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Russia Braces For Oil Output Cuts As Sanctions And Drones Hit

Russia may be forced to throttle back its oil output in the coming months as U.S. sanctions hamper its access to tankers to sail to Asia and Ukrainian drone attacks hobble its refineries. The United States imposed sanctions last month that targeted 180 Russian tankers while Kyiv has stepped up drone attacks to improve its bargaining position amid expectations that U.S. President Donald Trump will press Russian leader Vladimir Putin to negotiate an end to the war in Ukraine. Trump has said stopping the conflict is a priority and that ...

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Global energy demand fuels midstream outlook

Key takeaways • Midstream energy infrastructure should continue to capitalize on the need to ensure power grid stability and meet energy demand from a variety of sources, such as artificial intelligence (AI) and data centers. • The sector remains well-positioned to benefit from growing US hydrocarbon production volumes while maintaining limited commodity price exposure. • Increased mergers and acquisitions (M&A) activity under a new presidential administration could provide a catalyst for investors to embrace the new midstream energy business model, while any move toward less stringent permitting for pipelines would ...

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US drillers add oil and gas rigs for third week in a row – Baker Hughes

U.S. energy firms this week added oil and natural gas rigs for a third week in a row for the first time since December 2023, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, rose by two to 588 in the week to February 14. Despite this week’s rig increase, Baker Hughes said the total count was still down 33 rigs, or 5% below this time last year. Baker Hughes said oil rigs rose ...

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North Sea Crude-Differentials stable at week’s end

North Sea Forties and U.S. WTI Midland crude differentials were unchanged on Friday, as offer levels for both grades came in above recent trades. PLATTS WINDOW * Indications are on a free-on-board (FOB) basis unless marked as cost, insurance and freight (CIF) or delivered at place (DAP). * There were no trades on Friday. * Forties: Chevron bid for a March 8-14 cargo at dated Brent minus 40 cents. * Forties: TotalEnergies offered a March 6-8 cargo at dated Brent plus 65 cents. * Forties: Unipec withdrew an offer for ...

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Cyprus and Chevron-led group agree on updated plan for offshore field

Cyprus and a Chevron-led consortium have agreed on an updated development plan over an offshore gas field off Cyprus, a joint statement by the two sides said on Friday. There had been protracted talks on the future development of the Aphrodite gas field south-east of Cyprus since Chevron attempted to introduce changes to a 2019 field development plan. That plan had been agreed between Cyprus and Noble, the former licence-holder and an independent energy operator Chevron acquired in 2020. The approved Development and Production Plan (DPP) announced on Friday includes ...

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Grades rise as WTI-Brent spread widens, encouraging export demand

Grades broadly rose on Friday, dealers said, as the WTI-Brent spread widened to its largest discount since the end of January, according to LSEG. The spread between U.S. West Texas Intermediate and Brent crude futures widened to as much as minus $4.04 per barrel during the session, its widest since Jan. 31. Minus $4 per barrel is typically considered the level that encourages U.S. exports, as traders see an open arbitrage route. U.S. President Donald Trump signed an executive order in the Oval Office on Friday creating a new energy ...

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Discount on Western Canada Select heavy crude steady

The discount of Western Canada Select (WCS) heavy crude to the North American benchmark West Texas Intermediate futures (WTI) was steady on Friday: * WCS for March delivery in Hardisty, Alberta, settled at $13.15 a barrel under WTI, according to brokerage CalRock, having also ended at a $13.15 discount on Thursday. * The discount on Canadian heavy crude prices has been easing since February 5, when it sat at $14 a barrel under WTI. * Global oil prices settled down on Friday on prospects for a peace deal between Russia ...

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BP says production starts at second phase of Egypt’s Raven field

BP has started production from the second development phase of the Raven field offshore Egypt, the global oil company said on Sunday. BP said in a statement that the new wells are set to produce approximately 220 billion cubic feet of gas and 7 million barrels of condensate. Egypt has been struggling with a decline in natural gas output and in September 2024 its domestic supplies fell to a seven-year low. The decline has turned the country back into being a net importer, buying dozens of cargoes, but it has ...

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Petrobras starts production at Buzios field with high-capacity vessel

Brazil’s state-run oil firm Petrobras said on Saturday that its Almirante Tamandare vessel began production at the Buzios field, with the potential to produce up to 225,000 barrels of oil per day (bpd). In a securities filing, the company said this was the first high-capacity unit installed in the field, located in the pre-salt layer of the Santos Basin, and will help lift Buzios’ output to 1 million bpd by the second half of 2025. “Shortly, it is anticipated that Buzios will become Petrobras’ largest production field, with the goal ...

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Trump signs order to establish council for boosting U.S. oil, gas production

U.S. President Donald Trump signed an executive order Friday on establishing a new council to boost U.S. production and export of fossil fuels. Tasked with driving up U.S. domestic oil and gas production, partly for export, the National Energy Dominance Council will be chaired by Secretary of the Interior Doug Burgum. As Trump was signing the executive order inside the Oval Office, Burgum said he signed a license earlier in the day, which would allow the Commonwealth LNG in the U.S. state of Louisiana to export liquified natural gas (LNG), ...

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Oil to snap three-week losing streak as trade war fears ease

Oil prices rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. plans for global reciprocal tariffs would not come into effect before April, providing more time to avoid a trade war. Brent futures were up 37 cents, or 0.49%, at $75.39 a barrel by 1418 GMT. U.S. West Texas Intermediate (WTI) crude gained 24 cents, or 0.34%, to $71.53. Both contracts were on track for weekly gains of about 1%. U.S. President Donald Trump on Thursday ordered commerce ...

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Latest US sanctions on Russia throw global oil trade into disarray

Tightened U.S. sanctions on Moscow have disrupted a roaring trade in discounted Russian oil to China and India, reviving demand for Middle Eastern and African crudes, roiling shipping markets and driving up oil prices. Washington’s January 10 sanctions targeted tankers carrying Russian oil in a push to more effectively limit Moscow’s oil revenue, the aim of western sanctions imposed after its invasion of Ukraine three years ago. The new rules have left millions of barrels floating on ships and sent traders hunting for alternatives, while dealings in Russian crude, the ...

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Petroleum liquids supply growth driven by non-OPEC+ countries in 2025 and 2026

We forecast that worldwide production of petroleum and other liquids in 2025 and 2026 will grow more in non-OPEC+ countries than in OPEC+ countries in our February Short-Term Energy Outlook (STEO). We estimate that total world petroleum and other liquids supply increased by about 0.6 million barrels per day (b/d) in 2024 and will increase by 1.9 million b/d in 2025 and 1.6 million b/d in 2026. Increasing crude oil production from four countries in the Americas—the United States, Guyana, Canada, and Brazil—drives this growth. Because of ongoing production restraint ...

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Middle East Benchmarks move little, down for third week

Middle East crude benchmark spot premiums moved little on Friday, posting weekly declines for a third consecutive week, while spot trading activities stayed light. Oil prices rose on Friday and were poised to end three weeks of decline, buoyed by rising fuel demand and expectations that U.S. plans for global reciprocal tariffs would not come into effect until April, giving more time to avoid a trade war. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps fell 4 cents to $3.15 a barrel. NEWS Russia’s oil exports could be sustained if ...

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W. Africa Crude-Differentials stable

The West African crude market was quiet on Friday as high prices deterred demand. Nigerian Forcados was on offer at dated Brent plus $3.50, a trader source said, slightly down from levels on Thursday. Nigerian CJ blend was on offer at dated Brent plus $3.75. Angolan Palanca was offered at dated Brent plus $3. The pace of trade for the March loading schedule has faltered. In the first week, the pace jumped because of high demand for alternatives to Russian barrels but then it slowed as Indian and Chinese buyers ...

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