India is likely to increase its purchases of US gas and oil following Trump's announcement
After President Donald Trump announced that he would increase U.S. production of oil and natural gas, India will likely increase its purchase of U.S. gas and oil. The Indian Oil Minister Hardeep Singh Puri said to reporters at the sidelines of an event that there was a chance of a larger energy purchase between India & U.S. The arrival of more U.S. Energy on the market will be welcomed. Trump said on Monday that he will declare an energy emergency immediately…
SLB increases dividend and buybacks shares after beating quarterly profit targets
SLB increased its quarterly dividend on Friday and boosted its share repurchases after the oilfield services provider reported a better-than expected fourth quarter profit, helped by higher demand of its drilling technology and equipment. The company increased its quarterly dividend to 3.6% and announced that it had begun an accelerated share purchase program of $2.3 billion worth of stock. SLB's Chief Executive Officer Olivier…
The US sanctions against Russia have caused a spike in global diesel prices
Analysts and LSEG data indicate that global diesel prices and refinery margins increased following the latest round U.S. sanctions against Russia's oil market on the expectation of tightening supplies. On Jan. 10, the United States imposed their toughest sanctions yet against Russian producers and tanks to reduce the revenue of the No. 2 oil exporter in world. The United States used the revenue of Russia's No. 2 oil exporter to fund its war in Ukraine.
Energy Minister: South Korea may buy more US oil and natural gas
South Korea wants to import more U.S. gas and oil in order to diversify its energy sources, and maintain stable supplies in light of the tensions in the Middle East. He said that the government might need to increase its support for non-Middle East crude oil purchases. His comments coincide with the announcement that Donald Trump, the U.S. president-elect who will take office on January 20, has pledged to impose 10% tariffs on all global imports. He has also said that the European Union must increase its U.S.
VLCC Rates Spike as US Sanctions Bite
Supertanker freight rates jumped after the U.S. expanded sanctions on Russia's oil industry, sending traders rushing to book vessels to ship supply from other countries to China and India, shipbrokers and traders said.Chinese and Indian refiners are seeking alternative fuel supplies as they adapt to severe new U.S. sanctions on Russian producers and tankers designed to curb the world No. 2 oil exporter's revenue due to its war in Ukraine.Many of the newly-targeted vessels…
Top five contrarian commodity scenarios for 2025: Russell
In 2025 it may be worth being a contrarian, since the year ahead could be one of most volatile ever, especially in commodities. Donald Trump is back, threatening to disrupt the global trade flow with a wall on imports. He will be able to do little this time, with a Republican-led Congress. China is the second largest economy in the world and the biggest buyer of commodities. The future of global energy transition is much more…
Top five contrarian commodity scenarios for 2025: Russell
In 2025 it may be worth being a contrarian, since the year ahead could be one of most volatile ever, especially in commodities. Donald Trump is back, threatening to disrupt the global trade flow with a wall on imports. He will be able to do little this time, with a Republican-led Congress. China is the second largest economy in the world and the biggest buyer of commodities. The future of global energy transition is much more uncertain because of Trump's climate change doubt…
Iranian Oil Prices to China Spike as Shipping Sanctions Bite
The price of Iranian crude oil sold to China has risen to the highest in years as fresh U.S. sanctions have tightened shipping capacity and driven up logistics costs, trade sources and analysts said.Rising prices for Iranian oil as well as Russian crude are raising costs for independent Chinese refiners that account for about a fifth of demand at the world's top crude importer, underscoring challenges ahead as the Trump administration…
Sinopec, a top refiner, claims that China's oil demand will peak in 2027.
Sinopec, the state-owned refinery, said that China's oil demand will peak in 2027. This is due to a decline in diesel and gasoline consumption, which has slowed down global oil markets. Sinopec stated that the peak oil demand in 2027 will not exceed 800 million metric tonnes, or 16 millions barrels of crude oil per day. Sinopec predicted peak China oil demand at 800 million tonnes around 2026-2030. The energy sector in China faces new uncertainty by 2025…
Sources say that the US study is likely to refrain from concluding that LNG exports are not in the public interest.
Two industry sources familiar with the matter said that the administration of President Joe Biden will release a report on Tuesday regarding the export of liquefied gas. The study is not expected to conclude that the trade does not serve the public's interest. Biden halted in January the Department of Energy’s approvals of U.S. LNG imports to major consumers in Asia, Europe and the Middle East in order to allow his administration to study the economic and environmental impacts of this booming industry.
NW Europe Fuel oil Imports at 3-year High
A rush to replenish scarce supply of high-sulphur fuel oil (HSFO) pushed Northwest European imports of residual fuel oil to their highest in three years in November, analysts told Reuters.The Amsterdam-Rotterdam-Antwerp (ARA) area, Europe's main trading and refining hub, received around 450,000 barrels per day (bpd) of all types of fuel oil in November, the highest monthly volume since November 2021.That compared with an average of 332…
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…
OPEC cuts oil demand forecasts for 2024 and 2025
OPEC reduced its estimates for the growth of oil demand this year and in 2019. The producer group has now revised their forecasts downward five times in a row. The weakened outlook shows the challenges facing OPEC+ which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia. OPEC+ delayed its plan earlier this month to increase output until April 2025 due to falling prices. In a report published monthly…
TWMA Appoints Group Commercial Director
Drilling waste management specialist, TWMA, has announced the appointment of Jonathan Parkes as its new Group Commercial Director. This strategic hire comes as the Aberdeen-based company continues to build on a period of rapid international growth and expansion.Joining the company in October 2024, Jonathan brings 20 years of commercial and strategic expertise across the energy market. His new role follows seven years at an energy…
Oil Rises as Syria's Assad Departs, China eases Monetary Policy
Oil prices rose by nearly 2% on Monday on increased geopolitical risk after the fall of Syrian President Bashar al-Assad, and as top importer China flagged its first move towards a loosened monetary policy stance since 2010.Brent crude futures were up $1.34, or 1.9%, to $72.46 per barrel at 11:25 a.m. ET (1625 GMT). U.S. West Texas Intermediate (WTI) crude futures CLc1 were up $1.5, or 2.23%, to $68.70."Events in Syria over the…
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. West Texas Intermediate Crude Futures rose 22 cents or 0.3% to $67.42 a barrel. Brent fell more than…
OPEC+ Passes on Oil Output Increase, Weighs the "Trump Effect"
It was likely a fairly easy decision for OPEC+ to once again delay plans to increase oil output.The soft state of global demand is by itself sufficient reason to justify the decision at this week's meeting of the group to defer winding back some of its production cuts until at least April.But weak demand growth may be the least of OPEC+'s worries as the oil market is about to be hit with the return of Donald Trump and all the uncertainty and contradictory policies that may bring.Trump's return to the U.S.
Oil Slips, Weekly Loss Looms
Oil prices fell 1% on Friday and were headed for a weekly loss as analysts projected a supply surplus next year despite an OPEC+ decision to delay output hikes and extend deep production cuts to the end of 2026.Brent crude futures were down 85 cents, or 1%, to $71.24 per barrel at 11:04 a.m. EST. U.S. West Texas Intermediate crude futures CLc1 were down 92 cents, or 1%, to $67.38 per barrel.For the week, Brent was on track to fall by more than 2%…
Oil Rises on Lebanon Fears, possible OPEC cuts
Oil prices rose more than 2% on Tuesday as Israel threatened to attack the Lebanese state if its truce with Hezbollah collapses, and as investors positioned for OPEC+ to announce an extension of supply cuts this week.Brent crude futures posted their biggest gains in two weeks, rising by $1.79, or 2.5%, to settle at $73.62 a barrel. U.S. West Texas Intermediate crude futures also rose the most since Nov. 18, gaining $1.84, or 2.7%…
Oil Slips as U.S. Gasoline Stocks Surprise
Oil prices edged lower on Wednesday as a large, surprise build in U.S. gasoline stocks outweighed easing supply concerns from a ceasefire deal between Israel and Hezbollah.Brent crude futures fell 12 cents, or 0.2%, to $723.69 a barrel by 10:40 a.m. ET (1540 GMT) and U.S. West Texas Intermediate crude CLc1 eased 15 cents, or 0.2%, to $68.64.U.S. gasoline stocks rose by 3.3 million barrels in the week to 212.2 million barrels…
