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Indonesia offers 8 new oil and gas blocks for bids

Indonesia is putting eight new oil and gas blocks located across the archipelago up for bids, Tutuka Ariadji, the director general of oil and gas at the country’s energy ministry, said on Monday. The oil and gas blocks had a total capacity of at least 500 million barrels of oil and 22 trillion cubic feet of gas, data presented at an energy conference by Ariadji showed. “We invite potential investors who are interested, who have technical capabilities and have good financial ability to participate in this bidding round,” Ariadji said. ...

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NIOC Plans to Increase Oil, Gas Output, Export

The National Iranian Oil Company plans to increase oil and gas production in the next decade, the managing director of NIOC said. “In case all the requirements of the plans are provided, in the next 10 years, daily gas output will reach 1.5 billion cubic meters and crude oil production capacity will reach 5 million barrels per day,” Mohsen Khojastehmehr was also quoted as saying by the Oil Ministry’s news agency Shana. “The output has been planned in view of the country’s high potential regarding oil and gas reserves,” he ...

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Doing nothing may be best path for OPEC+ to tame volatile crude oil

Probably the most sensible thing to happen in recent days in the crude oil market is the decision by OPEC and its allies to postpone technical meetings to later this week to give themselves time to assess the market. Crude’s wild ride continued in early Asian trade on Monday, with benchmark Brent futures LCOc1 rising as much as 4.6% to $76.04 a barrel, recouping some of the 11.6% slump on Nov. 26, which saw the contract give up $9.50 to settle at $72.72. O/R The plunge in oil prices on ...

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Morgan Stanley cuts Q1 2022 Brent oil forecast on Omicron risks

Morgan Stanley on Monday cut its first quarter 2022 Brent crude price forecast to $82.50 per barrel from $95 on market expectations that the Omicron coronavirus variant could turn into a major headwind for oil demand. The market appears to be pricing in the possibility that the new variant could prompt restrictions and cut oil demand, amid expectations of oversupply driven by planned release from the Strategic Petroleum Reserve adding to monthly output from the Organization of the Petroleum Exporting Countries and allies (OPEC+), the bank said in a note. ...

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Russia says no need for OPEC+ to make hasty decisions over new COVID-19 variant

OPEC+ will closely monitor the market situation amid rising fears over the emergence of a new COVID-19 variant, but urgent decisions by the group are not necessary, Russia’s deputy prime minister Alexander Novak said Nov. 29. The alliance is set to meet Dec. 2 to decide on January production levels amid a US -led attempt to lower prices by releasing stocks and fears over new lockdowns due to the new COVID-19 strain. The rapidly spreading variant caused Dated Brent to plunge 11% on the day to $73.27/b on Nov. 26, ...

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Omicron rattles oil markets but impact unclear

The Omicron coronavirus variant kicked oil prices lower late last week and has sapped refining margins, but with crude futures rallying on Monday, the impact could be limited. Governments worldwide have imposed curbs on travellers to try limit the spread of Omicron, first detected in southern Africa, as scientists race to determine the level of risk. Oil prices plunged more than 10per cent on Friday – their largest daily drop since April 2020 – but recovered some of those losses on Monday, standing up nearly 5per cent on the day. ...

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Recent legislation would reduce the U.S. Strategic Petroleum Reserve

On Tuesday, November 23, the White House announced plans to make 50 million barrels of crude oil available to the market through a combination of exchanges and accelerating previously announced sales. With these sales and several other legislated drawdowns, SPR inventories could decline from 618 million barrels (as of October 1, 2021) to about 314 million barrels by the start of the 2032 fiscal year, the lowest level since March 1983. The Infrastructure Investment and Jobs Act, passed earlier this month, includes a provision to draw down 87.6 million barrels ...

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Russia can fully increase oil production under OPEC+ deal, says Deputy Prime Minister

Russia has capacities to increase oil production by 400,000 barrels per day per month until May 2022 as part of the OPEC+ agreement, the oil companies have no problems to do it, Russian Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Russian-Chinese Energy Business forum. “I do not see any problem with it. All our companies confirm that they are ready to return to the volumes that were before the reduction. If we keep on increasing production by 400,000 barrels, then by May we will reach ...

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Lebanon launches second licensing round for 8 offshore oil, gas blocks

Lebanon has launched the second licensing round for eight offshore oil and gas blocks after two years of delay. The government had agreed to launch the second round in April 2019 but it was postponed due to the pandemic, Bloomberg reported. The US is mediating between Lebanon and Israel, who are technically at war, to resolve the dispute over about 860 square kilometers of water. The deadline for applications is June 15, according to the Lebanese Petroleum Administration. Source: Arab News

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Low expectations on nuclear talks as Iran creates facts on the grounds

World powers and Iran return to Vienna on Monday for a last ditch effort to salvage a 2015 nuclear deal, but few expect a breakthrough as Tehran’s atomic activities rumble on in an apparent bid to gain leverage against the West. Diplomats say time is running low to resurrect the pact, which then-U.S. President Donald Trump abandoned in 2018, angering Iran and dismaying the other world powers involved – Britain, China, France, Germany and Russia. Six rounds of indirect talks were held between April and June. The new round begins ...

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Oil producers cannot hold consumers to ransom, says India oil minister

India said on Friday that oil producing countries cannot hold consumers to ransom, underlining the nation’s growing frustration with OPEC+ for not raising production to cool prices. India, the world’s third-biggest oil importer and consumer, imports about 85% of its oil needs and has been hit hard by rising oil prices. Oil prices eased on Friday, however, on concerns about a new COVID-19 variant detected in South Africa. “The producing countries cannot hold the consuming countries to ransom for a variety of reasons. We will make transition and we will ...

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U.S. oil drilling review proposes higher fees, development curbs

The Biden administration proposed a slew of changes on Friday to the nation’s federal oil and gas leasing program, including hiking fees on drilling companies and limiting their access to sensitive wildlife and cultural zones. The recommendations followed a months-long review aimed at ensuring drilling on federal lands and waters benefits the public. But in a sign of the extreme controversy surrounding the issue, environmental groups slammed the proposals as too weak and the industry criticized them as too harsh. President Joe Biden’s administration launched the review earlier this year ...

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Greece’s DEPA eyes Egyptian LNG after intergovernmental energy cooperation deal

Greek gas importer DEPA is eyeing the supply of LNG from Egypt following a memorandum of understanding signed Nov. 25 by the countries’ energy ministers in Cairo. The MOU — designed to expand the bilateral cooperation between Greece and Egypt — was signed by Greek energy minister Kostas Skrekas and his Egyptian counterpart Tarek el-Molla on the sidelines of the sixth ministerial meeting of the East Mediterranean Gas Forum. “The strategic cooperation between Greece and Egypt creates opportunities for specialized agreements between DEPA Trading and [Egyptian state gas company] EGAS,” ...

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Vitol’s Muller says OPEC+ likely to be cautious as it assesses new variant

An OPEC+ committee set to meet on Dec. 2 is likely to take a cautious approach in light of the new South African COVID-19 variant which adds to their concerns about demand growth and a possible oil surplus, the head of Vitol Asia said on Nov. 28. The Joint Ministerial Monitoring Committee, which will meet virtually ahead of the OPEC+ meeting also set for Dec. 2, will have very preliminary information about the new variant Omicron, Mike Muller told a Gulf Intelligence webinar. The ministerial and technical group meetings were ...

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OPEC postponses technical meetings to evaluate Omicron impact -sources

OPEC and its allies have postponed technical meetings to later this week, giving themselves more time to assess the impact of the new Omicron coronavirus variant on oil demand and prices, according to OPEC+ sources and documents. Oil prices crashed together with other financial markets on Friday by more than 10%, their largest one-day drop since April 2020, as the new variant spooked investors and added to concerns that a supply surplus could swell in the first quarter. Friday’s fall was exacerbated by low liquidity due to a U.S. public ...

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