The plastic pollution talks are pushed into overtime by countries pushing for a late breakthrough
The talks to create the first legally-binding treaty in the world to combat plastic pollution ran overtime on Thursday. They were adjourned for the next day. The extent of future restrictions on what was supposed to be the last day of the United Nations negotiations in Geneva. Luis Vayas Valdivieso told the delegates that the meeting would continue into Friday. The United Nations Environment Assembly established the INC in 2022. Its mandate was to create a global, legally-binding treaty on plastic pollution.
Aramco signs an $11 billion Jafurah agreement with BlackRock-led consortium
Saudi Aramco announced on Thursday that it had signed a $11 billion lease-and-leaseback agreement with Global Infrastructure Partners, a part of BlackRock. The consortium was led by Global Infrastructure Partners. The Saudi company said in a press release that under the agreement, Jafurah Midstream Gas Company, a newly-formed subsidiary, will lease the development and usage rights of the Jafurah Field Gas Plant, and the Riyas NGL Fractionation Facility for 20 years and then lease them back Aramco.
Kuwait Oil Minister: OPEC monitors market. Trump remarks about Russian oil
Kuwait's Oil Minister Tariq AlRoumi stated on Thursday that OPEC closely monitors global oil supply and demand trends as well as U.S. president Donald Trump's recent remarks about Russian oil. Al-Roumi, a reporter, said that OPEC monitors the market for supply and demand. He also keeps an eye on the U.S. president's comments. Al-Roumi added that he expected oil prices to fall below $72 a barrel. The Minister described the market's health as moderately growing, with a healthy demand.
Sierra Leone is West Africa's new oil and gas frontier
A senior government official announced on Thursday that Sierra Leone would wait to see the results of its recently launched offshore 3D seismic study, its first for over a decade. This will allow it to open its next round of oil and gas licenses later this year. GeoPartners, in partnership with the petroleum directorate of the government, began the six-week survey last month to reduce the risk associated with exploration in the offshore basin of Sierra Leone. Foday Mansaray is the director general of the Sierra Leone Petroleum Directorate.
How do OPEC+ oil companies unwind their production cuts?
Eight members of the OPEC+ oil producing countries have begun to unwind some of their output restrictions. They are looking to slowly add back around 2.2.million barrels per day. In an online meeting held on Saturday, the eight participants agreed to increase production by 411,000 bpd during July. Here are the details of the most recent decisions made by OPEC+. This group includes members of the Organization of the Petroleum Exporting Countries (OPEC) and their allies, such as Russia. Who are the EIGHT?
PREVIEW: Exxon and Hess will face off over Chevron's oilfield deal
Exxon Mobil, the top U.S. oil company, and Hess are scheduled to meet in court on Monday to decide whether Chevron will be able to complete its $53 billion purchase of Hess. This deal includes a stake in Guyana’s oil fields. This acquisition was announced in October of 2023 and is the largest deal in oil in recent years. Mike Wirth, CEO of Chevron, sees it as a key part of his strategy to improve the performance and profitability of the oil company.
Exxon and Hess will face off over Chevron's oilfield deal
Exxon Mobil, the top U.S. oil company, and Hess are scheduled to meet in court on Monday to decide whether Chevron will be able to complete its $53 billion purchase of Hess. This deal includes a stake in Guyana’s oilfields. This acquisition was announced in October of 2023 and is the largest deal in oil in recent years. Mike Wirth, CEO of Chevron, sees it as a key part of his strategy to improve the performance and profitability of the oil company.
Sources say that OPEC+ is unlikely to alter its output policy at the Monday meeting of the panel.
OPEC+ will not change its plans to gradually increase production when it meets Monday, delegates told the producer group. This is despite President Donald Trump's request to OPEC and Saudi Arabia, which is de facto leader, to lower prices. The top ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia or OPEC+ are scheduled to meet at 1300 GMT, on Monday. This is just days after Trump asked OPEC, Saudi Arabia and other oil-producing countries to pump more.
Kazakhstan wants better terms for oil production sharing agreements
Kazakh President Kassym Jomart Tokayev ordered the government on Tuesday to intensify talks with international oil giants about an extension existing Production Sharing Agreements (PSA) at "better conditions". Central Asia is one of the top 10 oil producing countries in the world. It has a chequered past when it comes to international oil companies. They have been sued for billions of dollars. The government, according to foreign companies, is only seeking to increase the share of its oil and gas projects. This "resource nationalism" they call it.
Additional Sanctions Possible for Russian Oil tankers
The Biden administration plans to impose more sanctions on Russia over its war on Ukraine, taking aim at its oil revenues with action against tankers carrying Russian crude, three sources with knowledge of the matter said.President Joe Biden's administration has sought to shore up support for Ukraine before President-elect Donald Trump takes office on Jan. 20, given the Republican leader's frequent complaints about the cost of U.S. support for Ukraine."It's a very substantial package.
OPEC+ Postpones its output policy meeting until Dec 5
OPEC announced on Thursday that the OPEC+ group of oil producing countries had postponed their next meeting regarding output policy from December 1 to Dec. 5, to avoid a clash with another event. OPEC announced that several OPEC+ Ministers will attend a summit of Gulf Arab Countries to be held on December 1 in Kuwait City. Before the official announcement, a source said that "Sunday is not for everyone". Top OPEC+ Ministers held discussions ahead of the summit.
Palm oil closes higher than rival oils, with possible tax increases on exports in Indonesia
Malaysian palm oils futures rose Monday after three sessions of declines. They were boosted by the stronger oil prices in rival countries and the expectation that Indonesia would raise its palm oil export taxes. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery gained 54 ringgit or 1.16% to $4,696 ringgit (1,055.76) per ton. Anilkumar bagani, Sunvin Group's research head, says that the Malaysian palm oil futures have opened higher after recovering rival oils in Asian trading hours.
Norway May Join OPEC Meeting
Norway has been invited to and is considering attending the OPEC meeting on April 9 as an observer, and would reduce output provided there is broad support to do so, the country's oil ministry said on Monday.The ministry reiterated in an email to Reuters that Western Europe's largest oil producer was ready to make unilateral cuts to production if it benefits its economy, but said there were no ongoing talks with oil companies in Norway."If a broad group of producers agrees on significant cuts in production…
Petrobras to be World's Largest Oil Producer
Brazil’s Petrobras is on track to become the world’s largest oil producer among publicly listed companies by 2030, based on Rystad Energy’s latest data and forecasts.Brazil’s biggest-ever oil auctions in November were generally deemed to be disappointing, receiving muted interest from international exploration and production companies.However, national oil company Petrobras could not have asked for a better outcome. The world’s fastest growing oil producer gained nearly full control of more than eight billion barrels of oil in the Buzios field…
Rystad Expects Oil Price Rally in H1 of 2020
The energy research and business intelligence company Rystad Energy expects that a short-lived price rally through the first half of 2020 as oil prices approach $70 a barrel.It will then lose momentum and be replaced by a need for additional production cuts by Russia and the cartel of oil producing countries, OPEC, the Norway-headquartered firm said.“We retain our bullish stance for the second half of 2019 and first half of 2020 as we anticipate OPEC+ to extend production cuts through 2019…
Malaysia Agrees to Extend Oil Output Cut
Malaysia will extend its oil production cuts by another six months after the agreement between OPEC and other oil producers to reduce global supply ends this year.OPEC and non-OPEC producers agreed at a meeting in Vienna on Friday to a new level of production cuts from January to June 2019, setting it at 1.2 million barrels per day from the current rate of 1.8 million barrels per day."Malaysia has agreed to continue its voluntary commitment by reducing its total oil output by 15…
Qatar Quits OPEC to Focus on LNG
Qatar said Monday that it will leave the oil cartel OPEC on January 1 after nearly 60 years. The announcement was made in a series of tweets.Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, announced Qatar’s withdrawal from OPEC and said the organization was informed.Qatar is one of the cartel’s smallest oil producers, but is the world’s largest exporter of liquefied natural gas.The abrupt annoucement from the small, gas-rich…
Russia's Energy Minister: High Oil Prices Benefit No One
Russian Energy Minister Alexander Novak told Rossiya state TV that high oil prices are not beneficial to anyone, after the OPEC and non-OPEC group of oil-producing countries ruled out any immediate increase in crude output."All countries should aim to reach one goal: a balance of demand and supply. High oil prices are not beneficial to anyone," Novak said in an interview recorded in Algiers where the OPEC and non-OPEC countries were meeting…
Oil Rises as U.S. Sanctions on Iran Squeeze Supply
Oil prices rose about $1 a barrel on Tuesday as U.S. sanctions squeezed Iranian crude exports, tightening global supply despite efforts by Washington to get other producers to increase output.Brent crude futures rose $1.13 to $78.50 a barrel, a 1.5 percent gain, by 10:48 a.m. EDT (1448 GMT).U.S. West Texas Intermediate (WTI) crude gained $1.10, or 1.6 percent, at $68.64 a barrel.WTI's discount to Brent <CL-LCO1=R> widened to as much as $10.38 a barrel…
Exxon Expects More Oil from Guyana's Offshore Block
Exxon Mobil Corp and its partners now expect the large Stabroek oil block offshore Guyana to contain about 25 percent more recoverable resources than estimated, they said on Monday.Exxon and U.S.-based partner Hess Corp said more than 4 billion barrels of oil equivalent could be recovered from the Stabroek block, which is part of one of the biggest oil discoveries in the world in the last decade.The previous estimate was 3.2 billion barrels of oil equivalent…