Saudi Aramco CEO Amin Nasser said on Monday that oil markets had overreacted to the new Best Amazon Cyber Monday deals in Canada coronavirus variant, Saudi-owned Al Arabiya TV reported. Source: Reuters (Reporting by Nayera Abdallah; writing by Mahmoud Mourad; editing by Jason Neely)

Russia’s oil reserves will last for at least 30 years, and gas reserves for 50 years, Russian Deputy Prime Minister Alexander Novak said. “Russia has huge oil and gas reserves. Under the current conditions and production levels, Russia’s oil reserves reach about 30 years, gas reserves – about 50 years,” he said. According to Novak, despite the energy transition process, Russia is confident in the possibility of selling its oil and gas reserves. “We believe that in the coming years these resources will be in demand in the energy markets,” ...

U.S. motorists could see gasoline prices fall below $3.00 a gallon in the coming weeks after crude futures posted their steepest losses since April 2020 on Friday as a new coronavirus variant threatened to extend the pandemic. A further fall in pump prices from seven-year year highs hit in October would take some of the heat out of U.S. inflation, which rose at its fastest in 31 years in October. The surge, in part due to soaring fuel costs, damaged the popularity of U.S. President Joe Biden. The global market’s ...

Our Executive Director, Fatih Birol, along with several senior IEA leaders, held a livestreamed press conference last week during to discuss the main drivers of the recent price swings in global energy markets, assess the key outcomes of the COP26 Climate Change Conference in Glasgow, and announce new special projects from the IEA to support the transition to clean energy. Today’s prices for key fuels are well into the danger zone for much of the developing world, Dr Birol warned, noting that the elevated prices were creating real hardship for ...

Russian state gas company Gazprom forecasts that gas prices in Europe next year will be no lower than in 2021, a company official told a conference call. Gazprom sees the average gas price in Europe at $550 per 1,000 cubic metres in the fourth quarter, the official said, adding that the company would continue refilling storage in the region until year-end because it now stands at 75.25 billion cubic metres (bcm), below a six-year average of 90.73 bcm. Source: Reuters (Reporting by Vladimir Soldatkin and Oksana Kobzeva Writing by Katya ...

Saudi Aramco expects its Jafurah shale play to yield up to 2 Bcf/d of gas, 418 MMcf/d of ethane and 630,000 boe/d of gas liquids and condensates by 2030, as the company ramps up its development of unconventional resources. Register Now Awarding engineering and construction contracts worth $10 billion for work at the field on Nov. 29, Saudi Aramco said the projects will expand its gas production, while also providing feedstock to support growth in its chemicals and hydrogen sectors. Jafurah is located in Saudi Arabia’s Eastern Province and is ...

The United States is not reconsidering a plan to release strategic oil reserves, after a drop in oil prices related to the new Omicron COVID-19 variant, White House press secretary Jen Psaki said Monday. Source: Reuters (Reporting by Alex Alper)

Energy Following the heavy sell-off on Friday, the oil market had a relief rally yesterday. At one stage, Brent crude managed to trade almost 6% higher. But in the end, it finished only about 1% higher. Comments from the World Health Organization (WHO) that the Omicron variant is potentially a “very high” global risk would have not helped market sentiment as we moved through the day. It is still too early to sensibly assess the risk that Omicron poses and this uncertainty is likely to add further volatility to the ...

Oil prices tumbled more than 3% on Tuesday after Moderna’s CEO cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant, spooking financial markets and adding to worries about oil demand. The head of drugmaker Moderna told the Financial Times that COVID-19 vaccines are unlikely to be as effective against the Omicron variant of the coronavirus as they have been against the Delta variant. Brent crude futures fell $2.32, or 3.2%, to $71.12 a barrel at 0912 GMT after slipping to an intraday low of $70.52, the ...

Asian oil refiners’ margins have slumped to the lowest in nearly five months amid worries that the Omicron coronavirus variant could deal another blow to oil demand recovery, already hit by rising COVID-19 cases in Europe. Governments worldwide imposed travel curbs on travellers from southern Africa during the weekend to limit the spread of Omicron, first detected in South Africa. Scientists are racing to find out whether it is more transmissible or causes more severe disease than existing variants. It comes as refiners’ margins in Asia and Europe had already ...

Arbitrage of the US light sweet WTI Midland crude is becoming increasingly attractive for end-users in Asia, amid a confluence of changes in market structure that has thrown the arbitrage window for the grade wide open, market sources said. Its relative strength against its closest competitor, the light sour Middle Eastern Murban crude, has also bode well among the region’s interested buyers, sources said. The widening of the WTI-Brent spread has been supportive of arbitrage opportunities, as it makes Brent-linked alternatives relatively more expensive for end-users. The second month NYMEX ...

Russia and Saudi Arabia signalled on Monday there was no need for OPEC+ to race to adjust oil output policy this week, as crude prices rebounded from last week’s slide with the worst fears about the impact of the Omicron variant on demand easing. Oil prices rebounded on Monday after tumbling on Friday by more than 10% alongside other financial markets in their largest one-day drop since April 2020 as the new variant added to concerns about a possible supply glut. Russian Deputy Prime Minister Alexander Novak was quoted as ...

In line with market expectations, the average utilization rate at China’s four state-owned refiners rebounded by two percentage points to 82.6% in November, from a five-month low of 80.6% in October, while independent refiners also raised run rates with refining margins remaining good, S&P Global Platts data showed on Nov. 29. This will likely continue to support the country’s crude throughputs in November, after it rose 0.8% on the month to 13.81 million b/d in October from a 17-month low in September, according to data released by the National Bureau ...

CNOOC Ltd, a listed branch of China National Offshore Oil Corp (CNOOC), said on Monday it had started production at the second phase of its Buzzard project in Britain. The project is expected to reach peak production of about 12,000 barrels of oil equivalent per day in 2022, driving Buzzard’s total production to 80,000 barrels of oil equivalent per day. Located 100 km (62 miles) northeast of Aberdeen with average water depth of about 96 metres, the project will use the existing Buzzard facility and has built a set of ...

Oil pared gains late on Monday, but finished the session higher as investors viewed Friday’s slump in oil and financial markets as overdone absent more data on the Omicron coronavirus variant. Brent briefly surged above $77 a barrel, while U.S. crude touched highs above $72. However, both contracts gave up gains late in the session. Brent crude futures settled at $73.44 a barrel, up 72 cents or 1%, having slid by $9.50 on Friday. U.S. West Texas Intermediate (WTI) crude settled up $1.80, or 2.6% at $69.95 a barrel. The ...