Sunday, February 16, 2020

Oil Demand News

Oil Prices Climb on Hopes of Deeper OPEC+ Production Cuts

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Oil prices edged higher on Thursday as investors focused on the possibility of deeper supply cuts from the world's biggest producers, whilst largely shrugging off reports which cut demand forecasts after the coronavirus outbreak in China, the biggest oil importer.Brent crude was up 32 cents, or 0.6%, at $56.11 a barrel by 10:52 a.m. ET (1552 GMT), while U.S.

NOV Warns Virus Fallout Could Hit Supply Chain

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U.S. oilfield equipment supplier National Oilwell Varco on Friday called the coronavirus a "wildcard" in the oil industry's outlook, with an extended outbreak potentially hurting access to Chinese-make materials and foreign sales.The Houston-based company said further shutdowns at its Chinese suppliers could limit its production of certain products such as fiberglass resins and drilling pipe.For now…

China’s Oil Demand Dip is First Since 2009

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The near-term impact of the coronavirus outbreak on oil demand remains uncertain as much depends upon when and how China’s manufacturing industry restarts after the currently extended Lunar New Year public holiday.Wood Mackenzie has lowered its oil demand forecast for the first quarter of 2020 by nearly 900,000 barrels per day (b/d) to 98.8 million b/d.

Iran Oil Minister says China's Virus Impacted Oil Demand

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Iranian Oil Minister Bijan Zanganeh said on Monday that the spread of China's new coronavirus had hit oil demand and called for an effort to stabilise oil prices, Iran's official news agency IRNA reported.The minister also said Iran would agree to an earlier OPEC meeting if the rest of the group's members agreed to oil production cuts.

Oil Falls as Coronavirus Hits Demand

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Oil prices fell on Monday, dragged down by concern over demand in China after the coronavirus breakout, though the possibility of deeper crude output cuts by OPEC and its allies offered some price support.Brent crude was down $1 at $55.62 a barrel by 1434 GMT, its lowest since January last year.U.S. West Texas Intermediate (WTI) crude fell 58 cents to $50.98 after hitting a session low of $50.42…

Coronavirus hits Supertanker Rates

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Freight rates for supertankers on the Mideast Gulf and U.S. Gulf routes to Asia have fallen to their lowest since mid-September as the coronavirus outbreak hit Chinese oil demand, ship brokers told Reuters.China's Sinopec Corp, Asia's largest refiner, and so-called "teapot" independent refineries have reined in operations in the…

Oil Market Shrugs Off Libya Crisis

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Oil prices fell more than 1% on Tuesday on expectations that a well-supplied market would be able to absorb disruptions that have cut Libya's crude production to a trickle.Brent crude was down 97 cents at $64.23 a barrel by 1258 GMT, having risen to its highest in more than a week on Monday. U.S. West Texas Intermediate crude was…

Oil Jumps 4% on U.S. Stockpiles Drop

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Oil prices surged 4% on Wednesday on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles.Brent crude futures were up $2.44, or 4%, at $63.26 a barrel by 11:09 ET (1609 GMT). U.S. West Texas Intermediate (WTI) crude futures were up $2.38…

RDIF Says Oil Demand May Rise

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Global oil demand may rise as global trade wars subside, Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF), told reporters on Wednesday when asked what to expect from a meeting of OPEC and non-OPEC oil producers set for December."Of course, the committee will look at demand in the oil markets.

Oil Rises on U.S. Crude Stocks Fall

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Oil rose on Thursday after industry data showed a surprise drop in U.S. crude inventories, while comments from OPEC about lower-than-expected U.S. shale production in 2020 also provided some support.Prices were capped by mixed signs for oil demand in China, the world's biggest crude importer. Industrial output rose more slowly than expected in October…

Oil Is Our Gold and We Aim to Use All of It -ADNOC

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Abu Dhabi National Oil Co aims to exhaust its vast oil and gas reserves even as many consumers switch to cleaner sources of energy, a senior executive in the Gulf oil company said.The world's transition away from fossil fuel in an effort to slash greenhouse gas emissions is expected to accelerate in coming decades, leaving many…

Oil Rises Above $62

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Oil rose above $62 a barrel on Thursday after China hinted at progress towards a trade deal with the United States, raising hopes for an end to a long dispute that has weighed on economic growth and demand for fuel.China and the United States have agreed in the past two weeks to cancel tariffs in different phases, the Chinese commerce…

Oil surges as China Pushes Tariff Rollbacks

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Oil prices rose more than 1% on Tuesday on hopes for a U.S.-China trade agreement and optimism that Washington could roll back some tariffs on Chinese imports.Brent crude futures rose 74 cents, or 1.2%, to $62.87 a barrel by 12:56 p.m. EST (1756 GMT). U.S. West Texas Intermediate (WTI) crude futures rose 68 cents, or 1.2%, to $57.22 a barrel.China is pushing U.S.

Asia's Oil Demand to Rebound in 2020 -FGE

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Asia's oil demand growth is expected to more than double to 815,000 barrels per day (bpd) in 2020 from 380,000 bpd this year led by China and India, the head of energy consulting firm FGE said on Tuesday.The region will be key in driving a rebound in global demand growth which is expected to drop to 730,000 bpd in 2019 from 1.3-1.5 million bpd in the past two years, FGE Chairman Fereidun Fesharaki said at t

Oil Steady as Inventory Drop vies with Trade Concerns

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Oil prices fell on Wednesday as worries over a possible delay in resolving the U.S.-China trade war which has hurt global oil demand competed with a drop in U.S. crude inventories which buoyed prices.Brent crude was up 4 cents, or 0.06%, at $61.63 a barrel by 0906 GMT. U.S. West Texas Intermediate (WTI) crude was down 8 cents, or 0.14%…

BP Profits Fall 40%

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BP's profits fell sharply in the third quarter, hurt by lower oil prices, but strong refining operations helped the company beat expectations even after taking a one-off $2.6 billion charge linked to asset sales.BP, like other big energy companies, has been hit by a sharp drop in oil prices as trade tensions between the United…

India's Oil Imports at 3-year Low

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India's oil imports fell to their lowest in more than three years in September to 3.82 million barrels per day (bpd), data obtained from industry and shipping sources showed, as some refiners cut purchases due to shutdowns for maintenance and fuel upgrades.Last month, Saudi Arabia replaced Iraq as top oil supplier to India after a gap of about 13 months…

Iranian Tanker Hit by Missiles, Oil Rises

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Oil prices jumped more than 2% on Friday, October 11, 2019, after Iranian media said a state-owned oil tanker had been struck by missiles in the Red Sea near Saudi Arabia, raising the prospect of supply disruptions weeks after attacks on Saudi oil plants.The Suezmax crude tanker Sabiti was ablaze and suffered heavy damage after being hit by two missiles…

Oil Prices: Chinese Data Eases Concerns

The latest oil production data from China has eased concerns over oil prices which increased slightly during the past month. 

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Oil prices rose today (Monday, September 30) after China’s factories unexpectedly increased production over the past month, easing concerns about demand amid the ongoing trade war with the U.S. Brent crude futures rose 9 cents to $62 a barrel by 0300 GMT and U.S. West Texas Intermediate (WTI) crude futures rose 13 cents to $56.04…

Natural Gas to be 29% of World’s Energy Supply by 2050

Image: DNV GL

The global oil demand will peak in the mid-2020s and gas demand will keep rising to 2033, says DNV GL.Gas demand will then plateau, and the fuel will remain dominant until the end of the forecast period in 2050, when it will account for over 29% of the world’s energy supply, it said.Significant investment will be required to ensure production meets demand…