Russia’s crude oil production in October considering OPEC+ agreements will total 9.8 mln barrels per day, Deputy Prime Minister Alexander Novak told reporters on the sidelines of the Russian Energy Week on Friday. “Yes, correct,” he said when asked a respective question. Previously Russia’s October oil output was projected at 9.9 mln barrels per day. Russia participates in the OPEC+ agreement, which regulates crude production by member-states in accordance with the market situation. OPEC+ nations have been increasing output that was substantially slashed a year ago, since this May. In ...

Singapore’s bunker market has tightened significantly this week, after workers tested positive for Covid-19 at Universal Terminal which has delayed barge loading schedules. The terminal is currently short staffed, with the number of barges queued up increasing. As a result, VLSFO supply has become more difficult for prompt dates as there is less available product in the market. Lead times have gone up from eight days to 10-11 days for the low sulphur fuel grade. HSFO380 has also tightened in the bunkering hub with lead times stretching to 12 days ...

Crude oil futures closed higher Friday in daytime trading on the Shanghai International Energy Exchange. The most active crude oil contract for December 2021 delivery was up 11.0 yuan (about 1.71 U.S. dollars) to close at 534.5 yuan a barrel. The total trading volume for thirteen listed crude oil futures contracts on the exchange was 140,390 lots, with a turnover of about 74.16 billion yuan. China launched the crude oil futures trading, which is open to overseas investment, in March 2018. Source: Xinhua

U.S. energy firms this week added oil and natural gas rigs for a sixth week in a row as oil prices soared to their highest since 2014, prompting drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose 10 to 543 in the week to Oct. 15, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. That puts the total rig count up 261 rigs, or 93%, over this time last ...

The US shale industry may prove unable to resist ramping up activity to produce more crude oil with prices near seven-year highs, even though there is a global energy transition that requires much more investment in cleaner energy alternatives, TotalEnergies CEO Patrick Pouyanné said Oct. 14. While TotalEnergies will remain a massive producer of oil and gas, the French company recently changed its name to reflect its more diversified portfolio and is now investing about 25% of its capital spending in renewable and electricity projects. Speaking at the S&P Global ...

The sour crude complex was steady at the Asia close Oct. 15, while fresh spot activity demonstrated healthy demand for sour crude grades. S&P Global Platts assessed December cash Dubai versus same-month Dubai futures at a premium of $2.245/b at the close, down 9.5 cents/b from the previous day. December cash Oman was assessed at a premium of $2.34/b, down 2 cents/b. In tender activity, a Qatar Petroleum for the Sale of Petroleum Products tender offering three 500,000-barrel cargoes of December-loading Al-Shaheen crude was awarded to Chinese buyers at premiums ...

Backwardation in the sour crude market strengthened marginally Oct. 15 following the release of the fourth batch of crude import quotas to Chinese refineries, which placed the spotlight on Chinese demand. At 11 am in Singapore (0300 GMT), the November/December Dubai crude futures spread was pegged at $1.07/b, up 4 cents/b from the Asian close on Oct. 14, Platts data showed. The December/January spread was pegged at 85 cents/b, up 4 cents/b from the previous days close. Meanwhile, the December Brent/Dubai EFS was pegged at $4.08/b, ticking down by 3 ...

The chief executive of Russian oil producer Gazprom Neft said on Friday that global oil consumption could return to pre-crisis levels by next year. Chief Executive Alexander Dyukov said the global oil market will stabilize in the very near future. Source: Reuters (Reporting by Olesya Astakhova; Writing by Gabrielle Tétrault-Farber)

Russian oil producer Gazprom Neft SIBN.MM expects its hydrocarbon output to exceed 100 million tonnes in 2021, CEO Alexander Dyukov said on the sidelines of an energy forum in Moscow on Thursday. Gazprom Neft reported output of 96.06 million tonnes of oil equivalent for 2020. “The market is (now) a little overheated. The market (by winter) will be stabilised (without further OPEC+ action),” he said. Source: Reuters(Reporting by Olesya Astakhova; writing by Tom Balmforth; editing by Jason Neely)

Oil prices could reach $100 a barrel, Russian President Vladimir Putin said, adding that Moscow and its partners in the OPEC+ producer group are seeking to stabilise the global market. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known collectively as OPEC+, last week resisted calls to raise output faster and stuck to their plan for an increase of 400,000 barrels per day (bpd) in November. That sent crude prices to three-year highs, adding to inflationary pressures globally. “This ($100 a barrel) is quite possible, it ...

U.S. crude oil output is going to fall more than expected previously in 2021 and bounce back in 2022, according to a monthly government report released on Wednesday. Crude output will drop 260,000 barrels per day to 11.02 million bpd this year, and then rebound to 11.73 million bpd in 2022, U.S. Energy Information Administration said. In its previous forecast, the statistical arm of the Department of Energy had forecast a 200,000-bpd drop in 2021. The agency cut its output forecast for the third and fourth quarters of 2021 to ...

The Latin America and the Caribbean (LAC) region is well positioned to participate in the burgeoning hydrogen market, which will play an important role in the coming decades in the global transition to greener energy, according to GlobaData, a leading data and analytics company. GlobalData’s latest report, ‘Latin America and the Caribbean Hydrogen Market’, notes that an abundance of renewable and biomass resources in the LAC region could allow for low-cost green hydrogen production, with Chile expected to produce the world’s cheapest green hydrogen in its southern regions by 2030. ...

In our Winter Fuels Outlook, to be released later today, we forecast that U.S. households will spend more money on energy this winter than last winter, especially households that primarily heat with propane or heating oil. Forecast expenditures are based on our expectations of high retail energy prices—many are already at multiyear highs—and of slightly more energy consumption per household than in the previous winter. Notably, many energy prices reached multiyear lows last year as a result of the COVID-19 pandemic. In October, we release our Winter Fuels Outlook as ...

European energy supply is not at immediate risk despite low gas storage levels ahead of the winter, but the European Commission is working with other gas producing countries to increase supply, the EU’s executive said. European gas and power prices have surged this year as demand has shot up all over the world for energy amid economic recovery from the coronavirus pandemic. The region has had to compete with Asia for liquefied natural gas where demand is also high, amid low storage levels, infrastructure outages and lower than usual supply ...

A woman was recently sentenced to four days in jail for approaching a bear to get a selfie: I’m guessing she wasn’t at the NYMEX, where the bears seem to be absent these days. (Hold for laughter.) Social media is full of predictions of ever-higher oil prices and the media proclaims a global energy crisis, while fears of energy-induced inflation are pressuring central banks. Not to miss the chance to weigh in, pundits like the New York Times’ Thomas Friedman quotes an English analyst warning that people will freeze this ...