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India’s gasoline revival hopes shrouded with uncertainty as omicron lurks globally

India’s gasoline output rose in October, with production hitting a seven-month high on robust local demand as driving activity accelerated, but a sense of cautious optimism prevails as the new COVID-19 variant omicron emerges worldwide, threatening to put brakes on this recovery, industry sources told S&P Global Platts. “The market is assessing the impact of the new variant, especially as the oil complex is already fragile from the spike in cases and news of fresh restrictions in Europe and Asia,” a Singapore-based source said. India’s domestic gasoline production in October ...

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Oil prices climb over 4% ahead of OPEC meeting despite Omicron concerns

Oil prices rose more than 4% on Wednesday, still struggling to recoup losses of more than 16% in November, as major producers prepared to discuss how much of a threat the new Omicron variant of the coronavirus would pose to energy demand. Brent crude futures for February rose $3.56, or 5.1%, to $72.79 a barrel at 1048 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $3.25, or 4.9%, to $69.43 a barrel. Both Brent and WTI front-month contracts in November posted their steepest monthly falls in percentage terms since ...

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U.S. crude production falls 3.5% in Sept after Ida hit offshore output -EIA

U.S. crude oil production fell 3.5% in September after Hurricane Ida temporarily halted most crude production in federal waters of the Gulf of Mexico, according to a monthly report from the U.S. Energy Information Administration on Tuesday. Crude output dropped 380,000 barrels per day to 10.809 mln bpd from a revised 11.189 mln bpd in August, the report said. The decline came as production in the offshore Gulf of Mexico fell by 464,000 bpd, offsetting onshore gains. Ida disrupted Gulf of Mexico production as it passed through the Gulf at ...

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REFINERY MARGIN TRACKER: Refinery margins fall as seasonal work ends; omicron remains an unknown

Global refining margins showed a weaker trend for the week ended Nov. 26 as refiners finished up seasonal plant maintenance and restarted their plants, but by end week, concerns about the spread of the omicron strain of the coronavirus and possible impact on demand gained traction, an analysis from S&P Global Platts showed Nov. 29. The omicron variant of the coronavirus, initially identified in South Africa, has spread with cases reported in Scotland and Portugal. Countries including Japan, Israel and Morocco began shutting their borders to foreign visitors, even though ...

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White House ‘frustrated’ by slow retail response to oil price drop: Psaki

The Biden administration expressed frustration Nov. 30 that US retail gasoline prices have not yet reflected the sharp drop in crude futures brought in recent days by the omicron variant’s threat to the demand outlook. White House Press Secretary Jen Psaki added that the administration remains in “regular touch” with OPEC and again urged the producer bloc to increase oil supply at its Dec. 1 meeting. “We continue to convey that we are hopeful they will release supply to meet the demand out there in the market place,” Psaki said ...

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Speculators cut U.S. crude oil net longs-CFTC

Money managers cut their net long U.S. crude futures and options positions in the week to November 23, the U.S. Commodity Futures Trading Commission (CFTC) said on Monday. The speculator group cut its combined futures and options position in New York and London by 2,551 contracts to 317,730 during the period. The data below exclude trader positions in the NYMEX financial crude oil futures contract, which is normally included in our aggregate calculations. The data were not provided by the CFTC this week. Selected categories from the CFTC weekly Commitment ...

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INTERVIEW: Bahrain in talks with IOCs to develop new oil find in second half of decade

Bahrain is in talks with international oil companies to help develop the Khalij al-Bahrain oil find, a project that is expected to start in the second half of this decade due to the complexity of the structure and the need for technology and financing, an official told S&P Global Platts Nov. 30. The island country in the Persian Gulf made waves in 2018 when it first revealed the extensive Khalij al-Bahrain reservoir off its west coast, which it said could contain some 80 billion barrels of tight oil — its ...

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U.S. security review stalls sale of Shell Texas refinery to Mexico’s Pemex

A U.S. national security review has delayed the sale of Royal Dutch Shell’s (RDSa.L) controlling interest in a Texas refinery to Mexico’s national oil company, Petroleos Mexicanos (Pemex), Shell said on Tuesday. Shell in May disclosed the sale of its 50% interest in the 302,800-barrel-per-day (bpd) Deer Park, Texas, refinery outside Houston to partner Pemex for about $596 million. The closing was expected as early as Wednesday. Approval by the Committee on Foreign Investment in the United States (CFIUS) is the last hurdle to the transfer of full control of ...

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OPEC+ meets under pressure from Biden, Omicron

OPEC+ oil producers meet Thursday under pressure from US President Joe Biden, who has opened up his country’s taps hoping to bring down crude prices, and a new Covid-19 variant that has complicated the equation. The meeting “is shaping up to be one of the most significant since the pandemic demand recovery began, and the key signal will be how much more oil will be added to supply to start the new year,” said Peter McNally, an analyst at the Third Bridge think tank. After coming under heavy pressure to ...

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Middle East Crude-Benchmarks mixed on last trading day in November

Middle East crude benchmarks Oman and Dubai were mixed on Tuesday, the last day of trade for the month. Abu Dhabi National Oil Company (ADNOC) will supply full volumes of all crude grades to term customers in Asia in February for a third straight month, two sources with knowledge of the matter said on Tuesday. OSPs The official selling price (OSP) for Oman crude in January will fall by $1.32 to $80.26 a barrel, Reuters calculations based on data from the Dubai Mercantile Exchange (DME) showed on Tuesday. The average ...

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Oil could hit $150 a barrel with OPEC+ ‘in the driver’s seat’: J.P. Morgan

Oil futures can shake off a breathtaking Black Friday plunge and then some, testing $125 a barrel next year and overshooting to $150 in 2023 with OPEC+ “firmly in the driver’s seat,” according to analysts at J.P. Morgan. OPEC+ — the combo of the Organization of the Petroleum Exporting Countries and other major producers, including Russia — “has returned to a position of positive leverage, which it will defend by keeping inventories low, the market in balance and taking action to support optimal reservoir management through paced volume growth,” the ...

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Oil bound for gains as OPEC+ guards supply, but virus threat looms

Oil prices will stay elevated into next year as OPEC+ keeps a tight leash on supply despite U.S.-led strategic crude releases, a Reuters poll showed on Tuesday, but a COVID-19 resurgence fuelled by the Omicron variant could loom large over the outlook. A survey of 39 economists and analysts – kicked off before Omicron grabbed headlines– forecast Brent crude to average $71.25 a barrel in 2021, up from the $70.89 consensus in October and the $70.57 average this year. The 2022 Brent outlook was raised to $75.33 from $74.04. This ...

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OPEC oil output boost in November again falls short of target

The increase in OPEC’s oil output in November has again undershot the rise planned under a deal with allies, a Reuters survey found on Tuesday, bringing a lack of capacity in some producers into focus ahead of a policy meeting this week. The Organization of the Petroleum Exporting Countries (OPEC) pumped 27.74 million barrels per day (bpd) in November, the survey found, a rise of 220,000 bpd from the previous month but below the 254,000 increase allowed under the supply deal. OPEC and its allies, a group known as OPEC+, ...

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U.S. energy envoy says Biden stands ready to release even more oil reserves to cool markets

President Joe Biden’s administration stands ready to release even more barrels of oil from its strategic reserves should the need arise again, according to the U.S. State Department’s senior advisor for global energy security. “Absolutely. This is a tool that was available to us and will be available again,” Amos Hochstein told CNBC’s Hadley Gamble in Dubai, the United Arab Emirates on Monday. His comments come as energy analysts assess the effectiveness of a U.S.-led pledge to release millions of barrels of oil from strategic reserves after OPEC+ producers had ...

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North Sea benchmark crude oil supply set to rise in January

Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 813,000 barrels per day (bpd) in January, up from 755,000 bpd in December, loading programmes showed. The January programme includes 4 cargoes deferred from December including three cargoes of Troll and one of Brent Blend. Dated Brent is based on the Brent, Ekofisk, Oseberg, Forties and Troll crude streams. Source: Reuters (Reporting by Julia Payne; Editing by Alexander Smith)

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