Monday, July 13, 2020

Kuwait News

OPEC Production in June Cut by 1.25 mbpd

Image by Maksym Yemelyanov - AdobeStock

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

U.S. Shale ops -Credit:FerrizFrames/AdobeStock

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

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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 Price - Illustration - m.mphoto - AdobeStock

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

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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

Fatih Birol - IEA Executive Director - Credit: IEA

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

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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

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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

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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

Image: Qatargas

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

Image: Qatar Petroleum

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…

USA to Dominate in LNG Capacity

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The US and India are expected to lead capacity growth in the global LNG liquefaction and regasification industries from planned and announced (new-build) projects, respectively during the outlook period 2019-2023.The US's new-build liquefaction capacity is expected to grow from 26.1 million tonnes per annum (mtpa) in 2019…

Saudi Aramco Sets Record $25.6 Bln IPO

(Photo: Saudi Aramco)

State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will fall short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman.Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, the company said in a statement…

Saudi Aramco IPO: $44.3 Bln in Bids So Far

(Photo: Saudi Aramco)

Saudi Aramco has received bids for its shares totalling $44.3 billion so far, lead manager Samba Capital said on Friday, putting its initial public offering on track to be over-subscribed.The state-owned oil giant plans to sell 1.5% of the company's shares for as much as 96 billion riyals ($25.6 billion)…

Oil Hits Highest Since September

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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.

Europe Dominates LNG Import Story in 2019

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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 Price Spike after Saudi Attack Temporary

Graph: Rystad Energy

The drone attack on the world’s largest oil processing facility, Abqaiq in the heart of Saudi Arabia’s oil industry, forced Saudi Aramco to shut in 5.7 million barrels per day (bpd) of crude production, which equates to 7% of the current global crude and condensate production.Rystad Energy says that oil price spike will be short-lived.

Oil Dips on doubts Around Latest U.S.-China Trade News

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Oil prices slumped more than 2% on Monday on worries that global crude demand could stay under pressure as a lack of details about the first phase of a U.S.-China trade deal dimmed hopes for a quick resolution to the tariff fight.Brent crude dropped $1.26, or 2.1%, to $59.25 a barrel by 12:19 p.m. EDT (18:19 GMT), while U.S.

Zhanjiang Refinery Launches Mainstream Gas Pipeline

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Sinopec's Zhanjiang integrated refinery complex in Guangdong has launched its main gas transmission pipeline, the Chinese company said in a statement on Thursday.The refinery, which was set up jointly by Sinopec and Kuwait Petroleum Corp in 2011, is designed to include a 300,000 barrels-per-day (bpd) refinery and a 1 million tonnes-per-year ethylene complex.The 53.5-kilome