The current oil supply crisis shows there is underinvestment in oil refining as demand holds resilient, Saudi state-owned Aramco's vice president of market analysis and sustainability, Musaab Al Mulla, said on Tuesday. Around 3 million barrels per day of refining capacity closed between 2020 and 2023, Al Mulla said at the S&P Global Energy Middle East Petroleum and Gas Conference in London. "Now we realise if you have those refineries you may have definitely mitigated the impacts of [Read more]
Norway oil, gas output could initially fall by 1% in case of strike, industry says
Norway's oil and gas output could initially fall by about 45,500 barrels of oil equivalent per day from Friday if workers go on strike, equivalent to just over 1% of the country's output, industry group Offshore Norway said on Wednesday. Nearly 8% of Norwegian offshore oil and gas workers plan to strike from June 5 if state-brokered wage mediation fails in the coming days, with the option to escalate the action over time, three labour unions have said. Norway produces more than 4 million [Read more]
Oil prices rise as new Middle East hostilities flare and talks stall
Oil prices climbed more than 1% in early trade on Wednesday as hostilities in the Middle East erupted anew with Iran firing missiles at Kuwait and Bahrain, while diplomatic talks between Iran and the United States showed little progress. Brent futures rose $1.05, or 1.09%, at $97.05 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.01, or 1.08%, to settle at $94.77. Both benchmarks settled at a one-week high in the previous session. Iran launched ballistic missiles toward [Read more]
Chevron applies for Argentina tax break program with $13.8 billion investment plan
Chevron has applied to join Argentina's incentive regime for large investments for a $13.8 billion unconventional oil project in the El Trapial area of Vaca Muerta, the U.S. oil major said on Tuesday, in what would rank among the biggest new bets on the country's shale patch. The filing, which still requires government approval, is the latest sign that global energy companies are positioning for long-term growth in Vaca Muerta, one of the world's biggest shale oil and gas reserves and a [Read more]
US LNG exports fall in May on maintenance, Asia’s take rises
U.S. liquefied natural gas exports fell to 10.2 million metric tons (MT) in May, the lowest level this year excluding February’s shorter month, as seasonal maintenance curbed output, preliminary data from financial firm LSEG showed. The decline was driven by planned outages across several export plants, as operators carried out spring maintenance after delaying work earlier in the year to capture strong demand. Cheniere Energy and some U.S. exporters had postponed maintenance in March to [Read more]
Oil market could be underpricing risks, Vitol’s Bahrain chief says
The oil market is underpricing some risks from the Iran war, global commodity trading house Vitol's managing director for Bahrain, Tom Baker, said on Tuesday. Iran's effective closure of the Strait of Hormuz and attacks on energy infrastructure including oilfields and refineries, have taken about 14 million barrels of Middle East supply offline, causing the largest oil supply crisis in history. "Crude can come back online, but from a product perspective, it might be very hard for the [Read more]
South Korea seeks to boost crude oil and LNG imports from Canada
South Korea aims to boost imports of crude oil and liquefied natural gas (LNG) from Canada, South Korea's Industry Ministry said on Tuesday. South Korea is exploring ways to more than triple imports of crude oil from Canada to up to 16 million barrels this year, making Korea the third-biggest export destination for Canadian crude oil behind the United States and China, the ministry said. South Korea also aims to import 3.4 million metric tons of LNG from Canada. (Reporting by Hyunjoo [Read more]
IEA sees possibility of critically low stockpiles ahead of peak summer demand
Global oil inventories could hit critical levels ahead of the peak summer demand period if stock draws continue at their current pace, the head of the International Energy Agency's oil industry and markets division said on Tuesday. "We're seeing stock draws continuing into the summer, and with the possibility or the likelihood that we reach critical levels or historical low levels just ahead of the peak summer demand," said Toril Bosoni. It could take six to eight months in the best-case [Read more]
ADNOC trading chief flags August as tipping point for oil prices
August could mark a tipping point for much higher oil prices if demand rises and the Iran war supply crisis persists, an Abu Dhabi state oil company executive said on Tuesday, adding it could take a year for supply chains to recover even after flows normalise. Transit through the Strait of Hormuz will remain partial and below pre-war levels as long as uncertainty over peace persists, Philippe Khoury, ADNOC's executive vice president for sales and trading, told the Middle East Petroleum and [Read more]
Oil slips after Trump says talks with Iran are ongoing
Oil prices trended lower on Tuesday following the previous session's sharp gains as the market remained cautious about progress in U.S.-Iran peace talks. U.S. President Donald Trump said on Monday talks with Iran were ongoing, while Tasnim news agency reported earlier that Tehran had suspended indirect negotiations with Washington. Brent crude futures lost 75 cents, or 0.79%, to $94.23 a barrel at 0434 GMT, while U.S. West Texas Intermediate fell 85 cents, or 0.92%, to $91.31 a [Read more]
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