Data from the US Energy Information Administration (EIA) released on Wednesday showed crude oil inventories for the week ending November 13 at 489.5 million barrels, a drop from levels three weeks ago at 492.4 million barrels, but still higher than what was forecast by analysts. Investors need to exercise caution also because stocks in…
U.S. petroleum inventories are falling towards more normal levels as the glut earlier this year caused by volume warfare among OPEC+ members and the first wave of epidemic-driven lockdowns is gradually absorbed. Falling inventories are likely to herald a tighter production-consumption balance and a cyclical upswing in both spot prices and calendar spreads next…
Iraq plans to invite international companies to compete in order to build a 300,000 b/d refinery south of the country, the oil minister said Nov. 18, as OPEC’s second largest oil producer seeks to wean itself off crude products imports. The refinery, to be built in Fao in the Basra Governorate, will be offered…
Owning stock in a Russian company can be more than a risky investment. The Russian government marches to the beat of Vladimir Putin and the oligarchs that control the vast natural resources in the nation. Rosneft is one of the leading Russian oil companies run by Igor Sechin, one of President Putin’s closest allies.…
Small, independent oil producers are seeing the potential for growth over the next decade as major energy companies look to invest in renewables. As big companies are being forced to introduce greener policies, independent producers could profit from this change. Paul Blakeley, chief executive of Jadestone Energy told the Financial Times on Monday., “It…
Brazil’s National Energy Policy Council said Nov. 18 that imported raw materials can be used in the production of biodiesel. Previously, all biofuel sold at National Petroleum Agency auctions had to be manufactured from oils and fats of Brazilian origin. On Nov. 12, the National Petroleum Agency (ANP) published the notice for the 77th…
China, the global oil market’s lifeline this year, has stepped up purchases from exporters like Russia, the United States and Angola in recent weeks, while buyers elsewhere pare orders as coronavirus infections surge and fresh lockdowns are put in place. China, the world’s largest importer of crude, is the only major buyer expected to…
The UAE has always been committed to OPEC, energy minister Suhail al-Mazrouei said Nov. 19, amid reports the country is wavering on continued membership in the producer alliance. “As a reliable and long-standing member of OPEC, we have always been open and transparent in all our decisions and strategies in support of OPEC,” Mazrouei…
Pan American Energy and YPF, two of the biggest oil and natural gas producers in Argentina, plan to step up gas drilling as a new incentives program boosts the profit potential in the business, executives said Nov. 18. “We are returning to drill for gas,” Santiago Tanoira, vice president of gas and energy at…
Union Petroleum Minister Dharmenda Pradhan Thursday said he will soon visit Ashoknagar in West Bengal, the site of oil and gas discovery and review the project. Oil and gas was discovered at Ashoknagar in North 24 Parganas district two years ago. Pradhan said he was briefed by ONGC that the site holds potential for…
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