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An oil leak at an oil terminal in Ecuador has resulted in at least 1,200 barrels of crude oil being spilled on a tourist beach in the northwest of the country, causing worrying environmental pollution and leading to the beach being closed for the safety of visitors.
An oil leak at an oil terminal in Ecuador has resulted in at least 1,200 barrels of crude oil being spilled on a tourist beach in the northwest of the country, causing worrying environmental pollution and leading to the beach being closed for the safety of visitors.
U.S. crude oil inventories down. Rebound in demand for distillates, despite a slight fall in diesel compared with last year.
U.S. crude oil inventories down. Rebound in demand for distillates, despite a slight fall in diesel compared with last year.
Gasoline prices in Nigeria are at an all-time high, rising 26% since President Bola Tinubu ended the fuel subsidy in May. Rising prices have provoked protests by rights groups and trade unions, while the country remains dependent on imports due to the poor state of its refineries, despite hopes that Dangote's new refinery will fill the fuel gap.
Gasoline prices in Nigeria are at an all-time high, rising 26% since President Bola Tinubu ended the fuel subsidy in May. Rising prices have provoked protests by rights groups and trade unions, while the country remains dependent on imports due to the poor state of its refineries, despite hopes that Dangote's new refinery will fill the fuel gap.
China's crude oil throughput surges, outpacing GDP growth, indicating potential for economic recovery. Refineries expected to increase throughput to meet domestic demand and boost oil product exports.
China's crude oil throughput surges, outpacing GDP growth, indicating potential for economic recovery. Refineries expected to increase throughput to meet domestic demand and boost oil product exports.
OPEC forecasts a persistent increase in global oil demand in the second half of 2023 and into 2024, supported in particular by a continued rebound in the Chinese economy. The cartel estimates that demand will increase by 2.2 million barrels per day in 2024, with strong growth expected in non-OECD countries, particularly China, the Middle East and other Asian countries.
OPEC forecasts a persistent increase in global oil demand in the second half of 2023 and into 2024, supported in particular by a continued rebound in the Chinese economy. The cartel estimates that demand will increase by 2.2 million barrels per day in 2024, with strong growth expected in non-OECD countries, particularly China, the Middle East and other Asian countries.
Oil operations are resuming at two major fields in Libya after being forced to close by protests following the arrest of a former minister. Tensions linked to power struggles continue to weigh on the exploitation of the country's major oil deposits.
Oil operations are resuming at two major fields in Libya after being forced to close by protests following the arrest of a former minister. Tensions linked to power struggles continue to weigh on the exploitation of the country's major oil deposits.
The UN welcomes the creation of a commission to distribute oil revenues in Libya, amid quarrels and threats to block exports.
The UN welcomes the creation of a commission to distribute oil revenues in Libya, amid quarrels and threats to block exports.
Sinopec and KazMunayGaz join forces to develop a major polyethylene project in Kazakhstan. This collaboration between the two key players in the oil industry aims to strengthen their partnership and exploit their respective advantages to promote mutually beneficial cooperation.
Sinopec and KazMunayGaz join forces to develop a major polyethylene project in Kazakhstan. This collaboration between the two key players in the oil industry aims to strengthen their partnership and exploit their respective advantages to promote mutually beneficial cooperation.
Colombian oil reserves are dwindling faster than expected, allowing domestic supply only until 2030. This alarming situation calls into question the government's energy transition and is causing concern within the oil industry.
Colombian oil reserves are dwindling faster than expected, allowing domestic supply only until 2030. This alarming situation calls into question the government's energy transition and is causing concern within the oil industry.
Aker BP is about to complete drilling of the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area of the Norwegian North Sea. This discovery increases the resource base for the Yggdrasil development, previously estimated at 650 million barrels (gross). Production is scheduled to start in 2027.
Aker BP is about to complete drilling of the Øst Frigg Beta/Epsilon exploration well in the Yggdrasil area of the Norwegian North Sea. This discovery increases the resource base for the Yggdrasil development, previously estimated at 650 million barrels (gross). Production is scheduled to start in 2027.
The United States has renewed the license of four U.S. oil companies to operate in Venezuela for six months, despite the current embargo on Venezuelan oil. This relaxation of sanctions is intended to ensure the safety of personnel and the functioning of operations.
The United States has renewed the license of four U.S. oil companies to operate in Venezuela for six months, despite the current embargo on Venezuelan oil. This relaxation of sanctions is intended to ensure the safety of personnel and the functioning of operations.
Czech oil company Mero has signed an agreement to increase the capacity of the TAL transalpine pipeline, allowing the Czech Republic to free itself from dependence on Russian oil as early as 2025, with $73 million in funding from Mero.
Czech oil company Mero has signed an agreement to increase the capacity of the TAL transalpine pipeline, allowing the Czech Republic to free itself from dependence on Russian oil as early as 2025, with $73 million in funding from Mero.
Petrobras will appeal the ban on drilling near the Amazon, testing the environmental priorities of the Brazilian president. Ibama's decision to block the project is controversial, with experts pointing to shortcomings in the environmental studies. The Brazilian prosecutor's office also recommends rejecting the drilling.
Petrobras will appeal the ban on drilling near the Amazon, testing the environmental priorities of the Brazilian president. Ibama's decision to block the project is controversial, with experts pointing to shortcomings in the environmental studies. The Brazilian prosecutor's office also recommends rejecting the drilling.
Exxon Mobil faces huge revenue losses if the Guyana court does not suspend a ruling requiring unlimited insurance for cleanup in the event of an oil spill or leak, which could lead to production shutdowns and significant financial consequences.
Exxon Mobil faces huge revenue losses if the Guyana court does not suspend a ruling requiring unlimited insurance for cleanup in the event of an oil spill or leak, which could lead to production shutdowns and significant financial consequences.
Russian President Vladimir Putin defended oil production cuts, saying they were necessary to keep prices at a certain level. However, these statements run counter to the assurances of other OPEC+ members, prompting accusations of interference in the global oil market.
Russian President Vladimir Putin defended oil production cuts, saying they were necessary to keep prices at a certain level. However, these statements run counter to the assurances of other OPEC+ members, prompting accusations of interference in the global oil market.
Commercial crude oil reserves rose massively in the U.S., despite increased refinery utilization and higher exports. However, this increase had only a limited impact on oil prices.
Commercial crude oil reserves rose massively in the U.S., despite increased refinery utilization and higher exports. However, this increase had only a limited impact on oil prices.
The cap on Russian oil prices imposed by the EU, G7 and Australia has met its objectives, according to a US Treasury report. Russian oil exports increased in April 2023 compared to March 2022, but Russia is having difficulty finding buyers for its crude.
The cap on Russian oil prices imposed by the EU, G7 and Australia has met its objectives, according to a US Treasury report. Russian oil exports increased in April 2023 compared to March 2022, but Russia is having difficulty finding buyers for its crude.
The U.S. government is soliciting bids for the purchase of three million barrels of crude oil to replenish their strategic reserves. U.S. Secretary of Energy Jennifer Granholm confirms that the purchase process will begin in June after completing the legal requirements for sale.
The U.S. government is soliciting bids for the purchase of three million barrels of crude oil to replenish their strategic reserves. U.S. Secretary of Energy Jennifer Granholm confirms that the purchase process will begin in June after completing the legal requirements for sale.
Iraq's oil minister says there will be no further OPEC+ oil production cuts at its next meeting in June. The decisions taken at this meeting will play a crucial role in the future of the oil market.
Iraq's oil minister says there will be no further OPEC+ oil production cuts at its next meeting in June. The decisions taken at this meeting will play a crucial role in the future of the oil market.
Colombian motorists are facing an unprecedented increase in gasoline prices, following the removal of government subsidies. This decision aims to reduce the public deficit and promote a sustainable environmental policy, but it has led to high inflation and criticism from citizens.
Colombian motorists are facing an unprecedented increase in gasoline prices, following the removal of government subsidies. This decision aims to reduce the public deficit and promote a sustainable environmental policy, but it has led to high inflation and criticism from citizens.
Opec is maintaining its forecast for global oil demand growth, driven by non-OECD countries, despite economic and geopolitical uncertainties. Oil prices have fallen, prompting OPEC to cut production to support prices.
Opec is maintaining its forecast for global oil demand growth, driven by non-OECD countries, despite economic and geopolitical uncertainties. Oil prices have fallen, prompting OPEC to cut production to support prices.
The U.S. Energy Information Administration (EIA) released its May Short-Term Energy Outlook, revising its 2023 Brent crude oil forecast downward to $78.65 per barrel. Although demand for liquid fuels is expected to increase in 2023, OPEC+ oil production is expected to decline due to voluntary reductions.
The U.S. Energy Information Administration (EIA) released its May Short-Term Energy Outlook, revising its 2023 Brent crude oil forecast downward to $78.65 per barrel. Although demand for liquid fuels is expected to increase in 2023, OPEC+ oil production is expected to decline due to voluntary reductions.
The Al-Zour refinery in Kuwait recently restored its crude distillation units 1 and 2, allowing a significant increase in production to 345,000 barrels per day. This improvement has also allowed the country to take advantage of its local production by supplying a shipment of LSFO for domestic electricity.
The Al-Zour refinery in Kuwait recently restored its crude distillation units 1 and 2, allowing a significant increase in production to 345,000 barrels per day. This improvement has also allowed the country to take advantage of its local production by supplying a shipment of LSFO for domestic electricity.
The Church of England pension fund will vote against the reappointment of Shell executives. The decision is symbolic because the pension fund has only a small stake in Shell, whose strategy to be carbon neutral by 2050 or earlier remains unchanged.
The Church of England pension fund will vote against the reappointment of Shell executives. The decision is symbolic because the pension fund has only a small stake in Shell, whose strategy to be carbon neutral by 2050 or earlier remains unchanged.

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