China's oil refinery production in November increased by 0.2% year/year
China's refinery output in November increased slightly compared to last year, ending a seven-month drop, according to official data released on Monday. The National Bureau of Statistics (NBS), according to its data, showed that refiners processed 58.51 millions metric tons of crude last month. This is equivalent to 14,24 million barrels of oil per day. It was online in late September, when the percentage of users had increased to 60-70%. The demand for refined products has improved since late last month. Some refiners have also received a boost in their operation rates. In November, they were able to replenish their feedstock and ramp up production.
Data shows that Tengiz oilfield's output in December was 20% lower than planned.
Estimates based on data from the Kazakh energy ministry and analysis service SAC TEK show that output from Kazakhstan's largest oil field Tengiz operated by U.S. giant Chevron was 20% below its planned plan in December. This helped Kazakhstan meet its OPEC+ production target. Tengiz had been expected to return to full oil production early in December after a maintenance program that began late in October. Kazakhstan, which depends on Tengiz, the Karachaganak, and Kashagan for most of its oil production, has to meet output targets because it is a member of OPEC+. This alliance includes OPEC, other major oil producers, and Russia.
EIA: US Crude Imports to fall to lowest level since 1971
U.S. net crude oil imports are forecast to fall by 20% next year to 1.9 million barrels per day, their lowest since 1971, the Energy Information Administration said on Tuesday, pointing to higher U.S. production and lower refinery demand.The EIA expects the United States to produce 13.52 million bpd in 2025, up from 13.24 million bpd in 2024, it said in its December Short-Term Energy Outlook (STEO). Meanwhile refiners are set to process 16 million bpd of crude oil in 2025, down by 200,000 bpd compared with 2024, the EIA said.Global oil demand is expected to average around 104.3 million bpd next year…
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. presidency is likely to change the market dynamics for crude…
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%, while WTI was on course for a nearly 1% drop.On Thursday, the Organization of the Petroleum Exporting…
What OPEC+ oil production cuts are currently in effect?
OPEC+ made further changes at its meeting on Dec. 5, delaying a planned production increase further into the next year, as it faced a weaker outlook for oil demand. Due to weak demand and increased production outside of the group, the oil producer group pushed the start of rising oil output back by three months. The full unwinding will now take place until the end 2026. Here is a short explanation of how the Organization of Petroleum Exporting Countries (OPEC+) and its allies have reduced their emissions. OPEC+ is currently cutting production by a total amount of 5,85 million barrels per daily (bpd), which is about 5.7% global demand.
Sechin, Rosneft CEO, says that OPEC+ cuts in output made the US the top energy exporter.
Igor Sechin, head of Russia's biggest oil producer Rosneft, said that the OPEC+'s decision to reduce oil production in 2016 and 2020 has helped the U.S. shale sector and made it a major global energy exporter. Sechin said, at a forum held in the United Arab Emirates that Russia and its partners had made the most significant contributions to stabilising the global energy markets in the last 10 years. Sechin, a long-time ally of Russian president Vladimir Putin, has expressed scepticism in the past about Russia's collaboration with OPEC. He said that the United States benefited the most from the 2016 deal.
Rystad reports that Argentina's Vaca muerta region has achieved record oil production during the third quarter.
Rystad, a consultancy, said that Argentina's Vaca Muerta shale formed produced a record 400,000 barges of oil per day (bpd), in the third quarter. This figure represents a 35% increase in production year-over-year, thanks to improvements in productivity and evacuation capability. The formation is on track to reach its goal of 1,000,000 bpd, by 2030. YPF, the state-owned oil company of Argentina, led the production in the area with 55% Vaca Muerta’s oil output during the third quarter. This contributed to the strong results for the company in its third quarter.
Canada Environment Minister warns oil companies against retaining emissions data
Canada's Environment Minister warned Wednesday that oil companies who withheld data on emissions would be violating federal law. This was after Alberta's Premier said the province had considered measures to stop a proposed cap. Danielle Smith, Premier of Alberta, said on Tuesday that her government will introduce a motion to the legislature to allow them to challenge Ottawa's proposed cap on oil and gas emissions. Alberta, Canada's largest oil and natural gas province, is also looking into other ways to undermine the cap should it become law. These include restricting access to oil and gas installations in Alberta as well as access to emission data.
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, the Energy Information Administration said, compared with analysts' expectations in a Reuters poll for a 46,000-barrel draw.Crude stocks fell by 1.8 million barrels in the week ended Nov.
Azerbaijan: OPEC+ may consider a rollover of oil cuts at the Dec. 1 meeting
Parviz Shahbazov, Azerbaijan’s Energy minister, said that OPEC+ could decide to keep its current oil production cuts in place as of Jan. 1, at their next meeting on Sunday. The group has already delayed increases due to demand concerns. Shahbazov told Baku that the issue of continued oil production cuts could be raised at the meeting. "OPEC+ may or may not discuss oil production rollover during its next meeting. He added that it is hard to make a prejudgment. Azerbaijan belongs to the OPEC+ Group, which also includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia. This group will meet on December 1.
Azerbaijan: OPEC+ may consider oil reduction rollover at the Dec. 1 meeting
Parviz Shahbazov, Azerbaijan’s Energy minister, said that OPEC+ could decide to keep its current oil production cuts in place as of Jan. 1, at their next meeting on Sunday. The group has already delayed increases due to demand concerns. Azerbaijan belongs to the OPEC+ Group, which also includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, such as Russia. This group will meet on December 1. OPEC+ has already postponed a plan for a gradual increase in production this year by several months due to falling prices, weaker demand, and increased production outside of the group.
Nigeria seeks long-term buyers of new Utapate oil and aims to double production
Nigeria seeks long-term customers for the new crude oil grade Utapate, and aims to double its output from 40,000 barrels a day by 2025. The launch is part Nigeria's effort to boost its oil output, which has been hindered for years by unrest and theft of crude, despite being a member of the ongoing OPEC+ Production Cut Pact. NNPC announced last week that Nigeria produces around 1.8 millions bpd, and aims to reach 2 million bpd before the end of the year, based upon collaborative efforts with joint venture operators, its partners in production-sharing agreements, as well as security agencies and government.
EIA increases US and global oil production estimates by a small amount
The U.S. Energy Information Administration announced on Wednesday that both U.S. oil production and global oil output are expected to reach record highs in this year, slightly higher than previous forecasts. Oil prices have fallen to their lowest level since 2021 despite the Organization of the Petroleum Exporting Countries (OPEC+) and its allies cutting production. The EIA reported that the U.S. oil production is expected to reach an average of 13.23 million barrels a day (bpd), which is about 300,000 more than last year's 12.93 million bpd record. The EIA had earlier predicted that U.S. crude oil production would average 13,22 million barrels per day (bpd) this year.
Oil Dips 2% as Hurricane Fears Ease
Oil prices fell more than 2% on Friday as traders grew less fearful of prolonged supply disruptions from a hurricane in the U.S. Gulf of Mexico, while China's latest economic-stimulus packages failed to impress some oil traders.U.S. West Texas Intermediate futures CLc1 led the decline, down 2.8%, or $2.01, at 70.35 per barrel by 1:32 p.m. ET (1832 GMT) . Global benchmark Brent crude futures LCOc1 fell 2.3%, or $1.77, to $73.86 per barrel.Energy producers shut in more than 22% of oil output in the U.S. Gulf of Mexico by Thursday as a precautionary measure to brace against Hurricane Rafael…
Commodities Weigh Trump Win, Tariff Threats
Commodities reacted with trepidation to the election of Donald Trump to a second term as U.S. President, with most losing ground over fears the global economy will be hit by a new tariff war.The downbeat reaction was in stark contrast to U.S. equities, which surged to record highs amid optimism that Trump's agenda of lower taxes will boost growth, at least in the United States.The contrasting response to Trump's victory over Democrat nominee and now outgoing U.S. Vice President Kamala Harris showed exactly why the likely impacts of Trump's…
VEGOILS - Boost exports on the back of positive estimates and weak output
Malaysian palm oil futures ended up higher on Monday after two sessions of losses. Supported by higher export estimates, and expected seasonal palm production decreases, the prices rose. The benchmark contract for palm oil delivery in January on the Bursa Derivatives exchange gained 46 ringgit or 1.08% to 4,301 Ringgit ($1,000.23). The contract dropped 1.3% over the last two sessions. Palm prices are currently reacting to better export estimates, and the expectation of a weaker production in the next few weeks, in line with seasonal weaknesses, according to David Ng, a proprietary trading at Kuala Lumpur based trading firm Iceberg X Sdn Bhd.
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. This was said by David Ng, a proprietary trading at Kuala Lumpur based trading firm Iceberg X Sdn Bhd.
Occidental Petroleum reports lower oil and gas prices in Q3
Occidental Petroleum, a U.S.-based oil producer, announced on Wednesday that its oil and natural gas production prices were lower in the third quarter compared with the previous period. The company reported that the realized prices or the prices it received for its production during the third quarter were about 6% lower in total for its oil output, and 26% lower in its U.S. Natural Gas output. Concerns about the growth of global oil demand led to a decline in oil prices during the quarter July-September. U.S. Natural Gas prices fell to multi-year lows. Prices in the Waha Hub were also at their lowest levels. In 2024, the number of negative turns will reach a new record.
Sources say that a top Kazakh oilfield has reached a record production amid tensions between OPEC+ and the country.
Sources say that Tengiz, Kazakhstan's largest oil field, operated by U.S. giant Chevron, increased output to a new record in October. This could complicate the future efforts of Kazakhstan to meet its OPEC+ quota. OPEC+ named Kazakhstan, Iraq, and Russia among the top 10 oil producers in the world as having repeatedly failed to meet its commitments to reduce oil production for this year. Two industry sources said that Tengiz increased its daily production from 687,000 to 699,000 BPD in early October. The output had risen by 30% since August, after maintenance was completed.
