18 August 2020:Traders remain concerned about the increasing number of COVID-19 cases in many parts of the world including the United States, India and Brazil. The rise in infections continues to have a negative impact on global oil demand in August. Last week, India had reported its fifth consecutive y/y decline in oil consumption with…
18 August 2020:Oil prices edged lower on Friday on worries that demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories. This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed their 2020 oil…
18 August 2020:NEW YORK- Oil prices rose on Monday, as OPEC+ producers almost fully complied in July with their global production cut accord, and after U.S. officials said China is in compliance with the first phase of the two nations’ trade deal. Brent crude rose 21 cents, or 0.5%, to $45.01 a barrel by 12:43…
18 August 2020:The International Energy Agency this week revised down its gasoline and jet fuel demand forecast for the rest of the year. In seemingly unrelated news, Philips 66 said that it is turning a San Francisco refinery into a biofuels plant. In separate news, Shell said it would permanently shutter a refinery in the…
18 August 2020:MELBOURNE: Japan’s Mitsui & Co won an exemption from the Western Australian government on Monday to export gas from a new onshore field, in a push to jump start the project and help the state’s recovery from the coronavirus pandemic. Western Australia said it would ban all exports of onshore gas in a…
18 August 2020:Refiners are shutting down permanently or converging oil refineries as the demand crash from the pandemic continues to crush refining margins.Several refiners and oil majors have recently announced permanent closures in the United States and Asia, while analysts believe that some high-cost refineries in Europe could also be shut down over the next…
18 August 2020-LONDON/MOSCOW/DUBAI: Compliance with OPEC+ oil output cuts is seen at around 97% in July, two OPEC+ sources told Reuters on Monday, two days ahead of a meeting of key OPEC+ producers to review adherence with their production pact as demand slowly recovers. The Organization of the Petroleum Exporting Countries and allies including Russia,…
18 August 2020-PARIS: French energy group Total and its partners have launched the third phase of development for the Mero deep offshore oil project off the coast of Brazil, the company said on Monday. The Mero 3 floating production storage and offloading vessel(FPSO) will have a liquid treatment capacity of 180,000 barrels per day (bpd)…
18th August 2020-Brussels: Josep Borrell, High Representative of the European Union (EU) for Foreign Affairs and Security Policy, has urged Turkey to immediately end its renewed drilling activities in the Eastern Mediterranean. “I call on the Turkish authorities to end these activities immediately and to engage fully and in good faith in a broad dialogue…
18th August 2020-UNITED STATES OF AMERICA : The Trump administration on Monday finalized a plan to allow oil and gas drilling in Alaska’s Arctic National Wildlife Refuge, putting it on track to issue decades-long leases in the pristine wilderness area before a potential change in US leadership. The 19 million acre (7.7 million hectares) refuge…
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