Auto Added by WPeMatico
BP to cut 4,700 staff this year Another 3,000 contractor positions to be cut CEO aims to cuts at least $2 bln in costs by 2026 (Reuters) – BP will cut over 5% of its global workforce, it said on Thursday, as part of CEO Murray Auchincloss’ efforts to reduce costs and rebuild investor confidence …
The latest IEA’s Monthly Oil Statistics report including October 2024 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 2.1% in October 2024 compared to October 2023. Refinery gross output of total products increased by 1.4% on a year-on-year basis. Net deliveries of total products increased …
The latest IEA’s Monthly Gas Statistics report including October 2024 data shows that for Total OECD: Production of natural gas decreased by 1.0% compared to October 2023. Imports (entries)1 of natural gas remained stable (0.0%) compared to October 2023, and total OECD exports (exits)1 decreased by 0.7% in the same period. Gross consumption of natural …
(Reuters) – OPEC forecast on Wednesday world oil demand in 2026 will rise at a similar rate to this year, while reducing its figure for 2024 for a sixth time, following economic weakness in China, the world’s biggest importer of oil. The 2026 forecast is in line with the Organization of the Petroleum Exporting Countries’ …
In First Look at 2026, OPEC Predicts Ongoing Oil Demand Growth Read More »
(Reuters) – The liquefied natural gas (LNG) vessels due to load at two newly sanctioned Russian export terminals are set to deliver their cargoes mostly to Europe and also to Asia, shiptracking data showed on Tuesday. The U.S. on Friday imposed its broadest package of sanctions so far targeting Russia’s oil and gas revenues in …
LNG Vessels Due to Load at Sanctioned Russian Terminals Set for Europe, Asia, Data Shows Read More »
(Reuters) – Russia’s leading tanker group, Sovcomflot, said on Tuesday that new U.S. sanctions would create additional operational difficulties and accused the West of undermining the global system of merchant shipping. “The company’s vessels do not belong to the ‘shadow fleet’”, Sovcomflot said. “The sanctions against Sovcomflot are not motivated by violations on the part …
Russia’s Sovcomflot Says New U.S. Sanctions Create Operational Difficulties Read More »
(Reuters) – BP warned on Tuesday that lower production, weak refining margins and sluggish trading would see its profit in the fourth quarter of 2024 fall from the previous three months. Since taking the helm a year ago, CEO Murray Auchincloss has scaled back the firm’s energy transition strategy in an effort to boost profits …
BP Warns of Fourth Quarter Profit Hit as Production and Refining Margins Fall Read More »
Summary • Norway awards exploration permits to 20 companies • Must drill to uphold oil, gas output, energy minister says • Also prepares for more Arctic exploration • Demonstrators, including Thunberg, protest against move SANDEFJORD, Norway, Jan 14 (Reuters) – Norway on Tuesday awarded stakes in 53 offshore oil and gas exploration licences to 20 …
Norway Awards Oil, Gas Drilling Permits, Plans Arctic Push Read More »
Province’s leader met with president-elect at Mar-a-Lago Ottawa shouldn’t make ‘empty’ threats to curb exports: Smith Canadians should be prepared to face US tariffs once Donald Trump assumes the presidency next week, with no exemptions for oil, Alberta Premier Danielle Smith warned after meeting the president-elect in Florida. The conservative leader of Canada’s main oil-producing province met with Trump at his …
Canada’s Reality: Trump’s Tariffs Are Coming and Will Include Oil, Alberta Premier Warns Read More »
Summary • VLCC rates for Mideast to China up 39% since Friday • Shipping costs for Russian ESPO Blend to China more than double – S&P Global • Fleet tightness could worsen if shadow fleet seeks new vessels – Kpler (Reuters) – Supertanker freight rates jumped after the U.S. expanded sanctions on Russia’s oil industry, …
Oil Shipping Rates Surge After U.S. Sanctions Hit Availability Read More »
