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Summary Chinese, US demand seen lagging forecasts Not clear if Q3 demand is growing fast, two OPEC sources say Worries of US recession add to pressure on oil LONDON, Aug 9 (Reuters) – Global oil demand growth needs to accelerate in coming months or the market will struggle to absorb an increase in oil supply that OPEC+ …
Global Oil Demand Needs to Rise Faster to Absorb OPEC+ Hike Read More »
Occidental Petroleum on Thursday said it will focus on cutting debt and catching up with promised production goals before an eagerly anticipated expansion of its cash distribution program. The U.S. oil producer posted better-than-expected second quarter results on Wednesday, largely due to strong production in Colorado, lower operating costs and onetime strong midstream earnings, which …
Occidental Delays CrownRock Output Goals, Turns to Debt Reduction Read More »
Oil prices have retreated in recent weeks as traders look past the current depletion in global inventories to focus on the future threat posed by a possible slowdown in the major economies. Commercial stocks of crude and refined products in the advanced economies belonging to the Organization for Economic Cooperation and Development (OECD) amounted to …
Oil Traders Ignore Dwindling Stocks to Focus on Economy: John Kemp Read More »
Shipping giant A.P. Moller-Maersk A/S is in the process of securing 50-60 vessels as part of its fleet renewal program, including ships that will be able to run on liquefied natural gas, a fuel the company has criticized in the past. The order is for a mix of owned and chartered dual-fuel vessels totaling 800,000 twenty-foot equivalent units — a …
Maersk Changes Its Tune on LNG With Big Ship Order Read More »
Lack of pipeline capacity for excess gas hinders profits Firm still expects to beat original 2024 oil output forecasts Diamondback Energy Inc. reduced some of its oil production in the second quarter to trim natural-gas output because there isn’t enough pipeline capacity to ship gas that’s pumped alongside the crude. After years of operators flaring …
Diamondback Curtails Some Oil Production to Reduce Gas Output Read More »
Summary Insurers cover Russia oil cargoes if sold below $60/bbl Russia Urals crude sold for $69.4/bbl so far this year-LSEG data Insurers, ship owners not expected to investigate the price Rely on ‘attestations’ from parties to Russian oil trade Top insurer group says process is ‘flawed’ (Reuters) – A group of Western insurers have provided …
Exclusive: Western Insurers Provide Cover for Russian Oil Despite Price Cap Concerns Read More »
Harbour Energy posts first-half profit, narrows FY production outlook Aug 8 (Reuters) – Harbour Energy, the largest British North Sea oil and gas producer, reported a net profit for the first half of the year from a year-earlier loss and narrowed its full-year 2024 total production outlook on Thursday. Following a spike in energy prices …
Harbour Energy Posts First-Half Profit, Narrows FY Production Outlook Read More »
(Reuters) – Heavy fighting near the Russian town of Sudzha, where Russian gas flows into Ukraine, has raised concerns over a sudden stop to transit flows via Ukraine before a five-year deal with Russia’s Gazprom expires. The Ukraine gas transit route enables Russia to export gas to Europe via Ukraine. The transit deal is set …
Explainer: What happens if Russian Gas Transit via Ukraine Stops? Read More »
(Reuters) – Oil prices held steady on Thursday after two sessions of gains, with growing supply risks in the Middle East offsetting demand concerns that had pushed prices to their lowest since early 2024 at the start of the week. Brent crude futures fell 8 cents, or 0.1%, to $78.25 a barrel by 1100 GMT. …
(Reuters) Major U.S. natural gas producers are preparing to further curtail production in the second half of 2024, after prices sank nearly 40% over the past two months. Henry Hub gas futures have dropped to around $2 per million British thermal units (mmBtu), while in West Texas, Waha prices have turned negative a record number …
US Natural Gas Producers Eye More Output Cuts as Prices Sink Read More »
