INTERNATIONAL NEWS

29 October – Saudi Aramco: Oil Demand Too Weak To Ease OPEC+ Output Cuts

  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 Read more

Posted in INTERNATIONAL NEWS | Leave a comment

29 October – Demand issues to overshadow OPEC+ supply next year: Aramco trading arm chief

  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 Read more

Posted in INTERNATIONAL NEWS | Leave a comment

29 October – Oil, gas to play key role for decades despite energy transition: Petronas CEO

  “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 Read more

Posted in INTERNATIONAL NEWS | Leave a comment

28 October – US sanctions ‘key actors’ in Iran’s oil sector

  The US has imposed fresh sanctions against the Iranian oil sector, for their “financial support” to Tehran’s Islamic Revolutionary Guard Corps-Quds Force (IRGC-QF), according to the Treasury Department. In a statement on Monday, the Department that said its Office of Foreign Assets Control (OFAC) has imposed the sanctions against the Iranian Ministry of Petroleum, Read more

Posted in INTERNATIONAL NEWS | Leave a comment

28 October – Oil traders braced for balancing act in wake of US election

  The US presidential election looks like a binary choice for the energy sector- an incumbent who has championed the fossil fuels industry or a challenger who has vowed to overhaul the world’s largest economy to meet the threat posed by climate change. Yet oil traders are increasingly cautious about casting US president Donald Trump Read more

Posted in INTERNATIONAL NEWS | Leave a comment

28 October – OPEC+ set for a three-month output rollover

  Saudi Arabia and Russia will probably agree to extend their oil production cuts and postpone planned increases when they meet for talks with their OPEC+ partners at the end of November. For tactical reasons, both countries are trying to avoid committing to a rollover until the meeting is closer, seeking to keep their options Read more

Posted in INTERNATIONAL NEWS | Leave a comment

Did not expect a renewed oil-price collapse as seen in the second quarter, says OPEC secretary

  OPEC’s secretary general said on Monday OPEC+ producers did not expect a renewed oil-price collapse as seen in the second quarter, and said producers in the OPEC+ alliance would continue to “stay the course” in balancing the market.   OPEC’s Mohammad Barkindo was giving a speech at the virtual India Energy Forum by CERAWeek.OPEC+ Read more

Posted in INTERNATIONAL NEWS | Leave a comment

Global oil inventories expected to drop below 5-year average in Q2 2021: OPEC

OECD commercial oil inventories are expected to stand slightly above the five-year average through Q1 2021, before dropping below that benchmark for the remainder of the year, OPEC Secretary General Mohammed Barkindo said. The projections are based on latest forecasts, which expect world oil demand in 2020 to contract by 9.5 million b/d, while non-OPEC Read more

Posted in INTERNATIONAL NEWS | Leave a comment

How can the oil and gas sector help in the drive to build back better?

The oil and gas industry has grown accustomed to experiencing shocks throughout the decades, yet the demand contraction of more than 10 million barrels a day in the first half of 2020 during the peak of lockdown provided a glimpse of what a new baseline could look like. In response, according to analysis by Accenture, Read more

Posted in INTERNATIONAL NEWS | Leave a comment

Russia Calls For A Global Response To The Oil Demand Crisis

All players on the global energy market need to act together to tackle the effects of the pandemic on oil demand, Russia’s Energy Minister Alexander Novak said at a virtual meeting of G20 energy ministers this weekend. “Our task, as the leaders of the energy industry, is to show stamina and solidarity in the face Read more

Posted in INTERNATIONAL NEWS | Leave a comment

Pertamina explores possibility of Singapore keeping oil stock in RI

Jakarta (ANTARA) – State-owned oil and gas company PT Pertamina is delving into the possibility of Singapore keeping its fuel oil stock in Indonesia’s refinery.”We will purchase fuel oil from Singapore under a long-term contract, though we want the fuel oil stock to be kept in Indonesia,” Pertamina Logistics and Infrastructure Director Mulyono noted during Read more

Posted in INTERNATIONAL NEWS | Leave a comment

Clashes erupt in oil and gas corridor

At least 16 military and several civilians were killed on Sunday in the heaviest clashes between Armenia and Azerbaijan since 2016, reigniting concern about stability in the South Caucasus, a corridor for pipelines carrying oil and gas to world markets. The clashes between the two former Soviet republics, which fought a war in the 1990s, Read more

Posted in INTERNATIONAL NEWS | Leave a comment

Oil heavyweights Saudi Arabia and Russia look ready for a showdown

Oil producers could be set for another showdown before the end of the year, with heavyweights Saudi Arabia and Russia holding different views on how to approach the halting recovery in oil demand. Renewed restrictions on travel and social gatherings across Europe, along with the tapering of state support packages for companies, are having a Read more

Posted in INTERNATIONAL NEWS | Leave a comment

Russia Remains China’s Top Oil Supplier

Russia was the biggest exporter of crude oil to China last month, for the second month in a row, Reuters reported, citing Chinese customs data. Saudi Arabia came second, but its exports to the world’s top importer fell by 300 percent in August. Russia shipped 1.37 million bpd to China last month, down both on Read more

Posted in INTERNATIONAL NEWS | Leave a comment

China on course for record LNG imports as industries recover

SINGAPORE/BEIJING: China’s imports of liquefied natural gas will likely grow 10 per cent to new highs this year as companies scoop up cheap supplies to cover increasing industrial use and robust residential demand. With its total natural gas use likely expanding at 4-6 per cent this year, China is the only major bright spot on Read more

Posted in INTERNATIONAL NEWS | Leave a comment