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…
U.S. Remains World's Largest Oil Producer for Sixth Year in a Row
The United States produced more crude oil than any other country in 2023, for the sixth year in a row, with production averaging 12.9 million barrels per day, up from 12.3 million bpd in 2019, which set a global record at the time, according to the En…
Germany Still Hasn’t Ruled Out Expropriation of Rosneft’s Assets
Germany could still expropriate Rosneft’s German assets, the country’s economy ministry said on Friday, in a warning to the Russian oil giant to propose potential buyers of its assets.Germany extended its trusteeship over Rosneft’s assets in German…
Venezuela’s State-Run Refiner Sees Profit Tumble 81%
Venezuela’s state-owned refiner Citgo Petroleum’s net profits fell 81% in the fourth quarter of 2023, according to its most recent regulatory filing on Thursday.The state-run refinery, which operates three refineries in the United States, saw its ne…
Oil Prices Could Surprise to the Upside This Year
Crude oil prices recently logged their second monthly gain in a row as OPEC+ extended their supply curb deal until the end of Q2 2024. The gains have been considerable, with WTI adding about $7 per barrel over the month of February.Yet a lot of analys…
Bangladesh To Launch Offshore Oil and Gas Bidding Round
Energy-starved Bangladesh will invite later this week international bidding for 24 offshore oil and gas exploration blocks as the south Asian country looks to increase its domestic energy supply.Bangladesh will launch on March 10 an international bidd…