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(Reuters) – Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand. The weakness is a further sign of soft consumer and industrial demand, …
Global Refiners Face Profit Slump as New Plants Come Online Read More »
(Reuters) – Saudi Arabia’s crude oil exports in July fell to their lowest level in nearly a year, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. The country’s oil exports stood at 5.741 million barrels per day (bpd) in July, their lowest level since August 2023. Saudi Arabia is world’s largest exporter …
Saudi Arabia’s Crude Oil Exports in July Hit Almost One-Year Low Read More »
The Indian Apartment Behind Russian Efforts to Break US Gas Sanctions A network stretching from Dubai to China is involved in a multi-billion dollar effort to ship gas from Russia’s Arctic LNG facility. The crayon marks on the wall of the sparsely furnished apartment hint at it being a conventional family home. But the single …
Russia’s LNG Shadow Fleet Looks to Circumvent US Energy Sanctions Read More »
(Reuters) – The world’s largest oil producer, Saudi Aramco, wants to become a major liquefied natural gas player, the head of its natural gas business said on Tuesday. Saudi Aramco has taken the first steps to reach a goal of becoming a major LNG player, said Abdulkarim Al-Ghamdi, an Aramco executive vice president, at the …
Saudi Aramco Wants to be a Major LNG Gas Player, Gas Chief Says Read More »
Energy major to sell its onshore wind business in the US Firm to divest part of gas-pipeline stake in $1 billion deal BP Plc on Monday announced plans to sell its onshore wind business in the US as the oil and gas giant scales back its exposure to renewables and focuses on its core business. Earlier in the …
Summary Azerbaijan sets out ambitions for COP29 Summit Countries need to set new financing target Developing nations need more financial aid from wealthier countries Baku outlines more than a dozen side initiatives LONDON, Sept 17 (Reuters) – Less than two months ahead of the COP29 United Nations Climate Summit, the Azerbaijani leadership laid out its …
COP29 Leaders Unveil Climate Funding and Energy Storage Goals Read More »
Sept 13 (Reuters) – U.S. energy firms this week added oil and natural gas rigs for the first time in five weeks in the biggest weekly rise in a year, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future …
US Drillers Add Oil and Gas Rigs for First Time in Five Weeks, Baker Hughes Says Read More »
Summary IEA’s 2024 demand growth forecast cut by 7.2% Projection for 2025 remains unchanged Oil prices pare gains after report (Reuters) – The International Energy Agency (IEA) has cut its 2024 oil demand growth forecast by 70,000 barrels per day (bpd), or about 7.2%, to 900,000 bpd, it said in its monthly oil market report …
IEA Cuts 2024 Oil Demand Growth Forecast on China Slowdown Read More »
Summary Makes second cut in 2024 oil demand growth forecast Sees headwinds for China’s diesel, gasoline demand going forward IEA to publish updated forecasts on Thursday (Reuters) – OPEC on Tuesday cut its forecast for global oil demand growth in 2024 reflecting data received so far this year and also trimmed its expectation for next …
OPEC Again Lowers 2024, 2025 Global Oil Demand Growth View Read More »
(Reuters) – India wants oil producers group OPEC and its allies to raise oil output as there are countries such as India where fuel demand is rising, the nation’s oil secretary Pankaj Jain said on Thursday. The Organization of the Petroleum Exporting Countries (OPEC) and allies, together called OPEC+, last week agreed to delay a planned oil …
India Wants OPEC+ to Raise Oil Output, Oil Secretary Says Read More »
