Brent holds above $80 a barrel ahead of OPEC+ meeting
Oil prices were little changed on Monday, with Brent holding above $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024.Brent crude futures edged up 12 cents, or 0.2%, to $80.70 a barrel by 0…
China Oct oil refinery runs slow from previous month as margins narrow
Chinas oil refinery throughput in October eased from the previous months highs amid weakening industrial fuel demand and narrowing refining margins.Total refinery throughput in the worlds second-largest oil consumer was 63.93 million metric tons, data…
Saudi Arabia’s Economy Contracts In Q3 As Oil Production Cuts Weigh On Growth
Saudi Arabia’s economy shrank in the third quarter by 4.5% year-over-year, due to lower oil production and activities, the General Authority for Statistics of the world’s top crude oil exporter said on Tuesday.The flash estimates of the authority sh…
Germany Wants To Invest In Nigerian Natura Gas And Critical Minerals
Germany is interested in financing the development of critical minerals and natural gas in Nigeria, Reuters has reported, citing Chancellor Olaf Scholz who is on a visit to sub-Saharan Africa."There is a willingness to invest, especially in criti…
Oil Ticks Lower On Inventory Build
Crude oil prices inched down today after the Energy Information Administration reported an inventory increase of 1.4 million barrels for the week to October 20.This compared with an inventory draw of 4.5 million barrels for the previous week.A day bef…
China Continues String Of Discoveries With Giant New Gas Field
China’s state-run CNOOC oil and gas giant has announced the discovery of what Chinese media are referring to as a large, deep-reservoir coalbed methane field with proven geological reserves of over 100 billion cubic meters (bcm) of natural gas. A dis…
Allianz Trade Says Oil Could Hit $140
Crude oil prices could go as high as $140 per barrel and send the world into a recession, Paris-based Allianz Trade said on Friday.Tensions in the Middle East and escalations between Israel and Hamas into a broader regional conflic could trigger a pri…
OPEC’s Share Of India’s Oil Imports Hits Record Low
OPEC had a record-low share of India’s oil imports between April and September, as the world’s third-largest crude importer more than doubled purchases of Russian crude, according to industry and trade data compiled by Reuters.Between April and Sept…
U.S. Lifts Venezuela Oil Sanctions For Six Months
The United States lifted sanctions on Venezuela’s oil industry after the Nicolas Maduro government reached a deal with the opposition that could see elections held next year.The deal was the condition that Washington set for the lifting of the sancti…
Oil Prices Jump After Deadly Blast At Gaza Hospital
Crude oil prices gained 2% earlier today after a missile strike on a hospital in Gaza killed about 500 people.Israel’s army and Hamas blamed each other for the attack. Oil market watchers, meanwhile, began worrying about an increased possibility of o…
Canada’s $26 Billion Investment In Trans Mountain Pipeline May Not Pay Off
The Trans Mountain Expansion Project promised in the 2010s to help Canada’s oil sands producers get their crude to the Asian markets from the Pacific Coast. After years of delays and enormous cost overruns, the expanded oil pipeline currently owned b…
Chinese Commodity Imports Remain Robust Amid Improving Economy
China imported higher volumes of crude oil in September compared to the same month of 2022, while other energy commodity imports remained robust and imports of unwrought copper hit the highest monthly level so far this year. The Chinese economy has r…
Venezuela Receives Its Second Fuel Aid Shipment From Eni
Venezuela has received a second shipment of fuel for Italian supermajor Eni in a month, Bloomberg has reported, noting the amount of the shipment was 351,000 barrels.The shipment is fuel aid for the country, which cannot produce enough gasoline and di…
Chevron Reroutes Israeli Natural Gas Exports As Fighting In Gaza Intensifies
Chevron has rerouted the flow from a natural gas pipeline offshore Israel that carries the gas to Egypt after the Israeli government ordered the company to shut down its platform in the Tamar field.Now the flow would go via Jordan before it reaches Eg…
Chevron LNG Workers Prepare To Strike Again
Just two weeks after workers at Chevron’s two Australian LNG projects ended industrial action, they are preparing for another round of strikes.Up to 500 employees at the Gorgon and Wheatstone projects could walk off next week Argus has reported, citi…
Shell Anticipates Gas Trading Surge In Q4
Shell has said that trading in its gas segment will be higher over the third quarter than in the second, bouncing back from a challenging set of results in July.The energy giant also forecast that trading in its chemicals and products division would b…