Norway's oil and gas production fell in November but exceeded forecast
Norwegian Offshore Directorate said Friday that although the combined oil and natural gas production in Norway decreased from November of last year, it was still 2,6% higher than the official forecast. Norway is Europe's biggest supplier of natural gases and oil. However, output can vary from month to months depending on maintenance and other stops at over 90 offshore fields.
China's oil refinery production in November increased by 0.2% year/year
China's refinery output in November increased slightly compared to last year, ending a seven-month drop, according to official data released on Monday. The National Bureau of Statistics (NBS), according to its data, showed that refiners processed 58.51 millions metric tons of crude last month. This is equivalent to 14,24 million barrels of oil per day.
As tensions in the Middle East increase, demand worries are offset.
The oil prices rose on Monday, as the heightened tensions that followed the rebels' overthrow in Syria of President Bashar al Assad offset concerns about the weak Chinese demand highlighted by Saudi Aramco’s price reductions to Asian buyers. Brent crude futures increased by 22 cents or 0.3% to $71.34 a barrel at 0140 GMT. U.S.
EIA reports that US oil production fell by the most in September since January.
The U.S. Energy Information Administration's (EIA) data showed that the crude oil production in the United States fell by 157,000 barrels a day (bpd), month-over-month, to 13,20 million bpd during September. This was the biggest decline since January. As Hurricane Francine, and Hurricane Helene made landfall in the Gulf of Mexico in September…
Baker Hughes: US drillers reduce oil and gas rigs in the US for the first time in 4 weeks.
Baker Hughes, a leading energy services company, said that the U.S. oil and gas companies have cut back on the number of oil rigs for the first time since four weeks. The number of oil and gas drilling rigs, a good indicator of future production, dropped by one in the week ending Nov. 15 to 584, the lowest level since early September.
EIA increases US and global oil production estimates by a small amount
The U.S. Energy Information Administration announced on Wednesday that both U.S. oil production and global oil output are expected to reach record highs in this year, slightly higher than previous forecasts. Oil prices have fallen to their lowest level since 2021 despite the Organization of the Petroleum Exporting Countries (OPEC+) and its allies cutting production. The EIA reported that the U.S.
Oil drops as US storm threat subsides, China's stimulus disappoints
The oil prices continued to fall on Monday, as investors disappointed by China's stimulus program and the threat of disruptions in supply from a storm in the United States. Oil prices continued to fall on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions.
Researchers say that a late-season storm could disrupt the US oil production by 4 million barrels.
Researchers said that a late-season tropical storm, which is predicted to intensify this week into a Category 2 hurricane in the U.S. Gulf of Mexico, could reduce U.S. crude oil production by approximately 4 million barrels. Storm Rafael, which was in the Caribbean Sea on Monday evening, is expected to move into the Gulf of Mexico via a path that will take it through oil-producing regions.
Exxon and Chevron are expected to top Q3 profits as US oil production hits a record high
Exxon Mobil, a U.S.-based oil producer, and Chevron, a U.S.-based fuel company, posted higher-than-expected profits for the third quarter on Friday. This was due to soaring U.S. crude oil production, which cushioned soaring fuel prices. Both companies focused on increasing oil and gas production, while rivals BP & Shell invested heavily in wind, solar & renewables.
Mexico's Pemex reports a larger third-quarter Loss of $8.2 billion
According to a filing at the Mexican stock exchange on Tuesday, the state-owned Mexican oil company Pemex posted a larger 161.3 billion peso (approximately $8.2 billion) net loss for the third quarter, compared with losses of approximately $4.5 billion during the same period last year. The country's largest company generated revenues of 426.1 billion pesos between July and September.
Document shows that Mexico's Pemex plans to increase its gas and oil reserves under Sheinbaum's presidency.
According to a document that was seen by us on Wednesday, the Mexican state oil company Pemex wants to increase its hydrocarbon reserve and make sure it is repaid during the tenure of newly-elected President Claudia Sheinbaum. The document also shows that Pemex will intensify its deepwater exploration as well as develop new business models in order to attract investors.
Malaysia's natural gas and crude oil production will decline by 2025
KUALA LUMPUR - Malaysia's government announced on Friday that it expects a lower crude oil and natural gas output in 2025 as a result of planned maintenance shutdowns and a softer demand for some export markets. In a report that was released along with its budget for 2025, the government stated that natural gas production…
China's refinery output in September fell for the sixth consecutive month
China's refinery production fell 5.4% in January compared to a year ago, according to official data released on Friday. This is the sixth consecutive month of declines, despite the opening of a brand new plant, as low fuel consumption and thin refining margins slowed processing. The National Bureau of Statistics (NBS), according to its data…
EIA: US oil demand for June was the lowest since 2020
The U.S. Energy Information Administration reported on Friday that U.S. oil use in June was at its lowest levels for the season since the 2020 coronavirus pandemic. The EIA's proxy of demand, crude oil and petroleum product supply, dropped 2.7% from one month to the next, reaching 20,25 million barrels a day (bpd), in June. This is the lowest June level since 2020.
PetroChina posts record interim profit, but fuel sales decline
PetroChina, China's largest gas and oil company, announced on Monday that its first-half net profit had reached a new record, an increase of 3.9% over a year earlier, due to higher gas and oil prices, which outweighed lower refining profits. According to a filing at the Hong Kong Stock Exchange, the net income for the period…
U.S. Crude Oil Exports: When 'Less is More'
Longer sailing distances cushion fall in US crude oil exportsTon mile demand generated by US crude oil exports has fallen by 9.7% in the first two months of 2021 compared with the start of 2020. The fall could however have been much worse; In volume terms, seaborne crude oil exports have fallen by 18.8%, to 20.9m tonnes…
Oil Rises to 11-month High
Oil hit an 11-month high just below $57 a barrel on Tuesday, bolstered by Saudi Arabia's plans to limit supply, offsetting worries that rising coronavirus cases globally would curtail fuel demand.Brent crude settled up 92 cents, or 1.7%, at $56.58 a barrel by after touching its highest level since last February at $56.75. U.S.
Offshore Oil Wells, Ports Shut as Hurricane Sally Advances on U.S. Gulf
Energy companies, ports and refiners raced on Monday to shut down as Hurricane Sally grew stronger while lumbering toward the central U.S. Gulf Coast, the second significant hurricane to shutter oil and gas activity over the last month.The hurricane is disrupting oil imports and exports as the nation's sole offshore terminal…
Iran's Oil Storage Almost Full as Sanctions and Pandemic Weigh
Iran has slashed crude oil production to its lowest level in four decades as storage tanks and vessels are almost completely full due to a fall in exports and refinery run cuts caused by the coronavirus pandemic, industry data showed.Total onshore crude stocks surged to 54 million barrels in April from 15 million barrels in January…
