Brazil adheres to OPEC+ Cooperation letter; No output caps
The Brazilian energy ministry announced on Tuesday that the country has decided to adhere the OPEC+ declaration of cooperation. This formalizes a decision it first made in 2023. Brazil is the biggest oil producer in South America. According to the country's oil regulator, its output will reach 4.32 million barrels equivalent per day by 2024.
Officials in Malaysia have announced that they will take action against fraud in the export of used cooking oil.
Malaysia's deputy commodities minister said that it would crack down on fraud within the used cooking oil sector, while western governments investigated whether the shipments of biofuels from Asia contained virgin oil. According to Deputy Plantation and Commodities Ministry Chan Foong Hin…
Indonesia is expected to complete the full implementation of B40 Biodiesel by March
Eniya Listeiani Dewi, an official with the energy ministry, said that Indonesia is expecting its B40 Biodiesel Programme, which aims to reduce its dependence on diesel fuel imported from abroad, to be fully implemented next month, after initial delays. She stated that distribution…
Sources: Validus Energy will buy natural gas producer, 89 Energy III, for $850 Million.
Sources familiar with the deal said that Validus Energy, a privately owned U.S. gas and oil producer, has agreed to purchase 89 Energy III, a rival company, for $850 million including debt. According to sources, the deal will add more than 25,000 barrels equivalent to oil per…
OPEC and Saudi Arabia spare oil production capacity
A U.S. official stated on Tuesday that U.S. president Donald Trump would restore his "maximum-pressure" campaign against Iran and bring its oil exports down to zero. This would increase oil prices, and force others to pump even more. Saudi Arabia, the United Arab Emirates and Iraq…
BP to invest upto $25 billion in Iraqi Kirkuk oil and Gas
A senior Iraqi official said that BP will spend up to 25 billion dollars over the life of a project redeveloping four Kirkuk oil fields and gas. Baghdad is trying to win foreign investment back. If the deal is finalized, which could happen in the next few weeks, this would be a major breakthrough for Iraq.
Sources say that US energy company Talos is set to name Shell CEO Goodfellow its next CEO
Two people with knowledge of the matter confirmed on Sunday that Talos Energy is preparing to appoint veteran Shell executive Paul Goodfellow, as its new CEO. Sources said that the appointment of Goodfellow who is currently the chief internal auditor for Shell is expected to be made this week.
Kazakhstan wants better terms for oil production sharing agreements
Kazakh President Kassym Jomart Tokayev ordered the government on Tuesday to intensify talks with international oil giants about an extension existing Production Sharing Agreements (PSA) at "better conditions". Central Asia is one of the top 10 oil producing countries in the world.
Big Oil is not rushing to "drill, baby drill" this year despite Trump's agenda
Wall Street believes that U.S. energy companies will keep spending under control in 2025, and focus on shareholder returns despite President Donald Trump's calls to "drill baby, drill". This week, Big Oil will report its fourth-quarter results. The outlook for the next year should…
Palm oil is a weaker competitor than other oils
Malaysian palm oils futures ended lower on Thursday for the second consecutive session, due to weakness in vegetable oils. The benchmark contract for palm oil delivery in April on the Bursa Derivatives exchange lost 17 ringgit or 0.4% to 4,191 Ringgit ($943.49) per metric ton.
Mistry: Malaysian palm oil will trade at around 4,000 Ringgit/T by 2025
Analyst Dorab Mistry predicted that Malaysian palm oils will trade at around 4,000 Malaysian Ringgit per metric tonne in 2025. However, there was a short rise to 4,800 Ringgit in February due to stiff competition from soybean oil. By midday, the benchmark palm oil contract, FCPOc3…
Palm oil declines due to weaker rival oils
The price of Malaysian palm oils futures fell for the second session in a row on Thursday. This was due to the weakness in vegetable oils. At midday, the benchmark April palm oil contract on Bursa Malaysia's Derivatives exchange fell 64 ringgit or 1.52% to 4,144 Ringgit ($933.02).
After EU ruling, Indonesia expects EU to change its stance on palm oil biofuels
Indonesia has welcomed the World Trade Organization's ruling in the case of the European Union involving palm oil-based Biodiesel. The bloc is expected to amend its regulations to conform to the ruling. Indonesia, the world's biggest palm oil producer, brought the case before the WTO dispute panel in 2019.
Nigerian oil reserves increase, production increases 26%, as theft declines
The industry regulator announced on Thursday that Nigeria's oil reserves will increase in 2024. Meanwhile, crude oil production will surge 26% from April 2023 to late 2024 due to a decline in theft. Nigeria, Africa's largest oil producer, depends on this commodity for more than…
Iraqi oil minister: Iraq and BP will sign Kirkuk oil deal in first week of February
Iraq and British oil giant BP will be signing a mammoth agreement covering four Kirkuk gas and oil fields by the 1st week of February. This was revealed by Oil Minister Hayan Abdul-Ghani during a trip to Britain. He said the deal would be bigger than a TotalEnergies 2023 Basra deal, which was valued at around $27 billion.
Guyana exports 225 crude cargoes by 2024
Guyana will export 225 cargoes in crude oil by 2024, said its energy minister on Tuesday. A consortium led the U.S. giant Exxon Mobil has been ramping up its production and updating its facilities. Last year, Latin America's new oil producer became the fifth largest crude oil exporter in the region, after Brazil, Mexico and Venezuela.
Occidental Petroleum received lower prices for oil it produced in the fourth quarter
Occidental Petroleum, a U.S. shale oil producer, said that the prices received for oil produced in the fourth quarter of 2014 were lower than those for the previous three months due to a weakening global demand. The crude oil prices fell by about 6% sequentially in the fourth quarter of last year due to a patchy recovery from the pandemic…
WTO panel backs EU in palm case against Indonesia
The World Trade Organization panel ruled in favor of the European Union in the case filed by Indonesia on Friday against the bloc's ban on biofuels based on palm oil. Indonesia, the largest palm oil producer in the world, took the case before the WTO after the EU concluded palm oil cultivation leads to excessive deforestation…
Indonesia restricts the export of palm residue and used cooking oil to domestic users
Indonesia has tightened its export restrictions on used cooking oil, palm oil residues and palm oil waste to supply the domestic cooking oil industry and biodiesel. The government announced this in a new regulatory on Wednesday. It said that the move by the top palm oil producer and exporter in the world aims to achieve a new mandate…
Chevron CEO: Chevron targets a growth of $6-8 billion in free cash flows next year.
Michael Wirth, CEO of Chevron, said on Wednesday that the company is in a position to increase its cash flow from free to $8 billion and to reduce expenses "by a couple of billion dollars". The U.S. oil producer No.2 expects to benefit from the start of new or expanded oil production projects in Kazakhstan, U.S.
