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Ecuador: at least 1,200 barrels of crude oil spill on a Quito beach
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.
Ecuador: at least 1,200 barrels of crude oil spill on a Quito beach
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.
USA: smaller than expected drop in crude oil inventories
U.S. crude oil inventories down. Rebound in demand for distillates, despite a slight fall in diesel compared with last year.
USA: smaller than expected drop in crude oil inventories
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 soar with the arrival of private companies
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.
Design sans titre(67)
Gasoline prices in Nigeria soar with the arrival of private companies
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.
Design sans titre(67)
China’s Crude Oil Throughput Soars in H1 2023, Outpacing GDP Growth
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.
DOE invests 1B in clean hydrogen, driving a carbon-free economy and job creation. (4)
China’s Crude Oil Throughput Soars in H1 2023, Outpacing GDP Growth
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.
DOE invests 1B in clean hydrogen, driving a carbon-free economy and job creation. (4)
Libya: production resumes at two major oilfields
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.
Libya: production resumes at two major oilfields
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.
OPEC relies on China to support oil demand
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.
OPEP
OPEC relies on China to support oil demand
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.
OPEP
An Unexpected Jump in U.S. Crude Oil Inventories
Design sans titre(32)
An Unexpected Jump in U.S. Crude Oil Inventories
Design sans titre(32)
TotalEnergies and INEOS integrate their petrochemical assets
TotalEnergies
TotalEnergies and INEOS integrate their petrochemical assets
TotalEnergies
Libyan Oil: UN Welcomes Agreement on Revenue Management
The UN welcomes the creation of a commission to distribute oil revenues in Libya, amid quarrels and threats to block exports.
ONU Libye
Libyan Oil: UN Welcomes Agreement on Revenue Management
The UN welcomes the creation of a commission to distribute oil revenues in Libya, amid quarrels and threats to block exports.
ONU Libye
Sinopec and Kazakhstan reach agreement on polyethylene project
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.
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Sinopec and Kazakhstan reach agreement on polyethylene project
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.
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Colombia: oil industry concerned about falling crude reserves
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.
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Colombia: oil industry concerned about falling crude reserves
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.
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Aker BP: Oil discovery near Yggdrasil
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.
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Aker BP: Oil discovery near Yggdrasil
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.
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Venezuela: Washington extends operating permits for 4 oil companies
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.
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Venezuela: Washington extends operating permits for 4 oil companies
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.
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Prague signs agreement to end dependence on Russian oil
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.
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Prague signs agreement to end dependence on Russian oil
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.
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Brazil: Petrobras to appeal drilling ban near the Amazon
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.
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Brazil: Petrobras to appeal drilling ban near the Amazon
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.
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Guyana: Exxon unhappy with court ruling requiring pollution insurance
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.
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Guyana: Exxon unhappy with court ruling requiring pollution insurance
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.
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Putin defends cuts in oil production to maintain prices
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.
Putin defends cuts in oil production to maintain prices
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.
USA: new surprise rise in crude oil inventories, drawdown of strategic reserves
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.
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USA: new surprise rise in crude oil inventories, drawdown of strategic reserves
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.
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Russia’s oil price cap hit its targets, says U.S. Treasury report
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.
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Russia’s oil price cap hit its targets, says U.S. Treasury report
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.
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The United States wants to buy 3 million barrels for its strategic reserves
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.
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The United States wants to buy 3 million barrels for its strategic reserves
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.
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Hayan Abdel-Ghani announces no further Iraqi oil cuts
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.
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Hayan Abdel-Ghani announces no further Iraqi oil cuts
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.
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Colombia: the unstoppable rise in the price of once cheap gasoline
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.
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Colombia: the unstoppable rise in the price of once cheap gasoline
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.
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OPEC maintains its global demand forecast for 2023
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.
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OPEC maintains its global demand forecast for 2023
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.
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Economic woes lead to a lower price outlook from the U.S. EIA
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.
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Economic woes lead to a lower price outlook from the U.S. EIA
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.
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Al-Zour refinery in Kuwait restores production
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.
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Al-Zour refinery in Kuwait restores production
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.
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Shell: Anglican Church Pension Fund Against Transition Plan
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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Shell: Anglican Church Pension Fund Against Transition Plan
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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