Novak: OPEC+ does not consider a delay in April's oil supply increase
RIA reported that Russian Deputy Premier Alexander Novak stated on Monday that OPEC+ producers do not plan to delay a series monthly increases in oil supplies scheduled to start in April. Bloomberg News reported Monday, citing delegates that OPEC+ (which groups the Organization of the Petroleum Exporting Countries, Russia, and other allies) was examining if it should postpone the increase in supply, despite the calls of U.S. president Donald Trump to reduce oil prices. Three delegates from OPEC+ said that there has been no discussion about delaying the rise.
OPEC+ rolls over oil policy, ditches US government data
OPEC+ decided to continue its policy of increasing oil production gradually from April and removed U.S. Energy Information Administration as a source to monitor their production and adherence with supply pacts. OPEC+ & Donald Trump clashed frequently during Donald Trump's first administration from 2016 to 2020 when the U.S. president demanded that it increase production in order to compensate for the fall in Iranian supply due U.S. sanction. Trump, who returned to the White House after his election, has already called for OPEC's release of more oil in order to lower prices.
Sources say that OPEC+ is likely to stick with its plan to increase oil production.
Despite Donald Trump's pleas to lower oil prices, delegates of the producer group said that OPEC+ would likely stick to its current plan to increase output gradually starting in April. Four OPEC+ source said that the Joint Ministerial Monitoring Committee meeting, scheduled to start at 1300 GMT on Monday, is unlikely to recommend an increase in output beyond what OPEC+ has already planned. Sources declined to give their names. The meeting follows the announcement by U.S. president Donald Trump of sweeping tariffs against Mexico, Canada, and China, America’s top trading partners.
Sources say that OPEC+ is unlikely to alter its output policy at the Monday meeting of the panel.
OPEC+ will not change its plans to gradually increase production when it meets Monday, delegates told the producer group. This is despite President Donald Trump's request to OPEC and Saudi Arabia, which is de facto leader, to lower prices. The top ministers of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, led by Russia or OPEC+ are scheduled to meet at 1300 GMT, on Monday. This is just days after Trump asked OPEC, Saudi Arabia and other oil-producing countries to pump more. Four OPEC+…
Oil rises by 1% in a 3-week period as sanctions on Russia and Iran increase
The price of oil rose by about 1% on Friday to a record high for three weeks, as a result of expectations that additional sanctions against Russia and Iran would tighten up supplies. Lower interest rates in Europe or the U.S. may also boost the demand for fuel. . U.S. West Texas Intermediate crude (WTI), which is a blend of oil from Texas and Louisiana, rose by 79 cents or 1.1% at $70.81. Both crudes were heading for their highest closings since November 22. Brent was on track for a gain of 4% and WTI, a gain of 5%. Analysts at energy advisory company Ritterbusch and Associates wrote in a report that "this strength is driven by...
In 2025, the global diesel price will be supported by refinery closures
Analysts and traders said that the global diesel market would likely see a price boost in 2025 due to the closing of around 1% of the refining capacity. This will offset the current weakness of the market and the structural downward pressure caused by the shift towards cleaner fuels. Markets end 2024 in a shaky state, despite the peak season demand. Margins in key energy hubs around the world, such as Singapore, Northwest Europe, and the Gulf of the United States, have fallen from November's high levels, due to the return of some refineries after maintenance shutdowns.
OPEC+ unlikely change policy on output at Oct. 2 panel
Five sources within the group said that despite recent drops in oil prices an OPEC+ panel will not recommend any changes this week to its current agreement to reduce production or to begin unwinding cuts made since December. On Wednesday, 1200 GMT, top ministers of the Organization of the Petroleum Exporting Countries (OPEC+) and its allies, led by Russia, will meet online to form a Joint Ministerial Monitoring Committee (JMMC). Brent crude oil prices fell in 2024. Last month, Brent crude dropped below $70 a barrel for the first since 2021. This was due to concerns about global supply and demand outside of OPEC+.
Gunvor chair: Mideast conflict will not affect oil supply but demand is a concern
The CEO of trading firm Gunvor is confident that the conflict in the Middle East won't impact oil supply. He said this on Tuesday. He told the Gulf Intelligence Energy Markets Forum, held in Fujairah that the situation in the Red Sea and Yemen was a nuisance but not disruptive. The market, he said, was more concerned about the weak demand. Brent crude prices dropped by over 2% on Tuesday, to about $70. The prospect of increased supply and a tepid growth in global demand outweighed concerns regarding the escalating conflict and its impact on crude oil exports from Middle East.
New refineries bring down profits for global refiners
Oil refiners across Asia, Europe, and the United States have seen their profitability drop to multi-year-lows. This is a significant downturn in an industry which had previously enjoyed booming returns following the pandemic. It also highlights the global slowdown. This weakness is another sign of a softening consumer and industrial demand in China due to the slowing of economic growth and increasing penetration of electric cars. The pressure on prices has been exacerbated by the addition of new refineries in Africa, Asia and the Middle East. TotalEnergies, a refiner, and Glencore, a trading firm, saw a boom in profits in 2022-2023.
Kazakhstan asks for a delay in maintenance of the giant Kashagan Oilfield.
Trading sources familiar with the matter claim that Kazakhstan's Energy Ministry has asked shareholders to delay next year's maintenance, which was scheduled to start at the site on October 1st. Two sources claim that the ministry requested a delay in a letter sent to the partners of the North Caspian Operating Company consortium (NCOC), which operates Kashagan. The letter cited the fear of natural gas shortages during the winter season as the main reason. They added that a decision is expected on September 10. In October, the field that produces 400,000 barrels of oil per day was to be closed for 28 days to perform maintenance.
Sources say that OPEC+ is likely to continue with its planned production increase from October.
OPEC+ will proceed with a planned increase in oil production from October as Libyan outages, and pledged reductions by some members, to compensate for the overproduction, counteract the impact of sluggish consumer demand, according to six sources within the producer group. Eight OPEC+ member countries are expected to increase their output by 180,000 barrels a day in October as part of a strategy to unwind the most recent layer (2.2 million bpd) of cuts while maintaining other cuts until end-2025. Oil prices have been impacted by a slowdown in the growth of demand, notably China.
Asian Countries Looking to Release Oil Reserves after U.S. Request
The world's biggest economies said on Thursday they were looking into releasing oil from their strategic reserves, following a rare request from the United States for a coordinated move to cool global energy prices.The U.S. move reflects frustration with the Organization of the Petroleum Exporting Countries (OPEC) and allies such as Russia who have rebuffed Washington's requests to speed up oil production as the world economy rebounds from the pandemic.It also comes as U.S. President Joe Biden fends off political…
Libya's NOC to Lift Force Majeure at Es Sider Oil Port
Libya's National Oil Corporation (NOC) said on Wednesday that it is ready to lift force majeure at Es Sider oil port, allowing a tanker on standby to load crude from storage.The state oil company urged all Libyan parties to support it and called on what it described as "foreign mercenaries and armed groups" to leave the oil port immediately.The Delta Ocean Suezmax tanker arrived at the port on July 5 and has been waiting since then, according to Refinitiv Eikon data.The tanker was chartered by trader Unipec, according to a shipping and a trading source.
OPEC, Russia Extend Record Oil Cuts
OPEC, Russia, and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis.
Iraq to Further Cut Oil Output
Iraq will further cut its oil output and remains committed to the OPEC+ deal, finance minister and acting oil minister Ali Abdul Ameer Allawi said on Twitter.OPEC and its allies such as Russia are due to decide later this month whether to extend record oil cuts they approved in April. Iraq has shown weak compliance with its output reduction targets in May.+(Reporting by Ahmad Ghaddar and Dmitry Zhdannikov; Editing by Jon Boyle)
Oil rises 5% in second weekly gain on output cuts, demand hopes
Oil prices settled 5% higher on Friday in their second consecutive week of gains as U.S. producers cut production with the number of drilling rigs falling to a record low, and as more states moved ahead with plans to relax lockdowns intended to halt the coronavirus pandemic.The number of operating oil and natural gas rigs fell by 34 to an all-time low of 374 this week - reflecting data going back 80 years - as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand.North…
Country-by-Country Look at Dropping Fuel Demand
It's hardly news that the COVID-19 pandemic has sent most every market into tumult, most notably the oil and gas market as political power plays flood the world with oil precisely when demand has plummeted. Here we provide some recent insights on just how steep falls in fuel demand has been as lockdowns to contain the spread of the novel coronavirus limit the movement of more than 4 billion people.UNITED STATESU.S. fuel demand has dropped 28% in the last four weeks, the Energy Information Administration said on April 29.Overall finished motor gasoline demand is still down 44% over the past four weeks from the year-ago period…
Oil in Floating Storage More Than Doubles in a Month
The volume of key oil products held in floating storage around the globe has more than doubled in the past month to about 68 million barrels, according to data from oil analytics firm Vortexa.The figure, which includes gasoline, diesel and jet fuel as of April 22, compares with around 30 million barrels in the previous month, Vortexa said.With available space on land storage tanks scarce, traders around the world have been rushing to book tankers of different sizes to store oil products as lockdowns around the world to tackle the coronavirus pandemic hammer oil demand.Floating storage has increased in northwest Europe, the Mediterranean,
U.S. Crude Hits 18-year Low as Lockdowns Spread
Oil prices fell for a third session on Wednesday, with U.S. crude futures tumbling to an 18-year low and Brent hitting a more than 16-year low as travel and social lockdowns to counter the coronavirus raised prospect of the steepest ever annual fall in oil demand.U.S.
Coronavirus Spurs Oil Majors to Cancel IP Week Events
The list of parties at London's International Petroleum Week, one of the world's biggest oil industry gatherings, continues to shrink as hosts such as ExxonMobil and Azerbaijan's SOCAR cancel events due to the coronavirus, trading sources said. IP Week is a key oil traders' gathering that takes place every year in February. This year, it is scheduled for Feb. 24-27. Oil majors, national oil companies and trading firms host receptions for networking throughout the week. Spooked by the epidemic, several oil companies based in Asia said last week they would skip IP Week this year.
