Venezuela's oil exports drop by 20% after Chevron cancels cargo
Ship tracking data and documents show that Venezuelan oil exports dropped by almost 20% in April to 700,000 barrels a day (bpd), the lowest level for nine months. This was due to cargo cancellations from U.S. producer Chevron, which forced ships to return to port and left some empty ports. PDVSA, Venezuela's state company, suspended last month most of the loading window it had assigned Chevron. It also ordered the return of certain oil cargoes headed for the U.S. due to payment uncertainty relating to U.S. sanction enforcement. Chevron missed a deadline set by the U.S.
Petroecuador declares emergency at Ecuador's largest refinery after quake
Petroecuador, the state-run oil firm in Ecuador, declared an emergency on the day after an earthquake caused damage to the refinery. However the company said that the move is not expected affect oil exports or domestic fuel distribution. Petroecuador’s Esmeraldas Refinery, located in the north of Ecuador, is the largest refinery on the continent. It has a daily capacity of 110.000 barrels. A tornado has hit the area. The storm, which hit the Pacific Coast of Chile on Friday, caused some oil infrastructure to be temporarily shut down. It also damaged some buildings and injured at least 20 people.
Petrobras reports slight decline in oil and gas production for the first quarter
Petrobras, the state-owned oil company in Brazil, reported Tuesday that it produced 2.77 million barrels equivalents of oil per day (boed), down 0.2% compared to a year ago. Petrobras said that its oil production in Brazil dropped by 1% on an annual basis, reaching 2.21 million barrels of oil per day (bpd). The firm also added that the Almirante Tamandare FPSO began producing at Brazil's Buzios Field in February. The start-up of operations for the FPSO Almirante Tamandare represents a sustainable increase in production, said Renata B.
Sources say that US fuel exports by land to Mexico have been halted due to increased scrutiny.
Three sources with knowledge of the matter confirmed on Tuesday that the Mexican government had halted the importation of U.S. gasoline into Mexico by road as part its crackdown on illegal deals. One source involved in the delivery of such trucks said that Mexican authorities are investigating import permits and increasing cargo inspections. The sources stated that there was no timetable for the return of the trucking business, and that fuel deliveries by rail or water to Mexico via the U.S. were not affected. Sources requested anonymity because the matter was not public.
YPF's earnings could be affected by lower crude oil prices
A Friday presentation to investors revealed that the state-owned oil company in Argentina could have its core earnings fall this year due to lower crude prices. According to the firm's current estimates, its earnings before interest taxes depreciation amortization (EBITDA), in 2025, will range from $5.2 billion to $5.5 billion assuming Brent crude at $72.5 per barrel. The firm estimates that if crude sold for $60 per barrel, projected EBITDA would drop to between $4.2 and $4.5 billion. The price of crude oil has been volatile this week, as traders have had to re-evaluate the risks in the market due to U.S.
Palmetto prices end higher in Dalian and rising inventories
Malaysian palm oils futures rose on Thursday, wiping out the losses of the previous session. They were supported by strong rival oils in Dalian, and data from Malaysian Palm Oil Board, which showed an increase in March inventories. The benchmark June palmoil contract traded on the Bursa Derivatives Exchange in Malaysia gained 53 ringgit or 1.28% to 4,201 Ringgit ($940.66) per metric ton. A Kuala Lumpur trader stated earlier that "the futures react to the rival oil's rise", adding that the export data from MPOB will give clues on the way forward.
Trump tariffs are set to worsen the woes in the petchems industry
Industry officials and analysts warned that the new U.S. import duties will further reduce demand for global producers of petrochemicals and increase capacity cuts in a sector plagued with low margins. The tariffs announced on Wednesday by President Donald Trump are expected to increase prices for electronic goods, appliances, and packaging. This will reduce consumption and decrease demand for petrochemicals, which are used to produce plastics and industrial chemical. The Trump tariffs on imports of crude oil, refined products and gas were not applicable to imports of these items.
Malaysian palm oil rises in second session with support from rival oil
Malaysian palm futures rose on Thursday for the second time, following strength on the Dalian market as China switched to palm oil in response to a trade dispute with Canada. By midday, the benchmark contract for palm oil delivery in June on Bursa Derivatives Malaysia Exchange had gained 35 ringgit or 0.82% to 4,277 Ringgit ($965.90), a metric tonne. The ongoing China-Canada canola oil trade is supporting palm prices. China has, thus, switched to buying palm," said Kuala Lumpur based trader. The Dalian Commodity Exchange's palm oil contract gained 0.54% while the most active soyoil contract grew by 0.36%.
Nigeria’s Refining Revolution is Reshaping West Africa’s Energy Landscape
The launch of the Dangote Refinery near the Port of Lagos presents an exciting opportunity to transform the energy and shipping markets in West Africa. And it stands to boost Nigeria’s role as an influential player in the global oil industry, fostering economic growth and regional development.Nigeria’s standing in the global energy landscape is getting a boost with domestic refining capacity expanding in 2025. The Dangote Refinery near Lagos presents a transformative opportunity for Nigeria’s…
Exports of crude oil by Mexico's Pemex rose 33% from January to February
The crude oil exports of the Mexican state energy company Pemex increased 33% from January to February, recovering from the drop in the previous month but still being down 25% when compared with February 2024. Pemex published data late Tuesday showing that crude exports reached 709,793 barrels a day (bpd) in February. About 60%, or 428 357 bpd of these exports went to the United States. The majority of this was the Maya heavy crude blend. Crude exports fell by 44% in January compared to the same period last year, reaching their lowest level for decades.
Russian central bank expects low oil prices to continue for a while
The Russian central bank warned Kremlin policymakers that the United States and OPEC could flood the oil markets and cause a similar price collapse to what occurred in the 1980s, which led to the fall of the Soviet Union. The warning was issued weeks before Russian President Vladimir Putin and U.S. president Donald Trump began negotiations to end the conflict in Ukraine. Trump warned that he would impose additional sanctions against Russia if a peace agreement was not reached. He has also promised to increase U.S. production of oil and urged OPEC leader Saudi Arabian to pump more to support the global economy.
Palmetto slips with a second consecutive weekly loss
Palm oil ended lower on Friday, and recorded a second consecutive weekly loss. This was due to a decline in Chicago soyoil and the persistently slow performance of Malaysian palm oil exports. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange lost 37 ringgit or 0.84% to 4,376 Ringgit ($990.27). The contract has lost 4.37% in the last week. Anilkumar bagani, Sunvin Group's head of research, said that the futures traded sideways with prices opening lower. This was due to the weakness in Chicago soybean futures as well as a slowdown in Malaysian palm oil.
VEGOILS - Palm up in hopes of better demand, but second consecutive weekly loss
Palm oil prices rose on Friday, on the hope of improved demand from India and China. However, they were still heading for their second consecutive weekly loss because of weakness in Chicago soyoil contracts and Malaysian palm oil exports that have been slowing down. By midday, the benchmark contract for palm oil delivery in June on the Bursa Derivatives Market gained 5 ringgit or 0.11% to 4,418 Ringgit ($999.32). This week, the contract has fallen by 3.45%. Anilkumar bagani, Sunvin Group's head of research, said that the futures traded sideways with prices opening lower.
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China, the largest crude importer of the world. It is a practice that has been around for a while and is not challenged by the market. There is a disconnect in the fact that China's oil exports are actually declining.
Russell: OPEC and IEA are focused on China's oil demand but it is the crude imports that matter.
What is more important to the crude oil market? Which is more important: the growth forecasts by major agencies of Chinese oil demand or the actual weakness of imports? The International Energy Agency (IEA), as well as the Organization of Petroleum Exporting Countries, (OPEC), both talk about the demand for oil when they forecast the future of the oil industry in China, the largest crude importer of the world. It is a practice that has been around for a while and is not challenged by the market. There is a disconnect in the fact that China's oil exports are actually declining.
Ecopetrol executive: We are looking to expand our in-house energy production to include wind power.
Ecopetrol, Colombia's state energy company, is looking at new investments, including purchasing projects run by multinationals to meet its own energy needs. A company vice president revealed this on Wednesday. Julian Lemos is Ecopetrol's vice president of strategy and new business. He said that the plan would look to integrate wind power projects into the company's energy matrix which already includes solar. Lemos said at an energy conference held in Cartagena, a Caribbean city. Lemos said, "We are examining various issues and considering various alternatives.
Palm prices end higher due to Indonesia's increased levy and weak Malaysian production
Malaysian palm oils closed higher on Wednesday, after Indonesia reaffirmed its intention to increase the palm oil export tax. Malaysia's lower production figures have however limited gains. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange gained 22 ringgit or 0.5% to 4,388 Ringgit ($990.07). The futures market resumed on a bullish note, mainly because Indonesia reaffirmed an increase in export taxes for palm oil. The weaker Malaysian performance of palm oil exports in the first half of march is still limiting gains…
Commodities ignore Trump's noise and focus on fundamentals of trade: Russell
The best way to navigate the challenges that the U.S. president Donald Trump's inconsistent and erratic trade policies are posing for the global commodity markets is to ignore the noise and concentrate on the fundamentals. While the media focuses on every headline-grabbing announcement or social media post regarding new and retaliatory duties from the U.S. president and his administration the commodity markets continue to do what they have done in the past: adapting rapidly changing circumstances.
IEA: Russia's oil export revenue fell in February
The International Energy Agency reported on Thursday that Russia's revenue from crude oil sales and oil products fell by 2.6% in February compared to the same period last year, to $15.88billion. This was due to the fall in crude oil price and the widening of discounts for Russian grades. The report also stated that Russian oil exports fell by 100,000 barrels a day (bpd), compared to January, following a recent round U.S. sanction. However, they were down nearly 500,000 bpd if viewed on an annual basis.
Azerbaijan’s oil production in January and February is down 6.3% on an annual basis
Parviz Shahbazov, the Energy Minister of Azerbaijan, said that the oil production in the first two months fell 6.3% compared to the previous year. According to the Minister, oil exports between January and February dropped from 3.9 millions tonnes to 3.7 in 2024. Azerbaijan’s oil production is on a downward trend since its peak in 2010. Minister also stated that the natural gas exports into Europe dropped to 1.9 billion cube metres (bcm), from 2.1 bcm, a year ago. The total gas exports for the period, including Turkey, fell to 3.8 billion cubic metres (bcm) from 4.1 billion cubic metres.
