China Petroleum & Chemical Corporation (“Sinopec”) has initiated the drilling of Project Deep Earth 1-Yuejin 3-3XC Well on May 1 in the Tarim basin, Xinjiang Uyghur Autonomous Region. With a design depth of 9,472 meters, it will be the deepest oil and gas well in Asia and a breakthrough of …
Read More »Saudi Maintains Crude Supply to Asian Refiners despite OPEC+ Cuts
State oil giant Saudi Aramco will supply full crude contract volumes loading in May to several North Asian buyers despite its pledge to cut output by 500,000 barrels per day, several sources with knowledge of the matter said on Monday. This comes after the Organization of the Petroleum Exporting Countries …
Read More »Middle East Oil Exports to Asia Seen Weakening amid OPEC+ Cuts, Cheap Russian Barrels
Middle East oil exporters are expected to continue to lose market share in some Asian countries, particularly in price-sensitive India, amid the 1.66 million b/d voluntary cuts by OPEC+, cheap Russian barrels and higher priced Dubai-linked cargoes. Although exports from seven major oil producers in the Middle East rose 0.6% …
Read More »What Fast-Growing Oil Demand in Asia Means for the Rest of the World
When earlier this year, prices slumped following the series of bank collapses in the United States, their subsequent recovery was attributed to one factor: China. The world’s largest oil and gas importer and Asia’s biggest economy, China, has become a staple in analysts’ oil and gas price forecasts. It is …
Read More »Chinese Oil Drillers Set New Asian Depth Record
Oil drillers in China set a new record for well depth, drilling 9,396 meters into the ground for what has become the deepest oil well in Asia, Chinese media have reported. The record well is part of a new phase in the development of an oil field in the Taklamakan …
Read More »PetroChina Completes Drilling Asia’s Deepest Horizontal Well in NW China
PetroChina announced on Friday that it has completed drilling a well at a depth of 9,396 meters in Tarim Basin, northwest China’s Xinjiang Uygur Autonomous Region, making it the deepest horizontal well in Asia. It marks the Tarim Oilfield entering a new phase of oil and gas exploration at a …
Read More »Saudi Arabia Set to Supply Full Crude Oil Volumes to Asia in April
Saudi Arabia’s oil giant Aramco will supply next month the full contracted volumes of crude to at least four refiners in North Asia, sources familiar with the plans told Reuters on Friday. Earlier this week, Saudi Arabia raised the official selling prices (OSPs) for most of its crude going to …
Read More »Saudi Aramco Hikes Oil Prices once again
Saudi Aramco raised the official selling price for the crude oil it exports to Asia and Europe for yet another month, with the flagship Arab Light to sell in April for $0.50 more than in March. The price hike for Arab Heavy was even more pronounced, at $2.50 per barrel, …
Read More »Japan, 10 other Asian Countries Agree to Pursue ‘Practical’ Carbon Neutrality
Japan and a group of 10 other countries in Asia have agreed to pursue “practical pathways” for carbon neutrality through coordinated steps such as developing hydrogen supply chains and setting decarbonization standards while ensuring energy security. The agreement was reached as the group of 11 partner countries on March 4 …
Read More »Europe Hikes Diesel Imports from Middle East, Asia after Russian Ban
Europe is on track to import this month the highest volumes of diesel from the Middle East and Asia in seven years as the EU turns to alternative supply after the ban on imports of Russian diesel and other fuels took effect on February 5. Diesel and gasoil arrivals to …
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