Deep sea oil drilling drillers are now subject to new safety regulations in the US
The Bureau of Safety and Environmental Enforcement, or BSEE, released new rules on Tuesday for U.S. off-shore drillers. This is because breakthrough technology allows them to operate in extreme subsea conditions and unlock untapped oil reserves worth billions of dollars. BSEE final rule was issued after Chevron, in August, started production on its Anchor asset. It is owned by TotalEnergies and it was the first project ever to operate with 20,000 pounds per sq inch (PSI) pressure.
Analyst: Higher biodiesel requirements in Indonesia will curb palm oil supply
A leading industry analyst warned on Tuesday that the implementation of higher biodiesel requirements in Indonesia, which is the world's largest palm oil producer will likely lead to a tightening of supplies of vegetable oil. Indonesia has set a biodiesel blend that contains 35% palm oil as a minimum. It is now looking to increase this to 40% to reduce its energy imports. If the plan is implemented, biodiesel could be consumed at 16 million kilolitres in 2019.
Oil Minister: India ready to handle any oil shortages caused by Middle East conflict
Hardeep Singh Puri, the oil minister of India, said that India would be able navigate any potential disruption to its oil supply from a possible expansion of the Middle East conflict. India, which is the third largest oil consumer and importer in the world, imports 85% of their daily oil requirements of over 5 million barrels. A large part of this oil comes from Middle East producers. Brent oil is now nearing $80 per barrel due to concerns about a larger Middle East conflict.
Slovakia has a strong interest in ensuring transit of Russian gas and oil via Ukraine
Robert Fico, the Prime Minister of Slovakia, said that the country has a great interest in continuing the flow of oil and gas from Russia through Ukraine to the West. He added that the European Commission was putting pressure on the country to stop these supply flows. Fico said to reporters that the Slovak government and Ukrainian cabinet would meet on Monday. Due to Ukraine's ongoing war against Russia, the central European nation faces disruptions in its key Russian energy supply.
Shares of US energy companies rise as Middle East crisis fuels supply concerns
The shares of U.S. Energy companies rose in premarket trading on Wednesday. This was due to the rise in oil prices, which was a result of concerns about a possible escalation in tensions in Middle East. The markets went into a risk off mode after the announcement. The demand for safe-haven currencies such as the Japanese yen, Swiss franc and oil stocks was strong. Benchmark Brent crude rose by 2.8% to $75.59 per barrel while U.S. crude climbed 3% to $71.92.
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…
Oil prices continue to fall on the prospect of increased OPEC+ supplies
The oil prices continued to fall on Monday as investors weighed higher OPEC+ output in October against a sharp decline in Libyan production amid sluggish demands in China and the U.S. Brent crude futures dropped 57 cents or 0.7% to $76.36 per barrel at 0108 GMT, while U.S. West Texas Intermediate Crude fell 50 cents or 0.7% to $73.05 per barrel. Last week, Brent fell by 0.3% and WTI dropped 1.7%. Six sources…
Canada's benchmark TSX index edges up on oil gains and local acquisitions
Canada's benchmark stock index edged up slightly on Monday, as calm returned to the market after a turbulent week. However, rising tensions in Middle East and the upcoming U.S. data this week kept investors on the edge. The S&P/TSX Composite Index closed at 22,406.31, up 95.01, or 0.43%. Two major acquisitions in Canada also contributed to the increase. On Monday, oil prices surged to $80.06 per barrel amid fears that tensions in the Middle East may escalate and lead to a wider conflict.
Dangote Refinery: Nigeria must enforce crude oil supply to local refiners
The Dangote Oil Refinery called on Nigeria's regulator of upstream oil to enforce a law which stipulates that producers supply local refineries. It said that the lack of enforcement increased its operating costs. The 650,000-barrel-per-day capacity refinery, built by Africa's richest man Aliko Dangote on the outskirts of Lagos for $20 billion, has struggled to get sufficient supplies from Nigeria, where vandalism and low investment impede oil production.
Trafigura-Entara Consortium to Buy French Refinery
Rhone Energies, a consortium of commodity trader Trafigura and Entara LLC, has agreed with ExxonMobil's ESSO SAF to buy the Fos-sur-Mer refinery and Toulouse and Villette-de-Vienne terminals in France."Discussions with the relevant authorities are ongoing and the necessary authorizations are expected by the end of October," Trafigura said in a press release on Thursday.The parties signed the sale agreement having completed an information and consultation procedure with employee representatives…
Valero Seeks US Approval to Import Venezuelan Oil
Valero Energy Corp, the second-largest U.S. oil refiner, is seeking Washington's permission to import Venezuelan crude, according to four people close to the matter, hoping for a repeat of the approval granted to Chevron Corp in November after a four-year ban.President Joe Biden's administration has eased some U.S. sanctions on the OPEC-member nation in an effort to encourage a political dialogue with the country's opposition.
Iranian Oil Exports End 2022 at a High, Despite No Nuclear Deal
Iranian oil exports hit new highs in the last two months of 2022 and are making a strong start to 2023 despite U.S. sanctions, according to companies that track the flows, on higher shipments to China and Venezuela.Tehran's oil exports have been limited since former U.S. President Donald Trump in 2018 exited a 2015 nuclear accord and reimposed sanctions aimed at curbing oil exports and the associated revenue to Iran's government.Exports have risen during the term of his successor President Joe Biden…
Oil Likely to Chalk Up Weekly Loss, Recession Fears Loom
Oil prices slipped on Friday after two days of gains and are heading for weekly losses as a strong dollar and worries about a global economic slowdown weigh.Brent crude futures were down 97 cents, or 1%, at $95.62 a barrel by 0826 GMT. U.S. West Texas Intermediate crude was at $89.59 a barrel, down 91 cents or 1%. Both benchmark contracts were headed for weekly losses of close to 3%.A strong dollar has made oil more expensive for holders of other currencies…
Oil Supply Crunch is Coming, ConocoPhillips CEO Says
ConocoPhillips' chief executive on Tuesday warned of looming crude oil shortages and price volatility, citing limited spare capacity among the Organization of the Petroleum Exporting Countries and slow U.S. output gains ahead.Ryan Lance, head of the largest U.S. independent oil producer, offered a dour outlook on future supply in remarks to members of oil group the Houston Producers Forum. His comments came days after U.S.
IEA Says World Oil Demand to Rise 2% in '23
World oil demand will rise more than 2% to a record high of 101.6 million barrels per day (bpd) in 2023, the International Energy Agency said on Wednesday, although sky-high oil prices and weakening economic forecasts dimmed the future outlook.The Paris-based IEA also said in its monthly report supply was being constrained because of sanctions on Russia over its invasion of Ukraine."Economic fears persist…
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.
China Crude Processing Spikes to All-time High
Chinese refinery crude oil throughput has reached its highest level ever, with total processed volumes up 12% in the first five months of this year compared to 2020, and up 10.9% from the same period in 2019. In total 292.7m tonnes have been processed so far this year according to the National Bureau of Statistics China.Despite the 12.0% growth in crude oil processing, Chinese crude oil supply, which includes imports and domestic production, has only grown by 2.3% in the first five months of this year.
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, a 4.8m tonnes decline compared with last year, according to data from the US Census Bureau.While seaborne crude oil exports to all regions have fallen…
OPEC+ to Weigh Modest Output Boost, Sources Say
OPEC+ oil producers will discuss a modest easing of oil supply curbs from April given a recovery in prices, OPEC+ sources said, although some suggest holding steady for now given the risk of new setbacks in the battle against the pandemic.The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.
US Energy Execs See Capital Spending Rising in 2021
About half of U.S. energy company executives polled by the Federal Reserve Bank of Dallas expect their firms to increase capital spending in 2021, and another quarter of respondents see those expenditures remaining flat next year, according to a survey released on Wednesday.The coronavirus health crisis wiped out as much as a third of global fuel demand and sent U.S. benchmark crude prices crashing in April, even ending one trading session in negative territory.
