Russia’s Oil Exports By Sea Hit New 2024 Record
Russia’s crude oil exports by sea reached the highest point yet this year in the last week of March, as weather conditions at Russia’s Pacific Port improved.Bloomberg tanker tracking data shows that four-week average seaborne crude exports in the pe…
Argentina Discusses Natural Gas Exports to Brazil via Bolivia
Argentina and Brazil are discussing the idea to export natural gas from Argentina’s Vaca Muerta shale play to Brazil via pipelines in Bolivia, by potentially reversing the flow northbound to Brazil.Energy companies from the three South American count…
Over 20% of the World’s Oil Refining Capacity Is at Risk of Closure
More than 20% of the total global refining capacity is at some risk of closure as refining margins are set to weaken alongside demand, while carbon taxes could also burden many refiners, Wood Mackenzie has said in a recent report.Overall, based on exp…
Kenya and Uganda End Oil Imports Dispute
East African neighbors Kenya and Uganda have reached an agreement to end a bitter dispute about oil imports via the Kenyan port of Mombasa to landlocked Uganda.For years, Uganda has imported fuels from Kenya via Kenyan companies and middlemen. Kenya h…
Russia Boosts Shelf Exploration for Oil and Gas Resources
Russia is boosting exploration for oil, gas, and minerals on its continental shelf as it has launched the first comprehensive geological and drilling studies in 30 years, according to its Federal Agency for Mineral Resources.The agency, also known as …
Russia’s Offline Oil Refining Capacity Reaches 14%
The amount of Russian oil refining capacity that has been taken offline due to Ukrainian drone strikes is 14% of Russia’s total refining capacity, according to Reuters calculations.Calculations show that 900,000 barrels per day of refining capacity h…
Sinopec’s 2024 Profits Declined 13% After Oil Prices Fell
China’s largest oil refining company China Petroleum & Chemical Corp. aka Sinopec, recorded a 13% decline in its 2024 profits due to lower oil and gas prices. Sinopec reported FY 2024 net income of 58.3 billion yuan ($8 billion) compared with 66.…
Mexico’s Oil Giant Delays Platform Repairs Despite Methane Leaks
Pemex, Mexico’s state-owned oil firm, has been putting off urgent equipment repairs on a major producing platform in the Gulf of Mexico, despite being aware of the faulty components and despite methane leaks from the facility being detected by third …
ING Sees Oil Prices Rising Further on Supply Risk
Oil markets will continue to tighten in the second and third quarters amid growing supply risks including the rollover of voluntary supply cuts from OPEC+ into Q2 2024, Ukraine’s recent attacks on Russia’s refineries as well as constant disruptions…
Saudi Aramco To Expand Natural Gas Output Capacity by 60%
After scrapping oil capacity expansion plans earlier this year, Saudi state oil giant Aramco is now poised to boost natural gas output by 60% by 2030, Reuters reports, citing an Aramco executive on the sidelines of the Houston CERAWeek energy conferen…
Russia Promises To Defend Oil Infrastructure With Missiles
Russia’s energy ministry has promised to defend its oil and gas infrastructure against Ukranian strikes with missiles, Reuters reported on Tuesday.Artyom Verkhov, the director of the energy ministry’s department for gas industry development, has sai…
U.S. Gasoline Prices Rise for Third Consecutive Week
With gasoline demand rising, U.S. gasoline prices increased last week for a third week in a row, up by 4.4 cents from a week ago to an average $3.44 per gallon, GasBuddy said on Monday.As of today, the national average is up 18.7 cents from a month ag…
Bloomberg Survey: Brent To Exceed $80 By Year's End
The Brent crude oil benchmark is set to exceed $80 per barrel by the end of this year, according to a new Bloomberg Intelligence oil price survey.The survey showed that the majority of respondents—53%--see Brent crude oil prices above $80 per barrel …
IEA Sees OPEC+ Cuts Pushing Oil Markets Into a Supply Deficit
The oil market is shifting from a surplus to a supply deficit that will last for all of 2024 if OPEC+ further extends its production cuts until the end of the year, the International Energy Agency (IEA) said on Thursday. Early this month, the members…
Oil Gains Nearly 2% on US Inventory Draw, Fear of Supply Disruptions
Oil prices surged nearly 2% on Wednesday, buoyed by a drop in U.S. crude oil stockpiles and another round of Ukrainian attacks on Russian oil refineries, countering weakening prices earlier this week as demand worries sent traders to the exit. At 11.4…
OPEC’s Oil Production Rose in February Despite Cut Extension
Despite the voluntary production cuts of several major producers of the OPEC+ alliance, OPEC’s oil production rose in February by more than 200,000 barrels per day (bpd) compared to January, driven by higher production in Libya, which is exempted fro…