off oversupply with the coronavirus pandemic hammering demand.After four days of wrangling, the Organization of the Petroleum Exporting Countries (OPEC)…
OPEC, Russia Approve Biggest-Ever Oil Cut to Support Prices
OPEC and allies led by Russia agreed on Sunday to a record cut in output to prop up oil prices amid the coronavirus pandemic in an unprecedented deal with fellow oil nations, including the United States, that could curb global oil supply by 20%. Measures to slow the spread of the coronavirus have destroyed demand for fuel and driven down oil prices…
Shell, Qatargas Sign LNG Deal for Kuwait
The world’s largest liquefied natural gas (LNG) producer Qatargas has signed a new, long-term LNG sale and purchase agreement (SPA) with Shell to deliver 1 million tons per annum of LNG to Kuwait, commencing this year.Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs said, “We are pleased…
Kuwait Signs 15-yr LNG Gas Deal with Qatar
State-owned Kuwait Petroleum Corp signed a 15-year agreement with Qatar Petroleum to import three million tonnes of liquefied natural gas (LNG) each year starting from 2022.The agreement was signed by Dr. Khaled A. Al-Fadhel, the Minister of Oil and the Minister of Electricity & Water, the Chairman of…
Europe Dominates LNG Import Story in 2019
Global liquefied natural gas (LNG) production jumped in 2019, triggering oversupply and low prices that are expected to persist in 2020. Initial full-year data from LNG Edge shows exports at 355 million tonnes in 2019, up from 314.9 million tonnes in 2018.This represents the largest ever increase in production.While East Asian…
Oil Hits Highest Since September
Oil rose towards $68 a barrel to its highest in over three months on Thursday, buoyed by a report showing lower U.S. crude inventories, hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.The American Petroleum Institute, an oil industry group, said late on Tuesday that U.S.
