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Oil supplies from Russia to China increased to 1.83 mln barrels daily as of the end of September 2020, Argus price agency says on Friday. “Russia ranks second with 1.83 mln barrels per day,” Argus says. This is the highest import figure since June. “CNPC started pipeline deliveries of ESPO [Russian export oil blend – TASS] blend to their refinery in Daqing (Heilongjiang Province) with the capacity of 190,000 barrels daily, where the upgrade has been completed recently. China in total purchased 504,000 barrels per day of ESPO blend,” Argus ...

LNG prices are expected to stay in a lower-for-longer phase over the medium to long term on the back of strong global gas supply, which will benefit buyers and support the growth of natural gas demand against competing fuels, analysts and executives said at the S&P Global Platts LNG & Hydrogen Conference. Lower prices would mean that buyers remain secure about the availability of gas, there are fewer long-term supply agreements, and sellers continue to struggle to find offtakers for LNG export projects awaiting a final investment decision. “If you ...

Coal deliveries to US power plants rose to a seven-month high 40.53 million st in August, up 8.3% from the previous month, but 20.6% lower than the year-ago month, data from the US Energy Information Administration data showed Oct. 30. The shipments in August were the lowest in over 13 years for the corresponding month and was also down 33.5% from the five-year average. Subbituminous coal deliveries were at 22.46 million st in August, up from 20.42 million st in July and 28.64 million st in the year-ago month. Bituminous ...

Asian spot prices for liquefied natural gas (LNG) jumped nearly 9% this week from a week ago, as demand continued to rebound in the region’s key importing countries ahead of winter. The average LNG price for December delivery into Northeast Asia LNG-AS was estimated at about $7.50 per million British thermal units (mmBtu), up 60 cents from the previous week. Asian spot LNG prices have jumped by more than 40% since the start of the month due to firm demand and production issues. Oil major BP this week sold an ...

Iraqi oil minister Ihsan Ismaael has denied a Reuters report that said Iraq wants to seek an exemption from OPEC+ output cuts in 2021, calling the report “baseless” and reaffirming the country’s support for the curbs agreed in April. “Iraq welcomed the production adjustment decision reached in April 2020 by all participating countries,” the minister said Oct. 30, according to a statement from state oil marketer SOMO. “Iraq is very keen on achieving stability and balance on the international oil market.” A Reuters report published Oct. 29 and quoting OPEC ...

Crude throughputs at China’s refineries extended the falling trend in October, with both state-owned oil companies and independent refineries cutting run rates amid weakening refining margins. Combined run rates at the four state-owned oil companies — Sinopec, PetroChina, CNOOC and Sinochem — averaged 78.9% in October, down from 81.5% in September, data collected by S&P Global Platts showed on Oct. 28. It was the fourth monthly consecutive drop since July, when it was 83.1%, a six-month high, Platts data showed. Sinopec, the world’s biggest refiner by capacity, led the cut ...

One of China’s most important political meetings of the year concluded on October 29. It was the fifth plenary session of the 19th Central Committee of the Communist Party of China (CPC). CGTN analyzed the key words and phrases from the communique released after the session. Here’s a quick look at what it offers! The word “development” was mentioned 72 times. This included terms like “high-quality development”, “social and economic development,” “green development” and “new development pattern.” This last one refers to the “double development dynamic” – the idea of ...

China’s factory activity expanded at a slightly slower pace in October but was slightly above analysts’ expectations, suggesting a continuing economic recovery as the country rebounds from the coronavirus shock. The official manufacturing Purchasing Manager’s Index (PMI) fell to 51.4 in October from 51.5 in September, data from the National Bureau of Statistics showed on Saturday, remaining above the 50-point mark that separates growth from contraction. Analysts had expected it to slip slightly to 51.3 but said a broader recovery still appeared to be solidly on track. The data, particularly ...

Samsung Heavy Industries Co. has won a lawsuit against Pacific Drilling S.A. (PDC), an American offshore drilling company, eliminating the risk related to the years-long legal battle. According to industry sources on Wednesday, a high court in London rejected PDC’s appeal against an earlier ruling by an arbitration tribunal in London. In January, the court had ordered PDC to compensate $318 million to Samsung Heavy for cancellation of a drill ship order. The South Korean shipbuilder received the order from PDC in 2013 to build a drill ship. But the ...

Canadian crude producers are churning out extra barrels to finish their hardest year in decades on a higher note, after Alberta’s government lifted restrictions and as demand for heavy oil surged. Some companies in Canada, the world’s fourth-largest producer, continued to post big losses in the third quarter, swelled by impairment charges related to pandemic travel restrictions that have depressed fuel demand. Producers cut 972,000 barrels per day (bpd) in spring when prices set new lows, dropping production to about 4 million bpd. They have since restored all but 270,000 ...

The number one question I get asked these days is, “what’s the future of the IOC business model”? International Oil Companies (IOCs) have been under tremendous pressure since the global COVID-19 pandemic emerged. Oil prices have collapsed (along with their share prices). Not only has global oil demand fallen sharply as COVID-related shutdowns impacted transportation, but fears of long-term decline have gained traction in the face of renewed focus on sustainability. Industry analysts are now racing to reduce their future oil demand forecasts and accelerate the timing of “peak oil” ...

The U.S. oil and natural gas rig count rose in October for the third straight month and drillers added the most rigs in a month since May 2018 as some returned to the well pad after crude prices steadied. The oil and gas rig count, an early indicator of future output, rose for a seventh week, growing by nine to 296 in the week to Oct. 30, energy services firm Baker Hughes Co said in its closely followed report on Friday. That, however, was still 526 rigs, or 64%, below ...

Exxon’s money machine is broken. At least at these oil prices. The oil giant posted a loss of $680 million today, its second quarterly loss in a row, following a $1 billion hit in the second quarter. Exxon received an average $37 per barrel for its U.S. crude oil in the third quarter, a big improvement on its average $21/bbl in the second quarter — but not enough. CEO Darren Woods in a prepared statement said the company was taking bold measures to navigate the “unprecedented down cycle.” Those moves ...

The global petrochemical capacity is poised to see considerable growth by 2030, potentially increasing from 2,129.0 million tonnes per annum (mtpa) in 2019 to 3,029.1 mtpa in 2030, registering a total growth of 42%. China is expected to add 28% of the global capacity additions by 2030, says GlobalData, a leading data and analytics company. The company’s report, ‘Global Petrochemical Capacity and Capital Expenditure Outlook, 2020-2030’ reveals that China accounts for the highest capacity additions with the capacity of 242.2 by 2030. Major capacity additions will be from the plant, ...

Warnings, advisories and piracy incidents in the Indian Ocean Area by the UKMTO in the past week.