(The authors are Reuters Breakingviews columnists. The opinions expressed are their own.) By George Hay and Yawen Chen LONDON, May 20 (Reuters Breakingviews) - The Middle East’s key generator of instability just got even harder to read. As demonstrated by its recent missile attacks on Israel, Iran is one of the main reasons why global investors hesitate to commit too much capital to the region. The death of President Ebrahim Raisi in a Sunday helicopter crash amps up this [Read more]
Saudi Arabia’s crude exports hit nine-month high in March
Saudi Arabia's crude oil exports rose for the second straight month in March, reaching their highest in nine months, data from the Joint Organizations Data Initiative (JODI) showed on Monday. WHY IT IS IMPORTANT Saudi Arabia is the world's largest exporter of crude oil. Sources with knowledge of the matter have told Reuters that Saudi Arabia and its allies in the OPEC+ group could extend some voluntary output cuts if demand fails to pick up. BY THE NUMBERS Crude exports from the [Read more]
US to buy 3.3 million barrels of oil for Strategic Petroleum Reserve
The U.S. awarded contracts for the purchase of 3.3 million barrels of oil to help replenish the Strategic Petroleum Reserve (SPR) after a massive sale from the stockpile in 2022, the Department of Energy said on Friday. The oil is being bought at an average price of $79.38, the department said. The administration of President Joe Biden sold 180 million barrels of SPR oil in 2022 in an effort to control gasoline prices that had risen after Russia's full-scale invasion of Ukraine. The United [Read more]
US drillers add oil and gas rigs for first time in four weeks – Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the first time in four weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by one to 604 in the week to May 17. Despite this week's rig increase, Baker Hughes said the total count was still down 116, or 16% below this time last year. Baker Hughes said oil rigs rose by one to 497 this week, while gas rigs were unchanged at [Read more]
TotalEnergies strikes supply deal with Dangote on Nigerian refinery
French energy major, TotalEnergies, had struck its first supply deal with Dangote Refinery in Nigeria, Chief Executive Patrick Pouyanne said on Friday, following a meeting with Africa's richest man, Aliko Dangote. "We met this morning, we made the first deal between both of us," Pouyanne told a panel at the Africa CEO Forum in Kigali, Rwanda. "The two CEOs met with our head of trading and we found the way to convince them to make a deal," he added. Dangote has been trying to secure crude [Read more]
US natgas flows to Freeport LNG in Texas seen at five-month high, LSEG data shows
Natural gas flowing to Freeport LNG's export plant in Texas was on track to hit a five-month high on Friday, LSEG data showed, with a liquefaction train expected to return from a brief upset on Thursday. The startup and shutdown of Freeport and other U.S. liquefied natural gas (LNG) export plants often has a major impact on global gas prices. U.S. gas futures at the Henry Hub benchmark in Louisiana have soared by around 59% over the past three weeks, due in part to the increase in feedgas [Read more]
Oil set for weekly gain on signs of improving demand
Oil prices gained on Friday, with global benchmark Brent set for its first weekly increase in three weeks on signs of improving global demand amid stronger economic indicators from key consumers China and the United States. Brent crude oil prices climbed 21 cents, or 0.25%, to $83.48 a barrel by 0314 GMT. U.S. West Texas Intermediate (WTI) crude futures rose 7 cents, or 0.09%, to $79.30 a barrel. Brent futures are set to rise about 1% on a weekly basis, with WTI futures set to gain [Read more]
Proxy adviser Glass Lewis urges Hess shareholders accept Chevron takeover offer
Hess shareholders should vote in favor of Chevron Corp's $53 billion offer at the company's May 28 special meeting, proxy adviser Glass Lewis said on Thursday. The proposed deal terms provides a reasonable valuation and offers the potential for upside to Hess shareholders. The strategic and financial merits of the proposed merger "are sound and reasonable, on balance," Glass Lewis said in its recommendation. No. 2 U.S. oil producer Chevron last October offered to acquire rival Hess in a [Read more]
Oil, gas groups sue to block US rule raising drilling fees on public lands
Fossil fuel groups have sued the U.S. Bureau of Land Management seeking to block a rule that will raise fees for oil and gas development on federal lands as a part of the U.S. government's broader effort to boost returns and address environmental harms stemming from drilling on public lands. The Western Energy Alliance, a trade group representing oil and gas companies that drill on federal lands in the western U.S., and several other industry groups sued the agency, which comes under the [Read more]
UAE’s ADNOC planning US trading expansion, sources say
Abu Dhabi National Oil Company (ADNOC) is planning to set up a trading desk in the U.S. as part of the United Arab Emirates-backed oil and gas producer's global expansion efforts, several sources familiar with the matter told Reuters. The company has recently held talks to recruit senior energy traders to oversee the U.S. expansion effort, the sources said. The sources requested anonymity to discuss confidential details and cautioned that ADNOC could still change its plans to focus [Read more]
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