SLB predicts flat revenue and profit for the quarter amid weaker activity across Saudi Arabia and Latin America
Olivier Le Peuch, CEO of oilfield services firm SLB, said that the company expects the second-quarter revenue to be similar to the first quarter because drilling activity is weaker in Saudi Arabia and Latin America. Speaking at the J.P. Morgan Energy, Power & Renewables Conference, the CEO said that the company's Saudi Arabian activity had decreased more than expected, as several rigs were demobilized, and operations at the Jafurah unconventional gas field have been paused.
The fragile Middle East truce has knocked down the prices of crops that are tied to oil.
The price of crops around the globe has been impacted by a shaky truce between Iran and Israel, especially those that can be converted into biofuels. Prices are affected by the price for crude oil. The price of crude oil dropped sharply after President Trump announced a ceasefire. This hit futures contracts and stocks for vegetable oils like Malaysian palm, European rapeseed and Chicago soyoil. John Duvenaud, Winnipeg, Canada's crop markets analyst…
Russell: What is not happening in Middle East crude oil supply matters more.
It can be useful to consider what isn't happening in the Middle East when tensions are rising. On the crude oil markets, this means that we should focus on the fact there has not been a single barrel lost. All parties are interested in this situation. Crude oil prices increased again during early Asian trade on Monday. Brent futures, the global benchmark, gained 2.1% and traded at $75.76 per barrel. Brent crude oil rose to its highest level…
Russell: What is not happening in Middle East crude oil supply is more important than what is.
In times of increased tensions in the Middle East, it's more important to focus on what isn't happening than to fixate on the dramatic headlines about tit-fortat air and rocket strikes between Israel and Iran. This means that from the perspective of the crude oil market, it's important to focus on the fact that not a single barrel of crude supply has been lost. It is also in the interest of all parties involved that this continues to be the case. Crude oil prices increased again during early Asian trade on Monday.
Orlen, a Polish oil company, signs a one-year contract with BP for 6 mln tonnes of oil
According to a Monday announcement, the Polish refiner Orlen has agreed to receive 6 metric tonnes of oil per year from British energy giant BP. Orlen, a Polish refiner, said that the deliveries of North Sea crude oil will cover approximately 15% of Orlen’s needs and that both companies are willing to work together on future joint projects. In a press release, BP Polska's CEO Bogdan Kucharski stated that "we count on Orlen for future projects aimed to accelerate energy transformation".
Saudi Attacks, High Demand Leaves U.S. Short on Oil Tankers
A disruption in global oil flows following attacks on Saudi Arabian facilities has left U.S. crude exporters without enough tankers to cover rising demand for cargoes, traders and shipping sources said.Missile attacks last Saturday temporarily cut Saudi oil production by more than 5 million barrels per day, or about half the country's output.That set off a scramble for alternative cargoes of crude, particularly in the United States, which lined up available tankers sailing from the Mediterranean…
Gulf Marine CEO Quits in wake of Profit Warning
Gulf Marine Services said on Wednesday Chief Executive Officer Duncan Anderson has resigned as the oilfield industry contractor warned a reassessment of its ships and contracts showed profit would fall this year, kicking its shares 12% down.The Abu Dhabi-based offshore services specialist said a review by new finance chief Stephen Kersley of its large E-class vessels operating in Northwest Europe and the Middle East pointed to 2019 core earnings of between $45 million and $48 million…
Suez Canal Accounts for 8% of LNG Trade
Total oil flows through the Suez Canal and the SUMED pipeline accounted for about 9% of total seaborne traded petroleum in 2017, and LNG flows through the Suez Canal and the SUMED pipeline accounted for about 8% of global LNG trade."The Suez Canal and the SUMED Pipeline are strategic routes for Persian Gulf crude oil, petroleum products, and LNG shipments to Europe and North America," U.S. Energy Information Administration (EIA) said.Located in Egypt…
Oil Price Risks Rise
Supply disruptions in the Middle East on top of an already tight crude market could send oil prices violently upward, said the energy research firm Rystad Energy.Two Saudi Arabian oil tankers were reportedly attacked off the coast of the United Arab Emirates this weekend, sending crude futures up sharply May 13.Bjørnar Tonhaugen, Head of Oil Market Research at Rystad Energy, says: “In the short term, the perceived risk of supply disruptions…
Oil Prices Fall After Trump's Tariff Threat Against China
Oil prices fell on Monday after U.S. President Donald Trump said he would sharply raise tariffs on Chinese goods this week, risking the derailment of trade talks between the world's two biggest economies.U.S. West Texas Intermediate (WTI) crude futures were at $61.68 per barrel at 1338 GMT, down 26 cents. WTI hit $60.04 earlier in the session, its lowest since March 29.Brent crude futures were broadly steady at $70.88 per barrel, having earlier hit its lowest since April 2 at $68.79.Trump said on Twitter on Sunday that he would hike U.S.
Fairfield Geotechnologies Wins Persian Gulf Project
Fairfield Geotechnololgies announced it is slated to begin an extensive Z700 acquisition project in the Persian Gulf, beginning December 2018. The nearly eight-month project in the Middle East is a significant 4D opportunity for Fairfield Geotechnologies.Fairfield Geotechnologies’ Z700 data acquisition system is designed to meet the challenging HSE and acquisition requirements of this project. Z700’s simplified deployment and retrieval process…
Iran Inches Closer to Gasoline Independence
Iran launches Persian Gulf Star refinery; gasoline imports dropped sharply in recent weeks. Iran has sharply reduced its gasoline imports in recent weeks after starting up a new refinery, trade sources said, bringing the oil-rich country closer to its goal of fuel self-sufficiency. The reduced dependence on imports comes as the future of a landmark 2015 nuclear accord that offered Iran sanctions relief hangs in the balance, with U.S. President Donald Trump threatening to pull out of the deal.
AISUS Bags Contract in the Middle East
Offshore inspection company AISUS announced its first major contract win in the Middle East with North Oil Company (NOC). The six-figure agreement marks a milestone for the firm and provides the foundation on which the company plans to build its growing business in the Middle East. The project, which is currently underway, will see AISUS carry out two caisson inspection programmes across two assets located in the Al Shaheen oilfield, off the north-east coast of Qatar. Further projects are planned for later in 2018.
Energy Battle is More Than OPEC vs U.S. Shale
The market narrative consuming crude oil markets currently is the interplay between supply cuts by OPEC and its allies and rising U.S. shale output, with a side helping of Chinese imports driving demand. While there are solid reasons for industry participants to focus on these dynamics, there is also the risk of missing out on other factors that help shape the market. Such a factor is India, which has long flown below the radar of the crude oil market…
ConocoPhillips: Qatar LNG Project Not Affected by Arab Tension
ConocoPhillips said on Thursday that production and exports of liquefied natural gas from an investment project in Qatar have not been affected by growing Middle East diplomatic tensions. Saudi Arabia, Bahrain, Egypt and the United Arab Emirates on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar has denied the allegations. Concerns have grown that global access to Qatar's LNG could be cut, especially after some Persian Gulf ports said they would not accept Qatari-flagged vessels.
Qatar LNG Not Affected by Arab States Tension -Exxon
Exxon Mobil Corp said on Tuesday that production and exports of liquefied natural gas from Qatar have not been affected by rising diplomatic tensions in the Middle East. Saudi Arabia, the United Arab Emirates, Bahrain and Egypt on Monday cut ties with Qatar, accusing the country of supporting extremism. Qatar denies the allegations. The growing diplomatic rift has raised concerns about global access to Qatar's LNG, especially after some regional ports in the Persian Gulf said they would not accept Qatari-flagged vessels.
India to Cut Iranian Oil Purchases in Row Over Gas Field
Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said. India, Iran's biggest oil buyer after China, was among a handful of countries that continued to deal with the Persian Gulf nation despite Western sanctions over Tehran's nuclear programme. However, previously…
Oil pushes higher on Iran sanctions
Oil prices rose on Friday after the United States imposed sanctions on some Iranian individuals and entities, days after the White House rebuked Tehran for a ballistic missile test. The strong U.S. January jobs figure was also supportive, as it suggests ongoing strength in energy demand. Front-month U.S. West Texas Intermediate crude futures settled up 29 cents, or 0.5 percent, to $53.83. The contract gained more than 1 percent for the week.
Oil Falls on Production Cut Skepticism, OPEC and Russia Output Rise
Oil prices on Tuesday fell for the first session since OPEC agreed to cut output last week after data showed crude production rose in most major export regions and on growing skepticism that the cartel would be able to reduce production. After rising over 15 percent over the four sessions since the Nov. 30 OPEC meeting, Brent futures were down $1.25, or 2.3 percent, to $53.69 a barrel at 10:13 a.m. EST (1513 GMT). U.S. crude fell $1.36, or 2.6 percent, to $50.43 a barrel. The Brent front-month has outperformed the U.S.
Essar Oil's fuel exports to fall in 2018/19 as focus shifts to local sales
Indian refiner Essar Oil's fuel exports will sharply drop in 2018/19 as it ramps up local sales by doubling its retail network and turns some of its naphtha into profitable gasoline, its managing director said. Rising fuel demand, driven by India's thirst for gasoline, is expected to help push the growth rate in the country's fuel consumption ahead of China's. Essar Oil, which operates the 400,000 barrels per day Vadinar refinery in western Gujarat state…