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By Clyde Russell (Reuters) – The world’s biggest crude importer has had a soft start to the year. China added more than 1 million barrels per day (bpd) of crude oil to stockpiles in May as soft imports were outweighed by even weaker refinery processing volumes. A total of 1.08 million bpd was added to China’s …
China Continues to Lift Crude Oil Stockpiling Amid Weak Refinery Runs Read More »
(Reuters) – Japan, a major coal and liquefied natural gas (LNG) buyer, could be energy-independent by 2060 thanks to expansion of solar and wind power together with storage batteries, said Jarand Rystad, chief executive of the Rystad Energy consultancy. Japan imports most of its energy resources, with the Middle East, Australia and the United States …
Japan Could be Energy-Independent by 2060 Thanks to Renewables, Rystad Energy CEO Says Read More »
(Reuters) – More than 800 coal-fired power plants in emerging countries could be decommissioned and profitably replaced by cleaner solar energy starting from the end of the decade, research on Monday showed. Though only a tenth of existing coal plants are scheduled to shut down by 2030, more could close if efforts are made to …
(Reuters) – OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday. The International Energy Agency said in a report on Wednesday it sees oil demand peaking by 2029, levelling off …
OPEC Sees No Peak Oil Demand Long Term, Secretary General Says Read More »
Company makes final investment decision for Ruwais project UAE seeking to become self sufficient in gas, bolster trading The United Arab Emirates’s biggest energy company approved a major liquefied natural gas export terminal as it seeks to tap into a growing global market for the fuel. Abu Dhabi National Oil Co. made the final investment decision to …
Abu Dhabi’s Adnoc Greenlights Its Biggest LNG Export Project Read More »
Analysts at producer and consumer agencies have different takes on how much the world needs. Analysts from the International Energy Agency and the Organization of Petroleum Exporting Countries are growing even further apart on how much oil the world needs. The two agencies have updated their forecasts for the first time since the wider OPEC+ …
OPEC+ Producers Are Caught Between Diverging Oil Forecasts Read More »
(Reuters) – Indian Oil Minister Hardeep Singh Puri on Tuesday announced that state-run Bharat Petroleum Corp plans to build a new refinery and the nation is looking at signing more oil import deals with countries including Russia at discounted rates. Puri, who took charge of the ministry for a second time on Tuesday, said Prime …
India Eyes Oil Deals With Nations Including Russia, Minister says Read More »
(Reuters) – OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024, despite lower than expected use in the first quarter, saying travel and tourism would support consumption in the second half of the year. The Organization of the Petroleum Exporting Countries, in a monthly report, said world …
OPEC Sticks to 2024 Oil Demand Growth Forecast, but Trims Q1 View Read More »
‘This is the first time Canada will enter the global marketplace as a global player, so it is an incredibly important change for the industry’ By Mario Toneguzzi With the recent completions of the Trans Mountain expansion and Coastal GasLink pipelines, and the looming completion of LNG Canada within the next year, there are few major …
A healthy growth in consumer spending and solid summer demand will push the oil market to a 1.3 million barrels per day (bpd) deficit in the third quarter and lift benchmark Brent prices to $86 a barrel, Goldman Sachs said. The bank cut its 2024 oil demand growth forecast by 0.2 million bpd to 1.25 …
Goldman Expects Summer Demand to Lift Brent Crude to $86/Bbl in Q3 Read More »
