The price of OPEC basket of thirteen crudes stood at US$39.53 a barrel on Tuesday, compared with US$39.22 the previous day, according to OPEC Secretariat calculations. The OPEC Reference Basket of Crudes is made up of the following: Saharan Blend (Algeria), Girassol (Angola), Djeno (Congo), Zafiro (Equatorial Guinea), Rabi Light (Gabon), Iran Heavy (Iran),…
The slide is attributed to unexpectedly large U.S. crude oil inventories for last week reported by the government, which reinforced concerns about depleting demand for fuel amidst the worsening global outbreak of Covid-19. At the time of writing, Brent crude traded at $39.44/Barrel down more than 5%. Why crude oil prices are falling heavily…
Global demand currently is not supportive for OPEC+ easing the oil production cuts on January 2021, Ibrahim Al-Buainain, president and chief executive of Aramco Trading, told Gulf Intelligence on Wednesday. OPEC and its Russia-led partners will likely consider “a lot of demand issues” before tapering their cuts, he said in an interview with Gulf…
The Organization of the Petroleum Exporting Countries (OPEC) and its allies will have to contend with a “lot of demand issues” before raising supply in January 2021, given throughput cuts by oil refiners, the head of Saudi Aramco’s trading arm said. OPEC and its allies plan to raise production by 2 million barrels per…
“Even in the most green of scenarios, oil and gas will still constitute half of the energy basket. We still believe there is life in this business — and not only life, there is promise in it. The only harsh thing is that we need to produce it more cost effectively and cleaner,” he…
r Libya’s energy industry reached a milestone over the past week with the reopening of the last of its oil fields and ports following a truce in a years-long civil war. The OPEC nation’s daily crude output has surged from less than 100,000 barrels in early September to above 700,000 as of Tuesday, according to…
Oil Secretary Tarun Kapoor on Wednesday hinted at more reforms to raise the level of private participation in upstream oil and gas exploration and production, but remained non-committal on the industry”s demand for cutting levies to make the business attractive during a low price regime. Talking to reporters at the end of the India…
NEW DELHI: British energy major BP is looking at expanding its footprint in India’s fuel retail and mobility solutions market as the world bets on the third-largest economy in terms of purchasing power to lead the recovery in energy demand in the post-Covid scenario. According to BP chief executive Bernard Looney, the company’s joint…
ins Indian refiners have turned their focus to raising production of petrochemicals to cater for rising demand and help hedge against lower refined fuel margins, the country’s oil secretary and company officials said on Wednesday. “We need more petrochemicals because that’s what we are importing at the moment,” Oil secretary Tarun Kapoor said at the…
The first wave of major liquefaction terminals that have started operations along the Gulf and Atlantic coasts since 2016 or are currently under construction primarily used 20-year take-or-pay contracts to finance the billions of dollars in costs to build. Over the last two years, and accelerating in recent months due to market disruptions from…
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