Category Archives: INTERNATIONAL NEWS

US sends first shipment of crude to Saudi Arabia in over a decade

The United States sent a shipment of crude to Saudi Arabia in June, data from the US Census Bureau showed on Wednesday, in what appears to be the first such delivery since the US ban on crude exports ended in 2015. The United States shipped about 550,000 barrels, or 18,300 barrels per day (bpd), of…

Opec output up as deal’s first phase ends

Opec members produced 23.25mn b/d in July — up by 970,000 b/d from a 28-year-low in June, when Saudi Arabia, Kuwait and the UAE all delivered cuts in excess of their commitments under the Opec+ output restraint deal. The end of those voluntary reductions drove last month’s increase. July marked the first month-on-month rise in…

Iraq says will make additional oil cuts in August

DUBAI: Iraq said on Thursday it would make an additional cut in its oil production of about 400,000 barrels per day in August to compensate for its overproduction over the past period under the OPEC+ supply reduction pact. Iraq says the oil output cut in August will be over and above the agreed cut for…

LNG Recap – Henry Hub Leads Global Gas Benchmarks Higher

U.S. natural gas prices have surged this week, breaking out of a narrow trading range with the largest single-day increase in more than 18 months and pushing up other benchmarks across the world. A day after Henry Hub jumped 30 cents to finish at $2.10, the September contract gained another 9.2 cents to finish at…

China And The EU Vie For Hydrogen Supremacy

Not so long ago the energy transition was primarily an idealistic concept driven by environmentalists and researchers. The most important impediment was the high costs of clean technologies. The drastically reduced price of PVs, for example, has ensured global attention for the solar industry. A similar situation could enfold concerning emissions-free hydrogen production as China…

Oman Counters Chinese Influence With Two New Energy Megaprojects

Like many Middle Eastern countries in the catastrophic aftermath of Saudi Arabia’s latest oil price war folly against the U.S. shale sector, Oman has been left in the position of having to decide whether to risk becoming a client state of China or to attempt to extricate itself from the financial hole that the Saudis…

Somalia expects to announce winners of first petroleum auction early 2021

CAPE TOWN, Somalia expects to announce the winners of its first oil and gas licensing round early next year, as the country seeks petro dollars to help rebuild its struggling economy, a senior government oil official said on Wednesday. Battered by violence and an Islamist insurgency since clan warlords overthrew a dictator in 1991, Somalia…

IMF- Global Oil Demand Will Shrink By 8% In 2020

The coronavirus crisis will lead to global oil demand dropping by around 8 percent this year compared to last year, the International Monetary Fund (IMF) said in a new report, as carried by Qatari daily The Penunsula. This year, oil prices will be 41 percent lower than in 2019, the IMF said in its ‘Global…

Dangote oil refinery construction on final stages

Dangote oil refinery in Nigeria is on its final stages after heavy lifting company Mammoet completed the lifting and transport work on site. Mammoet is demobilizing equipment it has deployed on the Dangote oil refinery construction site over the past two years. Mammoet was contracted to assist in the construction of the refinery in 2018.…

China Only Fulfils 5% Of Sino-US Energy Trade Deal In First Half Of 2020

China bought only 5% of the targeted $25.3 billion in energy products from the United States in the first half of 2020, falling well short of its trade deal commitments at a time when relations between the two top economies are already sour. China’s imports of crude oil, liquefied natural gas (LNG), metallurgical coal and…