MarineLink Oil & Gas Publishers Note: We have been covering this story on China and other countries trying to go around the U.S. sanctions on Venezuela. It is interesting that the refineries are watching where the shipments are originating. 16 Tankers holding 18.1 million barrels is a lot of oil. Tankers carrying nearly two months worth of Venezuelan oil output
Reuters LONDON – Brent futures prices have risen by more than 80% over the last two months, the fastest increase at any point for more than a quarter of a century, as the market has rebounded from its worst crisis in decades. Front-month Brent futures have averaged nearly $42 per barrel over the last five trading sessions, compared with less
Reuters LONDON – Oil prices rose on Tuesday in a volatile session after U.S. President Donald Trump soothed jangled nerves over the status of the U.S.-China trade deal. [contextly_sidebar id=”3SeOrs3uqfjDQkXU9xntkTDOBj1GwzSF”] Markets were unsettled by surprise comments from White House trade adviser Peter Navarro who said the hard-won deal was “over”. President Trump later wrote in a tweet that the agreement
World Pipelines Harvest Midstream Company has announced the completion of the new Ingleside Pipeline and provided an update on the Harvest Midway Terminal’s construction schedule. “As a result of the successful and timely completion of the Ingleside Pipeline, Harvest customers will receive direct access to all three Ingleside terminals. This is one of the fastest growing export centers on the
Oil&Gas The company says that the transaction will result in upfront proceeds of over $10 billion to ADNOC The Abu Dhabi National Oil Company (ADNOC) has entered into an agreement with a consortium of investors which will invest in select ADNOC gas pipeline assets valued at $20.7 billion. The consortium comprises Global Infrastructure Partners (GIP), Brookfield Asset Management, Singapore’s sovereign
Reuters BEIJING – China aims to produce 1% more crude oil this year than in 2019 and to boost natural gas output by 4.3%, official targets showed on Monday, as the country seeks to safeguard energy security even after a coronavirus-driven collapse in oil prices. The world’s biggest energy consumer has set a goal of producing 193 million tonnes of
Reuters Bank of America (BofA) Global Research has lifted its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure. The bank now sees Brent crude oil averaging $43.70 per barrel in 2020, up from a previous estimate of $37. In 2021 and 2022,
Reuters LONDON – Oil prices fell on Monday as concern grew that a record rise in global coronavirus infections could stall recovery in fuel demand, outweighing tighter supplies from major producers. Brent crude LCOc1 was down 24 cents, or 0.6%, at $41.95 a barrel by 1141 GMT. The West Texas Intermediate (WTI) crude contract for August CLc2, which became the
CNBC The U.S. shale industry is about to enter a period of “great compression” as low oil prices hammer the sector, according to a Deloitte study released Monday. The firm believes that exploration and production companies could write down the value of their assets by as much as $300 billion as they struggle to breakeven in a lower-for-longer oil price environment.
Reuters LONDON – Hedge funds started to realise some profits and anticipate a pull back in crude prices, especially in the United States, after a strong rally saw prices double in less than two months. Hedge funds and other money managers sold the equivalent of 16 million barrels in the six most important petroleum futures and options contracts in the
ET New Delhi: India’s crude oil imports in May fell 22.6% from a year earlier, it’s biggest drop since at least 2005, as fuel demand and refinery production was hurt by a country-wide lockdown to curb the spread of coronavirus. Crude oil imports fell to 14.61 million tonnes, it’s lowest since 2015, Petroleum Planning and Analysis Cell data showed on Friday. Oil products imports eased 0.8% to
Reuters LONDON – Oil prices are no longer particularly cheap by historical standards. Perceptions about prices tend to be over-influenced by recent experience so current prices feel very low to producers used to receiving $60-80 per barrel over the 2018/19 period. But over a longer time horizon, current prices are not especially cheap, and are only a little below long-run
