VLSFO bunker supply remains tight in Singapore due to an ongoing shortage of blends, and with lead times standing at 9-11 days out. Similarly, HSFO380 stems require up to 12 days ahead in the port, while LSMGO availability is better in the bunkering hub with a shorter recommended lead time of just 1-2 days. Singapore’s residual fuel oil inventories have grown to 22.34 million bbls on the week, amid a steady inflow of imports in the first two weeks of the year. Fuel oil imports have hovered around 7 million ...

The U.S. Department of Energy said on Tuesday it had approved an exchange of 400,000 barrels of crude oil from the Strategic Petroleum Reserve for release to Atlantic Trading and Marketing Inc, an arm of French company TotalEnergies. This latest swap is the fifth since the Biden administration in November announced the release of up to 50 million barrels of oil from the SPR, a series of heavily guarded caverns on the Texas and Louisiana coasts, to help control oil prices that hit seven-year highs. Companies that receive SPR crude ...

Kinder Morgan (KMI.N) beat Wall Street expectations for fourth-quarter profit on Wednesday, as the U.S. pipeline operator transported higher volumes of gasoline and jet fuel with demand rising as people resumed travel and business activity picked up. Global jet fuel demand, however, has again come under pressure with some countries reimposing border restrictions and other curbs to keep the Omicron coronavirus variant at bay, prompting travelers to reconsider their plans. “We saw a little bit more downside momentum on jet fuel due to omicron variant, but combined, we didn’t really see a ...

While the number of Omicron cases is surging worldwide, oil demand defied expectations in 4Q21, rising by 1.1 mb/d to 99 mb/d. In 1Q22, demand is set for a seasonal decline, exacerbated by more teleworking and less air travel. We have raised our global demand estimates by 200 kb/d for 2021 and 2022 – resulting in growth of 5.5 mb/d and 3.3 mb/d, respectively – due to softer Covid restrictions. World oil supply in 2022 has the potential for a Saudi-driven gain of 6.2 mb/d if OPEC+ fully unwinds its ...

Wood Mackenzie, a Verisk business (Nasdaq:VRSK), releases its Oil markets: 5 things to look for in 2022 report which discusses the uncertainties and issues impacting global demand, oil supply and refining markets this year. Oil demand risks to the downside The shape and scope of viral outbreaks and governments’ responses place downside risk on economic recovery and oil demand growth in 2022. Additionally, with the pace of inflation accelerating in Q4 last year, consumption could be further hindered bringing downside risk to both economic growth and personal mobility. Vehicle electrification ...

UAE energy minister Suhail al-Mazrouei said on Wednesday that he was “not worried about the short term” when asked about predictions that oil prices will rise above $100. The price of benchmark Brent crude LCOc1 gained 0.33% on Wednesday to $87.76 per barrel, as oil rose for a fourth day as an outage on a pipeline from Iraq to Turkey added to worries about an already tight supply outlook amid geopolitical troubles involving Russia and the United Arab Emirates. “I will never give a prediction on a price. We will ...

The move by state-run explorer Oil India Ltd to exit the US shale business months after Reliance Industries divested all its US shale assets signals the intent of India’s oil companies to reduce their overseas footprint and focus at home where the energy landscape is expected to change at breakneck speed, analysts told S&P Global Platts. With Indian state oil companies keen to diversify their energy portfolios beyond the core refining and upstream businesses in an effort to embrace the energy transition process, private companies such as Reliance are either ...

Following ExxonMobil’s announcement of an ambition to achieve net-zero emissions for operated assets by 2050; Will Scargill, Managing Energy Analyst at GlobalData, a leading data and analytics company, offers his view on the company’s strategy: “Today’s announcement brings Exxon in line with the other five supermajors, which had all previously announced targets for net zero by 2050. However, it stands out among its peers as the only one not to have set targets around ‘scope 3’ emissions from the products it sells. This gap in strategy puts it at risk ...

Oman oil prices are at their highest since 2014, enabling the country to earn surpluses from the fossil fuel for the first time since 2008, say analysts. “The marker price on January 18 for March 2022 Oman crude oil futures contract (OQD) is $86.70,” said Dubai Mercantile Exchange (DME) in its daily update. The price of Oman crude sold by the DME has shot up by $3.76 since 14 January. The oil price was $54 a barrel exactly a year ago on 18 January, 2021. Concerning oil, Minister of Finance ...

Crude oil production during December 2021 was 2509.98 TMT, which is 5.19% lower than target for the month and 1.81% lower than the production of December 2020. Cumulative crude oil production during April-December, 2021 was 22378.40 TMT, which is 4.47% and 2.63% lower than target for the period and production during corresponding period of last year respectively. Natural gas production during December 2021 was 2896.69 MMSCM, which is 19.45% higher than the production of December 2020 but 14.93% lower than the monthly target. Cumulative natural gas production during April-December 2021 ...

Global oil demand is set to surpass pre-pandemic levels in 2022 as fears over the latest coronavirus wave subside, creating the potential for another “volatile” year of oil prices, the International Energy Agency said Jan. 19. In its monthly oil market report, the IEA raised its demand estimates by 200,000 b/d for both 2021 and 2022, to reflect clear signs that impact on economic activity and oil demand from the omicron variant remained “relatively subdued.” World oil demand was seen rising by 5.5 million b/d in 2021 and by 3.3 ...

Libyan oil output was back to a one-month high of just under 1.20 million b/d, after weeks of sliding output, sources close to the matter said. But with Libya’s political stability still hanging in the balance due to delayed elections, analysts expect the North African oil producer to suffer more supply disruptions and oil blockades. Sources told S&P Global Platts there could be an oil blockade in the eastern oil fields and ports, coordinated by the self-styled Libyan National Army, due to delayed payments from Tripoli to eastern forces loyal ...

Oil prices have been on an unabated uptrend for more than a month now. From a low of $69 per barrel, hit on December 1, 2021, Brent crude prices are above $86 per barrel now. This amounts to an approximate jump of 25% in four weeks. Last Friday, crude prices notched a fourth positive week, its longest rising streak since October. This is because consumption has held up despite the spread of the Omicron variant of the coronavirus. At the same time, spare capacity is dwindling as some of the ...

Russian companies are looking at developing projects aimed at using renewables and reducing the refineries’ environmental impact. Russia’s Gazprom Neft has secured loans totaling Rb30 billion, or around $409 million, for implementation of green refining projects. Modernization of the company’s Omsk and Moscow refineries is playing a key role in the company’s plans to reduce the environmental impact of its downstream operations. Gazprom Neft is developing new “biosphere” treatment plants, which significantly reduce water consumption, at both the Moscow and Omsk refineries. The biosphere complex at the Moscow refinery has ...

The net-zero ambition is contained in the company’s Advancing Climate Solutions – 2022 Progress Report, formerly known as the Energy & Carbon Summary. The net-zero aspiration applies to Scope 1 and Scope 2 greenhouse gas emissions and builds on ExxonMobil’s 2030 emission-reduction plans, which include net-zero emissions for Permian Basin operations and ongoing investments in lower-emission solutions in which it has extensive experience, including carbon capture and storage, hydrogen and biofuels. “ExxonMobil is committed to playing a leading role in the energy transition, and Advancing Climate Solutions articulates our deliberate ...