China made headlines last week with the news that it was going to release some crude oil from its strategic petroleum reserve and sell it in a move that Bloomberg called “an unprecedented intervention.” Indeed, this was the first time China announced the sale of oil from its strategic reserve. …
Read More »Iraq’s Intriguing Oil Price Cuts for U.S. Buyers
When it comes to pricing its crude, Iraq’s tried and tested approach has long been to closely follow whatever Saudi Arabia does. Next month, Baghdad is deviating from that path — posing an intriguing question as to why — by announcing sharp cuts, writes Bloomberg oil strategist Julian Lee. Iraq …
Read More »Iraq Cuts U.S. Oil Prices Sharply, Bucking Saudi’s Pricing Trend
Iraq cut the price of its banner crude for U.S. customers sharply, a bold deviation from what Saudi Arabia chose to do with its own barrels just a few days ago. The nation’s Basrah Light barrels will be sold at a discount of $1.15 per barrel to a regional benchmark …
Read More »Iraq Announces Plans to Use Clean Energy to Support Gas projects
Iraq’s Oil Minister Ihsan Abdul Jabbar announced Saturday that Iraq would rely on green energy to invest in gas and produce renewable energy. During his participation at a workshop organized by the International Energy Organization (IEA), the Minister stressed the government and ministry’s keenness on supporting clean energy projects. This …
Read More »Brazil to Lead Americas Crude and Condensate Production
Brazil is expected to contribute about 48% (1.35 MMb/d) of the Americas crude and condensate production in 2025 from upcoming projects (excluding the US L48), according to GlobalData. The company’s latest report, ‘Americas Upstream Development Outlook, 2021–2025’, reveals that 1.164 MMb/d of crude and condensate production in Brazil in 2025 …
Read More »OPEC Expects Delta Variant to Delay Oil Demand Growth
OPEC trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant on Sept. 13, saying a further recovery would be delayed until next year when consumption will exceed pre-pandemic rates. The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly …
Read More »Gas Prices in Europe Approach $730 per 1,000 Cubic Meters
The price of gas in Europe approached $730 per 1,000 cubic meters on Monday, according to the ICE exchange. Thus, the price of the October futures on the TTF hub in the Netherlands on Monday reached $727 per 1,000 cubic meters, or 59.585 euro per MWh. At the end of …
Read More »U.S. Downsized Crude Imports from Iraq Last Week
U.S. imports of crude oil from Iraq averaged 106,000 barrels per day (bpd) last week, the Energy Information Administration (EIA) said on Sunday, amid a drop in its appetite during the same period. In its weekly report on U.S. oil imports, EIA Said that the U.S. imports averaged million 4.985 …
Read More »Brazil Looks to Become a Top-5 Oil Producer
Brazil’s oil industry has absolutely exploded in recent years, and now the Latin American country could even be on track to becoming a global top 5 producer. In a little over a decade Latin America’s largest economy Brazil has become a leading global oil producer. At the end of 2020, …
Read More »Big Oil Needs to Cut Production by 50% to Hit Climate Targets
The world’s largest listed oil companies will have to cut production by at least 50 per cent over the next decade if the world is to limit global warming to 1.5 degrees as per the Paris climate accord, influential climate think tank Carbon Tracker has warned. In a new report, …
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