Unstable global energy demand outlook, combined with looming geopolitical threats, is seeing regional oil and gas producers ramp up transport and storage capacities The fall in oil prices as a result of the impact of the coronavirus epidemic on the Chinese economy has highlighted the fragile state of the world’s …
Read More »US Oil Exports to Europe Rebound as OPEC+ Cuts Supply
The United States has increased oil supply to Europe in July for the first month since May, making up for output cuts from OPEC+ members, according to traders and Refinitiv Eikon data. US crude supply to Europe reached nearly 31 million barrels in July, according to Refinitiv Eikon data as …
Read More »Turkey Rejects Greece Accusation of Mediterranean Violation
Turkey on Wednesday rejected claims by Greece that its oil-and-gas research vessels were encroaching on Greek waters in the eastern Mediterranean and said it would continue to defend its legitimate rights and interests in the region. A Foreign Ministry statement, however, also renewed a call by Ankara for dialogue to …
Read More »Iraq’s Gharraf Oil Field Restarts at Production Rate of 50,000 b/d
Iraq’s Gharraf oil field has restarted production at a rate of 50,000 b/d after output was suspended in mid-March as part of measures to contain the coronavirus pandemic, a Japan Petroleum Exploration spokesman told S&P Global Platts July 22. Production was restarted July 21 after Malaysia’s Petronas, the operator of …
Read More »OPEC Cuts, Oil Price Drop Delay South Sudan Plans to Lift Output
South Sudan is banking on a better year in 2021 after efforts to rebuild its oil industry were knocked by the coronavirus and a collapse in crude prices.“We experienced prices that had never been there before and we are running at a loss” along with private operators, Awow Daniel Chuang, …
Read More »US may Open Its Strategic Petroleum Reserve to Store Indian Oil
India proposes to build a portion of its strategic oil reserve in the US to take advantage of current low prices and quickly scale up its storage. The move will allow the country to quickly enhance the strategic oil reserve to meet 100 days of oil requirements from present capacity …
Read More »OPEC has New Competitor as China Ships Oil from Swelling Storage
Some oil from China’s swelling storage tanks is finding its way back into the international market as traders jump at the opportunity to source cheap crude for resale to regional refiners. The shipments in question, so far just 1 million barrels, have been procured by trading houses via the Shanghai …
Read More »Nigeria Reduces Oil Production to 1.4 mb/d
For the first time in many years, the Organisation of Petroleum Exporting Countries, OPEC, has confirmed Nigeria’s ability to cut its output from 1.7 million barrels per day, mb/d in May to 1.4mb/d in June 2020. In its July Oil Market Report obtained by Vanguard, OPEC stated that the data …
Read More »US Sanctions against Nord Stream 2 Contradict International Law
The European Union firmly opposes unilateral sanctions and threats of sanctions by the United States, as they affect the interests of European companies, including Nord Stream 2 and Turkstream gas pipelines. Such measures go against the international law, EU High Representative for Foreign Affairs and Security Policy Josep Borrell said …
Read More »Iraq Slashes Oil Sales to Some Buyers as OPEC Eyes Laggards
Iraq will supply less oil to some refiners in Asia and Europe as it seeks to meet its production-cut target under the OPEC+ output agreement. SOMO, the state-run oil marketing company in OPEC’s second-biggest producer, notified at least six customers in Asia that it won’t fulfill their requests for contractual …
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