INTERNATIONAL NEWS

Global oil inventories expected to drop below 5-year average in Q2 2021: OPEC

OECD commercial oil inventories are expected to stand slightly above the five-year average through Q1 2021, before dropping below that benchmark for the remainder of the year, OPEC Secretary General Mohammed Barkindo said. The projections are based on latest forecasts, which expect world oil demand in 2020 to contract by 9.5 million b/d, while non-OPEC Read more

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How can the oil and gas sector help in the drive to build back better?

The oil and gas industry has grown accustomed to experiencing shocks throughout the decades, yet the demand contraction of more than 10 million barrels a day in the first half of 2020 during the peak of lockdown provided a glimpse of what a new baseline could look like. In response, according to analysis by Accenture, Read more

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Russia Calls For A Global Response To The Oil Demand Crisis

All players on the global energy market need to act together to tackle the effects of the pandemic on oil demand, Russia’s Energy Minister Alexander Novak said at a virtual meeting of G20 energy ministers this weekend. “Our task, as the leaders of the energy industry, is to show stamina and solidarity in the face Read more

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Pertamina explores possibility of Singapore keeping oil stock in RI

Jakarta (ANTARA) – State-owned oil and gas company PT Pertamina is delving into the possibility of Singapore keeping its fuel oil stock in Indonesia’s refinery.”We will purchase fuel oil from Singapore under a long-term contract, though we want the fuel oil stock to be kept in Indonesia,” Pertamina Logistics and Infrastructure Director Mulyono noted during Read more

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Clashes erupt in oil and gas corridor

At least 16 military and several civilians were killed on Sunday in the heaviest clashes between Armenia and Azerbaijan since 2016, reigniting concern about stability in the South Caucasus, a corridor for pipelines carrying oil and gas to world markets. The clashes between the two former Soviet republics, which fought a war in the 1990s, Read more

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Oil heavyweights Saudi Arabia and Russia look ready for a showdown

Oil producers could be set for another showdown before the end of the year, with heavyweights Saudi Arabia and Russia holding different views on how to approach the halting recovery in oil demand. Renewed restrictions on travel and social gatherings across Europe, along with the tapering of state support packages for companies, are having a Read more

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Russia Remains China’s Top Oil Supplier

Russia was the biggest exporter of crude oil to China last month, for the second month in a row, Reuters reported, citing Chinese customs data. Saudi Arabia came second, but its exports to the world’s top importer fell by 300 percent in August. Russia shipped 1.37 million bpd to China last month, down both on Read more

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China on course for record LNG imports as industries recover

SINGAPORE/BEIJING: China’s imports of liquefied natural gas will likely grow 10 per cent to new highs this year as companies scoop up cheap supplies to cover increasing industrial use and robust residential demand. With its total natural gas use likely expanding at 4-6 per cent this year, China is the only major bright spot on Read more

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China’s August low-sulphur marine fuel exports mark 2020 high

SINGAPORE: China’s exports of clean marine fuel in August hit a high for the year, customs data showed on Friday, along with total exports of goods rising the most in nearly one and half years as more economies reopened from lockdown. Exports of very low-sulphur fuel oil (VLSFO), with a maximum sulphur content of 0.5% Read more

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Iraq seeks to shift impact of OPEC cuts onto oil companies

Iraq’s Oil Ministry is attempting to displace some of the financial burden associated with its OPEC-related production cuts onto international oil companies (IOCs).The ministry’s move to scale down its payment obligations, which was confirmed by multiple industry officials, is likely to meet resistance from IOCs and could send a chilling message to prospective energy sector Read more

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Iraqi Kurdistan is complying with OPEC+ cuts – ministry

The semi-autonomous Kurdistan Region of Iraq has been complying with an OPEC+ oil production cut agreement and is meeting its reduction targets, the Kurdistan Regional Government’s natural resources ministry said on Thursday. “The KRG has already reduced its production after the OPEC plus agreement, and its recent gross production figures have been well below the Read more

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Iraq Wants OPEC+ To Approve Higher Oil Exports

Iraq expects OPEC+ will allow it to increase its oil exports beginning next year, Reuters reported today, citing the Iraqi state new agency INA, which was quoting the country’s oil minister without any further details. Earlier this month, there was another report from INA that said Iraq was seeking an exemption from the OPEC production Read more

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Everything Points To More Natural Gas Demand This Decade

24 Sept. 2020-Natural gas has often been vilified as just another fossil fuel contributing to the climate crisis. While gas-fired power generation and the natural gas value chain do emit greenhouse gases, natural gas burns cleaner than other fossil fuels, most notably coal, and can play a major role in replacing coal-fired power generation, immediately Read more

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Carbon capture to play greater role in oil and gas as ‘peak demand’ timeline moves up

24 Sept. 2020-Carbon capture and storage projects must play a greater role in fossil fuel emissions reductions from offshore oil platforms to onshore natural gas processing plants in order to meet net-zero climate goals as the calendar for so-called peak oil demand is moved up, according to industry reports released Sept. 22. Governments around the Read more

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How Saudi Arabia Put OPEC’s Future At Stake

24 Sept. 2020-OPEC’s 60th birthday should have been reason for celebration, but its largest producer Saudi Arabia is increasingly putting its own interests before the cartel’s objectives and has put the very existence of OPEC at stake on a number of occasions Founded 60 years ago this month by Iran, Iraq, Kuwait, Saudi Arabia, and Read more

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