Chevron exceeds expectations for quarterly profits on the back of higher oil production
Chevron Corp. beat Wall Street expectations for the third quarter profit on Friday. However, its earnings dropped from a previous year. Chevron Corp, which has had its proposed $53 billion takeover of Hess delayed by Exxon Mobil Ltd and CNOOC Ltd due to their challenge, reported a profit adjusted of $4.53 billion. This compares to $5.72 million a year earlier. The shares rose by 2.6% ahead of normal trading hours. The oil industry has seen profits fall this year as a result of lower crude prices and a weaker growth in fuel demand. Oil futures for the quarter ending Sept. 30, averaged 17% less than the previous quarter.
Drill, baby, drill in Argentina's Vaca Muerta shale lands!
Argentina's new, market-friendly government, and concerns about oil supplies from the Middle East, and elsewhere, are driving a boom in drilling and production in the Patagonian South, which is home to the giant Vaca Muerta shale, Spanish for "Dead Cow". In the flat, arid terrain, the production of shale oil and gas is surging. Fracking wells have been drilled in record numbers, and pipelines have been built to transport gas to the capital Buenos Aires – and beyond once LNG plants are operational. A huge blue billboard…
GAPKI reports that Indonesian palm oil exports in August were up 15% year-on-year.
GAPKI, Indonesia's largest palm oil industry association, said Tuesday that the country's palm oils stock will remain around 2.5 million metric tonnes at end-2024. This is after production was affected last year by dry weather. GAPKI data show that palm oil exports from the world's biggest producer rose by 15% in August compared to a year ago, to 2,38 million metric tonnes. This lowered its end-August stock of palm oil to 2,45 million tons down from 2.51 millions tons a month before. GAPKI data shows that this was the lowest stockpile of Indonesian rice since March 2019. GAPKI Secretary General M.
Palm gains from better export estimates and expectations of low output
After two sessions of declines, Malaysian palm oil futures eked out a slight gain on Monday, backed by increased export estimates and expected seasonal palm production decreases. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 49 ringgit or 1.15% to 4,304 Ringgit ($1,001.16), a metric tonne, during the lunch break. The contract dropped 1.3% over the last two sessions. Palm prices are responding to better export estimates, and the expectation of a weaker production in the next few weeks, in line with seasonal weakness.
Export data for Malaysia 2025 shows palm oil prices falling on the back of profit-taking.
Profit-taking led to a reversal of gains in the Malaysian palm oil futures on Friday, although traders are expecting the market to be supported by the announcement of the Malaysian budget for 2025 and the export data. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange fell 7 ringgit or 0.16% to 4,271 Ringgit ($992.33) per metric ton at the midday break. The contract is down 1.82% this week after four weeks of gains. The palm market initially gained support from China's third quarter economic data and the firmer overnight Chicago Soyoil Trading…
Congo cancels the licensing round for 27 oil block
According to a Monday statement on the hydrocarbons minister's X Twitter account, the Democratic Republic of Congo has canceled a licensing round originally launched in 2020 to tap the nation's potential for oil and gas. The statement of October 11 listed multiple reasons for cancellation. These included late submissions, inappropriate and irregular offers, as well as a lack competition. Aime Sakombi Molindo, hydrocarbons minister, said: "Given what I have just stated, I feel compelled to announce the cancellation of this process." He said that the process will be restarted shortly, but did not give a timeline.
Indonesia adds palm oil to the government's online tracking system
Senior minister Luhut Paandjaitan announced on Wednesday that the Indonesian government plans to add palm oil to its online tracking system to improve accountability. Indonesia is the largest palm oil producer and exporter in the world. In 2022, the online system SIMBARA was implemented for the first time to track coal movements. The government began tracking domestic shipments for nickel and tin using SIMBARA this year. Indonesia has committed to improving the governance of palm oil industry in order to ensure compliance with taxes, land permits, and other rules as well as better monitoring the latest conditions.
Texas sues Biden Administration over lizards' endangered status, citing oil industry threat
Texas Attorney General Ken Paxton filed a lawsuit against the Biden administration Monday, claiming that the decision to declare the dunes sagebrush Lizard as an endangered species could harm property owners or energy production. Paxton, who is a Republican, claimed that the U.S. Fish and Wildlife Service based its final rule, adopted on May 20, on inaccurate data and arbitrary assumptions regarding the future of the lizard. He said that the move would threaten the ability of private landowners to conduct business…
US sanctions 16 Venezuelan officials with Maduro's links
The Biden administration announced on Thursday that it would impose U.S. Sanctions on 16 allies to Venezuelan President Nicolas Maduro as a response to voter fraud during the country's elections and the subsequent crackdown by his government on the political opponents. This move comes just days after Edmundo Gonzales, who was recognized as the winner of the presidential election on July 28, by the U.S., and other countries, fled to Spain, after Maduro issued a warrant calling for his arrest. The list includes other people linked to the election, as well as military and intelligence officials accused of post-election repression.
Spain, a leading olive oil producer, uses olive stones as fuel
David Jimenez Zamora, a farmer in Spain, barely batted an eyelid when the price of gas and electricity soared due to the energy crisis. The Spanish man kept the heated pool and hot water flowing for up to 26 guests in his 18th century farmhouse. What is his secret? Olive stones. The 48-year old said, "We use the olive pits that we have on our trees to heat up the pool and the underfloor heating systems. He said that the store, which held 5,000 kilos, was located in Granada in southern Andalusia. Two agricultural cooperatives that he is a member of also use olive stones to power machines that produce Spain's famed liquid gold olive oil.
Rural towns in New Mexico's arid region are looking to treated oil wastewater for a drought solution.
Stephen Aldridge, a pilot of a four-seater helicopter, could see a dozen lagoons filled with toxic waste glistening in the distance between drill rigs. The mayor of Jal, a tiny town nestled in the middle of U.S. Oil Country near the Texas border, saw the scene as a chance to find water for the state that is suffering from a worsening drought. Aldridge belongs to a growing number of New Mexico politicians that want to see the state develop regulations to allow the millions of gallons per day of produced water, which is spewed out along with the Permian Basin's abundant oil and gas, to be used instead of being thrown away.
Palm oil prices rise on China's antidumping probe and the weakening ringgit
The price of Malaysian palm oils futures rose on Tuesday. This was the fourth session in a row that they have gained. This is due to China starting an anti-dumping investigation into canola imported from Canada, and also a weaker ringgit. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 45 Ringgit or 1.14% to 3,978 Ringgit ($909.67). China announced on Tuesday that it will launch an anti-dumping probe into canola imported from Canada after Ottawa imposed tariffs on Chinese Electric Vehicles, sending the prices of domestic rapeseed futures to their highest level in a month.
Palm oil drops on Dalian losses and profit taking action
Malaysian palm futures declined on Monday due to profit-taking and a decline in the Dalian palm contract. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was down 38 Ringgit or 0.96% to 3,939 Ringgit ($909.49) per metric ton. A Kuala Lumpur based trader stated that "the benchmark is experiencing a correction due to profit-taking after recent rally and following Dalian palm oil decline". Dalian's palm oil contract, which is the most active contract in soyoil, fell by 1.27%. Chicago Board of Trade will be closed on a holiday.
Sources say that Sinochem, a Chinese company, plans to withdraw from its US shale joint venture with Exxon.
Sinochem, a Chinese state-backed oil company, plans to sell its 40% stake, worth upwards of $ 2 billion, in a U.S. joint venture with Exxon Mobil, according to people familiar with the situation. Sources claim that Sinochem hired Barclays investment bankers to help it with the sale of its Wolfcamp joint-venture stake. Source: Exxon has the first right of refusal to sell the joint venture, which is majority owned and operated by the company. Sources cautioned, however, that the sale discussions are still in their early stages and a deal is not guaranteed with Exxon, or any other interested parties.
Palm oil sees its first monthly increase in three months
The price of Malaysian palm oils futures increased for the second consecutive session on Friday. This was their first gain in a month since three months. Firmer oil contracts from rivals supported the market as traders waited to hear the latest news on import and export taxation from India and Indonesia, the top producer. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Exchange of Malaysia closed 38 ringgit or 0.96% higher at $3978 ringgit ($920.83). The contract rose 2.87% from week to week and 1.79% in the month. This was its first rise for a full calendar month since June.
Rosneft CEO blasts high taxes, Rosneft's H1 earnings are up 27% year-on-year
Rosneft, Russia's biggest oil producer, said that its net income for the first half of this year rose by 27% compared to last year. Sales also increased. Company chief Igor Sechin referred to rising taxes as "destructive". The revenue for the period January to June was 5.174 trillion roubles. This is an increase of 33.4% compared to the previous year. Rosneft is responsible for 40% of Russia’s oil production. It managed to divert sales to India and China, away from Europe. The U.S., along with Europe, introduced trade sanctions on Russia because of the conflict in Ukraine.
Palm oil continues to gain on Indonesian supply outlook and biodiesel plans
The price of palm oil in Malaysia rose for the fifth day running on Tuesday. It was its biggest rally in six week amid expectations that supply would tighten and Indonesian plans to increase biodiesel blend rates. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 0.71% at 3,952 Ringgit ($908.92) per metric ton. Anilkumar bagani, head of research at Mumbai-based Sunvin Group's vegetable oils brokerage, cited a Bloomberg article, to support the prices. The Indonesian Palm Oil…
Brazil's fossil drive undermines Lula’s green ambitions
Brazil's government has invested heavily in fossil-fuels and plans to make the country the fourth largest oil producer by 2030. This month, President Luis Inacio Lula da Silva signed a law regulating the green hydrogen industry in the country. He will be hosting the United Nations COP30 Climate Summit next year. Which country can compete against us in energy transition? He asked this question at the signing ceremony. Lula said that he wants to make Brazil a global supplier of low-carbon fuels and the "Saudi Arabia" of renewable energy within 10 years.
Palm oil exports slip on the back of weak Malaysian data
Malaysian palm futures fell on Tuesday, trading in ranges as weak exports for the month to date overshadowed a drop in stockpiles. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for July delivery was down 5 Ringgit or 0.13% at 3,703 Ringgit ($833.07 a metric tonne). The contract was heading for a second session of decline. Malaysian Palm Oil Board said Monday that the country's palm oils stocks dropped in July, for the first month in four months. This was due to the fact that exports grew faster than production.
Survival of the fittest: petrochemical manufacturers battle global glut
The survival mode of petrochemical producers is on in Europe and Asia. Years of capacity building in China, the top market for petrochemicals, and high energy prices in Europe have pushed margins down two years in a row. The weakness of the sector is concerning for an oil industry that looks to petrochemicals as a way to maintain profits in future years when transportation fuel demand will fall with the energy shift. Industry executives and analysts report that major producers in Asia, Europe, and North America are cutting costs by selling assets…
