Head of industry association says that Canada's oil supply is not as reliable as Japan's, but the Canadian market is still tough.
The head of an industry association in Japan said that Japanese refiners need to diversify their supply sources, as 95% its crude oil imports are from the Middle East. However, importing Canadian oil may be difficult due to its heavy nature. According to two sources who are familiar with the issue, Canada's largest oil-producing province, Alberta, is considering investing in Japan's refinery sector as a way to reduce its dependence on the United States for oil exports.
What is the Abraham Accords?
The Abraham Accords which normalised diplomatic ties between Israel and certain Arab states are in the spotlight following Israel's airstrikes against Hamas that took place on 9 September, angering the U.S. ally who hosted ceasefire negotiations. The leaders of Arab and Islamic countries will meet in Qatar for a summit on Monday, to show their solidarity. Who signed them and what did they achieve? The Abraham Accords is a collection of agreements that normalise the relationship with Israel.
Viridien, Mantle8 Partner to Accelerate Hydrogen Exploration Across EMEA
Viridien, a technology, digital and Earth data company, and Mantle8, a French geoscience company focused on natural hydrogen exploration, have formed a strategic partnership to accelerate hydrogen exploration across the Europe, Middle East, Africa (EMEA) region.The partnership gives Mantle8 access to GeoVerse, Viridien’s geological database, to support natural hydrogen exploration in EMEA. In addition, Mantle8 has selected Sercel…
GASTECH-Japan’s Inpex considers UAE production increase, Norway expansion
Inpex, Japan's largest oil and gas exploration company, is looking at increasing production in its concessions onshore and off-shore in the United Arab Emirates as well as expanding their activities in Norway. This was announced by its chief executive and president on Tuesday. Takayuki ueda, speaking on the sidelines at the Gastech conference held in Milan, stated that this is in line the UAE's plan to increase production from 4 to 5 million barrels a day.
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. Discounts widened in August due in part to the shutdown of BP's 440…
Shares of UAE lender ADCB fall as it looks to raise $1.7 billion through a rights issue
Abu Dhabi Commercial Bank's (ADCB's) shares fell as much as 7.9% on Monday after it announced that the bank was looking to raise as much as 6.1 billion dirhams (1,66 billion dollars) via a rights offering. The board of the bank has recommended that it increase the share capital through the issuance of 592.2 millions new shares. This move, according to the lender, would speed up organic growth. ADCB, third largest bank in United Arab Emirates by assets…
TotalEnergies sees Brent-Dubai crude price gap remaining negative
TotalEnergies' executive stated on Monday that the price gap between Brent crude and Dubai crude will remain negative because of strong demand for Middle Eastern heavier oil despite increased supplies from OPEC countries. Rahim Azouni was TotalEnergies senior vice president of shipping and trading at the APPEC Conference in Singapore, a day after OPEC+ (which includes the Organization of the Petroleum Exporting Countries, Russia, and other allies) agreed to increase oil production starting October.
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. The EIA forecasted that the Brent benchmark price would average $51 a barrel in 2019. This is down from the previous forecast of $58 a barrel.
India Oil Corp Buys US and Middle Eastern Crude As Trump Criticizes Russian Purchases
Indian Oil Corp has bought 7 million barrels of crude from the United States, Canada and the Middle East, four trade sources said on Monday, as U.S. President Donald Trump ramped up his criticism of the country over its purchases of Russian oil.India is the biggest buyer of seaborne crude from Russia, which is under Western-led sanctions over its war in Ukraine.Its main refiners paused buying Russian oil last week as discounts…
Japan's JERA Q1 profits down slightly on weaker overseas sales
JERA, Japan’s largest power generator, posted on Thursday a 1% decline in net profit during the first quarter fiscal year 2025, to 92.5 billion Japanese yen (621 million dollars), due to a weaker power generation overseas, including renewable energy. JERA, the joint venture between Tokyo Electric Power (TEP) and Chubu Electric Power (CEP), saw a net profit of 93.4 billion yen in the same time period last year. Its revenue grew by 8.5%, to 830.8 billion Japanese yen, on the back of stronger domestic sales.
IEA forecasts the fastest increase in power demand since more than a decade
The International Energy Agency announced on Wednesday that global electricity demand will increase at the fastest rate in more than a decade. This is due to increased industrial use, data centres, and electric vehicles. The International Energy Agency said that demand will rise by 3.3% between 2025 and 2026. This is well above the 2.6% seen from 2015 to 2023. Investments are needed in grids and storage, as well as making the system more flexible.
Russian Urals Oil Prices For Indian Port Delivery Firm
Prices for Russia's flagship Urals crude oil for delivery to Indian ports in late August/early September firmed further, while discounts to Brent were the narrowest since 2022 amid firm demand in India and Turkey and low supply of the grade, three sources said.Spot discounts for Urals crude narrowed to between $1.50 and $1.60 per barrel to dated Brent on a delivery ex-ship (DES) basis on average for cargoes arriving in India in late August/early September, from between $1.70 and $2 per barrel to dated Brent on a DES basis about a
Halliburton profits slump on weak drilling demand in North America and the Middle East
Halliburton announced a 33% drop in profits for the second quarter Tuesday due to weak demand in North America, Saudi Arabia, and Kuwait. The company warned of a negative impact on earnings in the second quarter due to President Donald Trump’s tariffs, and lower oilfield activities in North America. This was because producers analyzed drilling and completions with low oil prices. Halliburton CEO Jeff Miller stated in a press…
Sources: BP chartered tanker leaves sanctioned Nayara Energy port without loading oil
According to five sources in the industry and shipping data from LSEG, oil tanker Talara chartered by energy giant BP has left Vadinar, India's newly-sanctioned refiner Nayara Energy, without loading diesel, as planned. LSEG data indicated that the vessel was to load 60,000 metric tonnes (447,000 barrels), of ultra-low sulphur fuel on July 21, with cargo bound for Africa. BP and Nayara, which is owned in part by Russia's biggest oil producer Rosneft did not respond immediately to comments.
Export estimates: Palm oil falls due to weaker soyoil
Malaysian palm futures declined on Monday, reversing gains from the previous session, as lower soyoil and export estimates weighed heavily on the market. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for October delivery had fallen 41 ringgit or 0.95% to 4,274 Ringgit ($1,008.73). David Ng, a proprietary trading at Kuala Lumpur's Iceberg X Sdn Bhd, explained that the lower prices of crude palm oil futures were due to the weaker price of soybean oil and the decline in exports so far.
Investors continue to monitor the impact of new sanctions against Russia on oil prices.
The oil price was little changed Monday, as traders assessed the impact of European sanctions on Russian supply. They also worried about tariffs that could weaken fuel demand because Middle East producers were increasing output. Brent crude futures dropped 1 cent to $69.27 per barrel at 0153 GMT, after closing 0.35% lower Friday. U.S. West Texas Intermediate Crude was up 10 cents to $67.44 per barrel after a 0.30% drop in the previous session.
SLB beats quarterly profit estimates on steady oilfield services demand
SLB, a leading oilfield services company, narrowly beat Wall Street's expectations for the second quarter profit on Friday as resilient demand from parts of its global business offset the drilling slowdowns in North America and Mexico. SLB was the first among the Big Three U.S. oilfield service providers to announce quarterly results. It had already reported a weakening drilling activity in Saudi Arabia, Latin America and the Middle East, with demobilized rigs and a slowdown of short-cycle projects.
BHP: Australian green iron is too expensive despite joint China agreement
BHP, a major miner, said that it would be too expensive for Australia to develop a "green-iron" industry. This is despite the fact that Australia and China had agreed to work together this week to decarbonise steel supply chains, which are responsible for almost a tenth percent of global emissions. BHP Australia's Geraldine Slattery said the costs of producing low-carbon steel products "just don't stack up" when she attended a session in China on green steel this week with Prime Minister Anthony Albanese and Australian miners…
BHP: It is too expensive to build an Australian green iron industry, as PM calls for China collaboration
BHP, a major miner in Australia, has stated that it would be too expensive for Australia to develop a "green-iron" industry. This comes after Australia and China decided to work together this week to decarbonise steel supply chains. These are responsible for almost a 10th of all global emissions. BHP Australia's Geraldine Slattery said the costs of producing low-carbon steel products "just don't stack up" when she attended a business round table with Australian and Chinese leaders this week in China.
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…