Energy – Russia denies OPEC+ considering supply increase Oil prices came under further pressure yesterday. ICE Brent briefly traded below US$83/bbl and to its lowest level since mid-March. A dampening factor was a report that Russia’s deputy prime minister, Alexander Novak, said that OPEC+ was looking at the possibility of increasing oil output. However, Novak has since denied that the group is considering a potential increase in supply. Expectations are that members will extend their additional voluntary supply cuts beyond the second quarter of this year. Our oil balance suggests ...

The American Petroleum Institute (API) on Tuesday reported an increase of 0.509 million barrels of crude oil in U.S. inventories for the week ending May 3. Analysts were expecting a drop of 1.430 million barrels for the week. The API reported a hike of 4.906 million barrels in the previous week. Oil prices inched down on Tuesday. The West Texas Intermediate for June delivery lost 10 cents, or 0.13 percent, to settle at 78.38 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery decreased ...

Asian refiners are considering cuts to refined fuel output in the coming months, with some already trimming production in May, after excess diesel supplies squeezed profits, traders and analysts said. Refiners also face higher crude costs after Saudi Arabia on Sunday raised prices for June-loading cargoes to their highest in five months. Lower refinery output could cap crude demand in Asia, home to top importers including China, India and Japan and weigh on global prices. Refining margins in Singapore, the Asia bellwether, slipped under $4 a barrel in April from ...

Russian Deputy Prime Minister Alexander Novak said on Tuesday that the OPEC+ group of leading oil producers had already agreed to act on oil production if necessary, the Interfax news agency reported. He also said there was no need to predict further OPEC+ action while the situation on the market needs tobe analysed. Novak reiterated that OPEC+ has the option of increasing oil production. “It always depends on the current situation, the balance of supply and demand. Everything is analysed. Now you don’t need to predict anything, you just need ...

Exxon Mobil XOM.N will take 18 to 24 months to achieve its full production synergies from its $60 billion purchase of U.S. shale oil producer Pioneer Natural Resources, the company’s top shale executive said on Friday. Exxon this week closed all-stock acquisition after agreeing to an antitrust consent order that barred the former Pioneer CEO from joining its board and is moving in coming weeks to combine operations that will form the largest oil producer in the Permian basin. “You will see (oil production) grow pretty rapidly, year over year,” ...

The U.S. Energy Department is seeking to purchase up to 3.3 million barrels of oil to replenish the Strategic Petroleum Reserve (SPR), it said in a statement on Tuesday. The SPR is still near 40-year lows after President Joe Biden directed the largest ever sale of 180 million barrels from the reserve after Russia’s 2022 invasion of Ukraine. The Biden administration recently stopped buying back oil for the reserve as crude has been trading above the $79 per barrel price it wants to pay to purchase oil. Biden’s energy adviser, ...

On the occasion of the state visit to France by the President of the People’s Republic of China, TotalEnergies, represented by Patrick Pouyanné, Chairman and CEO, and China Petroleum and Chemical Corporation (“SINOPEC”), represented by Ma Yongsheng, Chairman, signed a strategic cooperation agreement to deepen their collaboration, notably in low-carbon energies. TotalEnergies and SINOPEC have been working together for many years, notably in Angola and Brazil in Upstream operations, and more generally in various domains such as oil, LNG, oil product trading, and engineering. Recently, the companies have joined forces ...

Dutch and British wholesale gas prices mostly rose on Tuesday morning on concerns over geopolitical tensions and forecasts for lower wind production. The benchmark front-month contract at the Dutch TTF hub was down 0.89 euro at 30.90 euros per megawatt hour (MWh) by 0846 GMT, while the July contract was up 1.05 euro at 31.85 euros/MWh, according to LSEG data. In the British market, the day-ahead price was up 2.80 pence at 76.30 pence per therm. Wind power output in north-west Europe and Britain is forecast to be low until ...

Abu Dhabi oil giant ADNOC’s production capacity has reached 4.85 million barrels per day (bpd), it said in a post on its website, up from the 4.65 million bpd it reported at the end of last year. The United Arab Emirates has plans to raise its production capacity to 5 million bpd by 2027. The OPEC producer has seen its baseline production figure increase in the past year, and it could rise further as it is one of a few countries working to boost production capacity. Source: Reuters (Reporting by ...

Asia’s gasoline markets were steady on Tuesday amid scanty trades at the deals window after reports of Chinese new refined products export quota. The refining profit margin for gasoline GL92-SIN-CRK was little changed at $10.56 per barrel over Brent crude. China has issued its second batch of refined fuel export quotas for 2024, totalling 18 million metric tons, Chinese consultancies and trade sources said on Tuesday. The export volumes, comprising 14 million tons of refined products and 4 million tons of marine fuel, were allotted primarily to state-owned refiners. The ...

La The Port Authority of Valencia (PAV) has received three bids for the public tender for the adaptation and exploitation under administrative concession of the nautical-sports facilities in the northern area of the Port of València (management of La Marina) up to 12 noon today, when the deadline for receipt of bids closed. It is the PAV’s will to achieve excellent nautical-sports facilities, which provide a substantial improvement in the quality of the services provided to users and recreational craft, as well as a closer relationship with the city that ...

Marlink, the leading smart networks and digital solutions company, has completed a fleet-wide upgrade of its hybrid network solution for long-time client Simon Møkster Shipping to accelerate the company’s digitalisation programme. The upgrade to Marlink’s Sealink Nextgen solution, which includes the Starlink LEO service, enables the company to utilise standard office software applications including MS-TEAMS as its default collaboration platform and primary voice channel. Simon Møkster Shipping sought a hybrid solution that would optimise its operations around high throughput connectivity and managed networks, reflecting the challenging locations in which its ...

The Rio Grande port, located in Brazil’s southernmost state of Rio Grande do Sul, is operating normally, according to a statement from the state’s port authority on Tuesday, which added the facility was not affected by the rise in the level of the Laguna dos Patos lagoon. Heavy rains and flooding have devastated Rio Grande do Sul in the past few days, leaving entire towns and grains fields underwater, killing livestock and destroying critical infrastructure. Source: Reuters (Reporting by Roberto Samora, Writing by Ana Mano, Editing by Franklin Paul)

Ports in Sarawak will come under a single central authority with the passing of the Sarawak Ports Authority Bill in the state legislative assembly on Tuesday. Deputy Premier Datuk Amar Douglas Uggah, who tabled the Bill, said a central port authority was needed in tandem with the crucial role of ports in Sarawak’s economic development. He said a centralised authority would improve efficiency, strategic planning, service quality, economies of scale, negotiating power, environmental management and security in port management. “The model of centralisation could help Sarawak ports become more competitive ...

Asia’s fuel oil benchmarks were largely steady on Tuesday after a recent rally, though 380-cst high sulphur fuel oil (HSFO) cracks clung to nine-month highs. The market is largely expected to retain strength in the second quarter due to seasonal demand expectations, according to trade sources and analysts. The 380-cst HSFO/Dubai crack FO380DUBCKMc1 closed at discounts of about $5.30 a barrel on Tuesday, while cash differentials were pegged slightly higher at premiums of $7.90 a metric ton. Backwardation held stable to firmer for the market. Meanwhile, cracks for very low ...