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…
Russia's Strategic Diesel Ban Sends European Prices Soaring
Russia has successfully moved its wholesale gasoline prices down with the implementation of its diesel export ban.Russia moved to ban the exportation of diesel starting in October, which was to include all loadings from its Black and Baltic Sea ports.…
Saudi Arabia May Start Unwinding Its Production Cuts Sooner Than Expected
Saudi Arabia could begin easing its production cut sooner than oil market participants believe as the world’s top crude oil exporter wouldn’t risk demand destruction through too high prices, consultancy Rapidan Energy Group says. Due to the Saudi a…
TotalEnergies Promises More Distributions, Buybacks As Oil Prices Soar
As oil prices soar and investors wait for signs that oil company stocks will start to catch up, French TotalEnergies has announced plans to boost production and shareholder distributions, lifting its stock price by almost a percentage point in morning…
Occidental Won’t Increase Oil Output Despite Soaring Crude
Occidental Petroleum Corp. will not be increasing oil output, with its CEO saying that the recent surge in oil to above $90 per barrel is happening without balance in the market. Speaking on Bloomberg Television, Occidental CEO Vicki Hollub said, “On…
Gas Production From Giant Groningen Field To Halt Completely On October 1
The giant Groningen gas field will close completely on October 1, 2023, the Council of Ministers meeting determined on Friday, sealing the fate of the field for good after a draft decision that was proposed in June.The Council also decided that all ex…
Chevron LNG Workers End Strike
The Offshore Alliance trade union has called off a strike at two Chevron LNG projects in Australia after the country’s labor market regulator mediated a settlement between the parties.The strike began on September 8 after they failed to reach an agre…
Aramco May Acquire More International Oil & Gas Assets
The role of Saudi Aramco has always been seen as that of a national oil company, deeply integrated into the Kingdoms operations and serving as a significant player in the oil market. It has aimed to avoid discussions about market power and the influen…