Energy Russian petrol exports to Asia and Africa increase Russia’s petrol exports rose in January to June despite the introduction of the European Union’s (EU) embargo, thanks to healthy supplies of the fuel to Africa and Asia, data from market sources showed and traders said. Petrol production at Russian refineries rose by about 4 percent year-on-year in the first half of 2023 to about […] July 12, 2023
Energy Iraq to trade crude oil for Iranian gas to settle debt Iraq will begin trading crude oil for Iranian gas to end the recurring issue of payment delays to Tehran due to the need for US approval, Iraqi Prime Minister Mohammed Shia Sudani said. Sudani said Iran had cut gas exports to Iraq by more than 50 percent as of July 1 after Baghdad failed to […] July 12, 2023
Energy Qatar expects record volume of LNG deals in 2023 Qatar this year will sign record volumes of long-term liquefied natural gas (LNG) offtake contracts, the country’s energy minister said at a conference in Vancouver. About 40 percent of new global LNG output will come from Qatar by 2029, said minister of energy Saad Al Kaabi at the LNG 2023 conference. The country last year […] July 12, 2023
Energy Saudi Arabia to supply full oil volumes to Asia in August Saudi Aramco has informed some clients in northern Asia they will receive full nominated volumes of crude oil in August, several sources said on Tuesday. Meanwhile, top buyer China once again requested less supply. The world’s biggest oil exporter last week said it would extend its one million barrels-per-day (bpd) output cut by another month […] July 11, 2023
Energy QatarEnergy and Enoc sign gas byproduct supply deal State-run QatarEnergy and Dubai’s Emirates National Oil Company (Enoc) Group have signed a long-term deal to supply condensate, a natural gas byproduct. Under the 10-year agreement, the Qatari energy company will supply up to 120 million barrels of condensates to Enoc from this month, QatarEnergy said in a statement. “We are pleased to sign this […] July 11, 2023
Energy Japan gas lobby wants stable supply from Middle East Japan Gas Association (JGA) chairman Takahiro Honjo hopes that Prime Minister Fumio Kishida’s planned Middle East trip this month will help Japan ensure stable supplies of liquefied natural gas (LNG) and other fuels. Resource-poor Japan is trying to beef up its energy security as it remains highly dependent on oil and LNG imports. Kishida is […] July 11, 2023
Oil & Gas Iraq signs $27bn deal with TotalEnergies Iraq has signed a $27 billion deal with French major TotalEnergies to increase oil production and build renewable energy facilities. The long-delayed agreement represents the biggest single foreign investment in Iraq, Opec’s second largest crude producer. “I hope that this will be a strong signal to other investors to come to Iraq,” said TotalEnergies chairman […] July 10, 2023
Energy Thailand’s PTT in talks with Qatar for LNG deal Thailand’s largest energy company, state-controlled PTT, is in advanced talks with Qatar for a 15-year liquefied natural gas (LNG) supply deal, four trading sources told Reuters. The oil and gas conglomerate is negotiating a supply of one or two million tonnes per annum (mtpa), according to different figures cited by the sources, in what would […] July 9, 2023
Energy Asian oil markets braced for Kuwait Al Zour’s exports Oil markets in Asia are bracing for further growth in exports from Kuwait’s newest Al Zour refinery as the complex started up its third and final crude distillation unit (CDU), with trade sources saying the full impact was likely to be felt later in the third quarter as it ramps up operation. The refinery, which […] July 9, 2023
Energy Opec maintains upbeat view for 2024 despite slowdown Opec will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to Opec said. Opec’s forecast for 2024 will likely be lower than the growth it expects for this year […] July 7, 2023
Oil & Gas Gulf markets subdued as oil fails to rally after cuts Oil prices were little changed on Thursday as fears of a global economic slowdown overshadowed tighter crude supply following extended output cuts announced by top exporters Saudi Arabia and Russia earlier this week. The total cuts now stand at more than 5 million barrels per day (bpd), equating to 5 percent of worldwide oil output. […] July 7, 2023
Oil & Gas Saudi and Kuwait reassert claims to Durra oil field Both Saudi Arabia and Kuwait have made renewed claims that they own the disputed Durra offshore oil and gas field. The state news agencies of each country cited unidentified government sources saying they are the sole owners. The statements reignited a decades-old quarrel with Iran, which also asserts sovereignty over part of the area. Saudi’s […] July 5, 2023
Oil & Gas Egypt launches $1.8bn gas exploration programme Egypt has begun a $1.8 billion gas exploration programme with plans to drill wells in the Mediterranean Sea and Nile Delta. The programme is in cooperation with energy majors Eni, Chevron, ExxonMobil, Shell and BP, petroleum minister Tarek El Molla told the UAE state-run Wam news agency. El Molla said the aim is to drill […] July 5, 2023
Oil & Gas Adnoc and OMV in talks to create $30bn chemicals giant State-owned Abu Dhabi National Oil Company (Adnoc) and Austria’s OMV AG are in discussion over the possible merger of chemical companies Borouge and Borealis AG to create a chemicals and plastics giant worth more than $30 billion. Vienna-based Borealis is 75 percent owned by OMV, while Adnoc holds the remaining stake. Abu Dhabi-listed Borouge is […] July 5, 2023
Energy Why are Opec+ supply cuts failing to boost oil prices? Opec+, a group comprising the Organization of the Petroleum Exporting Countries and allies including Russia that pumps around 40 percent of the world’s crude, has been cutting oil output since November in the face of flagging prices. Members Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil supply cuts on Monday in an […] July 5, 2023
Analysis Oil & Gas Saudi GDP growth slows as oil activity to ‘go into reverse’ Slowing oil activity is hampering real GDP growth for Saudi Arabia, the world’s largest exporter of crude, official figures show. Real GDP grew by 3.8 percent year on year in the first quarter of 2023, according to Riyadh’s General Authority for Statistics. This is down from 5.5 percent in the previous quarter and 10 percent […] July 4, 2023
Oil & Gas Egypt to invest $9bn in oil and gas projects Egypt plans to invest $9 billion in building new oil refining and gas projects, the Ministry of Petroleum and Mineral Resources has said. Projects will be started in Alexandria, Assiut and Suez, with an estimated investment of $7.5 billion. These will allow Cairo to maximise value from its extensive natural resources, Egypt Today newspaper reported […] July 4, 2023
Opinion Oil & Gas Saudi and Russian oil cuts add to palace intrigue at Opec Delegates in Vienna will be eager to debate the impact of the latest moves by Riyadh and Moscow July 3, 2023
Oil & Gas Oil prices up as Saudi extends output cut Saudi Arabia will extend its voluntary oil output cut of one million barrels per day (bpd) into August, pushing up the price of oil. Originally implemented at the start of this month, the cut will see production by the major oil producer stand at approximately 9 million bpd throughout the next two months. These can […] July 3, 2023
Energy Adnoc Gas to spend $1.34bn expanding UAE pipeline Abu Dhabi-listed Adnoc Gas has awarded contracts worth $1.34 billion to expand its natural gas pipeline network in the UAE’s northern emirates. The new pipeline will extend the current pipeline network from 3,200 km to over 3,500 km, enabling the transportation of higher volumes of natural gas to customers in the northern part of the […] July 3, 2023
Oil & Gas Asian refiners expect Saudi to cut August crude prices Asian refiners expect Saudi Arabia to lower prices for its crude supply to the region in August, a Reuters survey showed, even as the top oil exporter pledged to deepen production cuts in July as part of a broader Opec+ deal. Saudi Arabia in June unexpectedly raised prices for July-loading cargoes, eating into Asian refiners’ […] July 3, 2023
Energy Opec output posts small drop ahead of Saudi cut Opec oil output has fallen only slightly in June as increases in Iraq and Nigeria limited the impact of cutbacks by others, despite a wider Opec+ deal and voluntary cuts by several members to support the market, a Reuters survey found on Friday. The Organization of the Petroleum Exporting Countries has pumped 28.18 million barrels […] July 2, 2023
