January 20, 2021 - Page 6 of 16

14 JAN – US EIA revises crude price forecast higher amid tightened fundamental outlooks

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

The US Energy Information Administration revised its crude price forecast higher in its in its monthly Short-Term Energy Outlook released Jan. 12 amid tightened supply outlooks and upward-trending demand projections. The EIA now expects Brent crude prices to average at around $52.75/b in 2021, up $4.25/b from its December forecast, and at $53.42/b…

14 JAN – OPEC, shale output needs to rise to offset possible year-end supply squeeze: Vitol CEO

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

OPEC and shale oil output will need to rise this year to help offset a potential supply squeeze by the year-end as the markets play catch-up with 2019 demand levels, the CEO of Vitol said Jan. 13. “The market is fast forwarding to a point where demand kind of catches up with where…

14 JAN – Europe’s Largest Oil Producer Bets Big On Deep-Sea Mining

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

In a shift away from fossil fuels, Norway is planning to deep dive for metals as part of its plan for a greener future. Having gained most of the country’s wealth from its successful oil industry, Norway is now looking to get ahead of the curve in metals by mining copper, zinc and other…

14 JAN – United Oil and Gas sees strong production at energy site in Egypt

EXPLORATION NEWSBy admin January 20, 2021 Leave a comment

Dublin-based United Oil and Gas said its main asset in Egypt continued to perform strongly in the final part of 2020.The company said production from the Kuwait Energy Egypt operated Abu Sennan Licence in Egypt averaged 2,243 boepd (barrels of oil equivalent per day) in the final quarter of last year, comprising 1,960 bopd…

14 JAN -Saudi Aramco cuts Feb crude supply to some Asian refiners

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

SINGAPORE/NEW DELHI: Top oil exporter Saudi Arabia has cut supplies of February-loading crude for at least three Asian buyers while meeting requirements of at least four others, several refinery and trade sources with knowledge of the matter said on Wednesday. This comes after Saudi Arabia pledged additional voluntary output cuts of 1 million…

14 JAN – Domestic natural gas output falls 11% in 2020

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

The 2,426 mmscm of natural gas produced in December was however the highest monthly output recorded in the ongoing fiscal, with the commencement of production from Reliance Industries (RIL) and BP’s ultra-deep-water field in the KG D6 Block of the Krishna Godavari basin on the east coast of India. Domestic natural gas production…

14 JAN – LNG shipping rates from U.S. surge to record highs on Asia buying boom

NATIONAL NEWSBy admin January 20, 2021 Leave a comment

LNG shipping rates from U.S. surge to record highs on Asia buying boomLONDON: The cost of shipping liquefied natural gas (LNG) from the United States to Asia hit a record high on Tuesday as appetite for the fuel from buyers there and delays through the Panama Canal reduced the amount of ships for hire.…

13 JAN – Crude Oil Hits Pre-Pandemic Highs on Bets Vaccine to Keep Rebalancing Intact

CRUDE OIL NEWSBy admin January 20, 2021 Leave a comment

Crude oil prices jumped to pre-pandemic 11-month highs on Tuesday as investors bet the pandemic’s grip on energy demand is coming to an end as the rollout of vaccines and stimulus will keep rebalancing on track. On the New York Mercantile Exchange WTI crude futures for January delivery rose $1.07 to settle at…

13 JAN – IMF Approves Loan To Struggling OPEC Producer Angola

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

Africa’s second-largest oil exporter Angola has received approval from the International Monetary Fund for a disbursement of over $480 million under a $3.7-billion loan agreement as it continues to struggle with low oil prices and weak exports. Reuters quoted the international lender as praising for its “robust” response to the twin challenge of…

13 JAN – Neglecting Renewables Could Cost Indonesia’s Energy Edge: IEEFA

INTERNATIONAL NEWSBy admin January 20, 2021 Leave a comment

No country is immune to the rapid disruption occurring in the global energy sector. New technological innovations in both supply and demand have changed the technical versus economic discourse. Renewables are now cheaper than any fossil fuel in most parts of the world. And Indonesia’s no exception to this transition as per IEEFA. …

Daily Archives: January 20, 2021