Home / Oil & Energy / Oil & Companies News

Oil & Companies News

OPEC calls for more fossil fuel investment to prevent shortfall, dismisses peak oil demand prediction

The head of OPEC said that the world will need to invest in fossil fuels for decades to prevent an energy shortage, dismissing predictions that oil demand will peak soon. OPEC Secretary General Haitham Al Ghais said oil demand will grow by 25 million barrels per day, or bpd, in the developing world through 2045, with China and India alone contributing 10 million bpd, as billions of people need access to basic services such as electricity, cooking gas and transportation. “Those that dismiss this reality are sowing the seeds for ...

Read More »

Russia Boosts Oil Revenues As Shipping And Trading Network Grows

Russian oil exporters are charging more for their oil in major market India than at any time since the war in Ukraine started as a growing number of shippers and intermediaries take part in the trade, weakening the impact of Western sanctions on Moscow. The exporters have had to offer deep discounts to encourage shipping companies and traders to move their crude and brave the risk of sanctions since Russia’s full-scale invasion of Ukraine in February 2022. Among the restrictions, the United States and European Union imposed a price cap ...

Read More »

Middle East Crude-Dubai rises; QatarEnergy cuts Aug term price for al-Shaheen

Middle East crude benchmark Dubai edged higher on Friday, with spot premium rising just above $1 per barrel, while Murban price declined and premium remained steady. QatarEnergy has set the August term price for al-Shaheen crude at $1.21 a barrel above Dubai quotes, trade sources said. The premium for term supplies loading in August is down versus $1.82 a barrel in July. The term price was set after QatarEnergy sold three cargoes via a tender, traders said. SINGAPORE CASH DEALS Cash Dubai’s premium to swaps rose by 43 cents to ...

Read More »

Oil pares gains on weak U.S. consumer sentiment

Brent oil futures prices pared gains on Friday, but were still on course for their best week in months as investors weighed an unexpected deterioration of U.S. consumer sentiment against forecasts for solid crude oil and fuel demand in 2024. Brent crude futures were up 3 cents at $82.78 a barrel at 12:00 pm EDT (1600 GMT). West Texas Intermediate (WTI) U.S. crude futures were down 2 cents at $78.60. Brent and the U.S. benchmark have gained roughly 4% over the week, which if sustained would mark both benchmarks’ highest ...

Read More »

Oil prices set for best week in over 2 months on demand outlook

Oil prices eased on Friday as markets evaluated the impact of U.S. interest rates staying higher for longer than anticipated, but crude benchmarks headed for their best week in more than two months after solid projections for crude and fuel demand. Brent crude futures LCOc1 were down 42 cents, or 0.5%, at $82.33 a barrel by 0646 GMT. West Texas Intermediate (WTI) U.S. crude futures CLc1 lost 51 cents, or 0.7%, to trade at $78.11 a barrel. However, Brent and the U.S. benchmark gained over 3% for the week – ...

Read More »

Singapore’s middle distillates stocks slip below 10mln barrels to four-month low

Singapore’s middle distillates stockpiles slipped below 10 million barrels to a four-month low in the week ended June 12 as net exports of jet fuel/kerosene and diesel/gasoil both climbed week on week, official data showed on Thursday. Gasoil and jet fuel/kerosene inventories at key oil storage hub Singapore were at 9.028 million barrels for the week, compared with 10.845 million barrels last week, data from Enterprise Singapore showed. Net exports of diesel/gasoil jumped more than two times from the previous week, while net exports of jet fuel/kerosene rose by 47%. ...

Read More »

Oil dips in see-saw session; eyes on US economic data and Fed

Oil prices dipped slightly on Thursday in up-and-down trade, pressured by rising U.S. crude and fuel supplies and expectations of slow Federal Reserve rate cuts but supported by U.S. economic data showing an easing labor market and slowing inflation. Brent crude futures fell 18 cents, or 0.2%, to $82.42 a barrel by 11:12 a.m. EDT (1512 GMT). West Texas Intermediate (WTI) U.S. crude futures were down 24 cents, or 0.3%, to $78.26. Both benchmarks had gained nearly 1% in the previous session. The U.S. Labor Department said the producer price ...

Read More »

Citi says oil prices could crash below $60 a barrel in 2025

Citi analysts predict a drop in oil prices, with a forecast of $60 per barrel in 2025. This represents a potential decline of over 20% compared to current market expectations. “Our 0-3 mth forecast for Brent is $82/bbl before prices head lower during 4Q and into 2025 when we expect them to settle at $60/bb,” states the Citi note. In the near term, however, Citi anticipates some volatility, with potential upside risks due to seasonal factors and ongoing geopolitical tensions. The bearish outlook for oil stems from an expected surplus ...

Read More »

Russia’s oil output exceeded OPEC+ quotas in May, pledges to meet obligations

Russia’s energy ministry said on Thursday that its oil production in May exceeded quotas set by the OPEC+ group of major oil producing countries, while pledging to meet its obligations. It did not provide production figures. The ministry said in a statement that the issue of overproduction would be resolved in June and targeted levels would be achieved. The Organization of the Petroleum Exporting Countries and allies led by Russia, together known as OPEC+, have made a series of deep output cuts since late 2022. Under the OPEC+ accord, Russia’s ...

Read More »

Middle East Crude-Benchmarks retreat after rising for four straight days

Middle East crude benchmarks Oman, Dubai and Murban snapped their four-day winning streak on Thursday, with spot premiums for all three shrinking below $1 per barrel to Dubai quotes. Meanwhile, U.S. crude oil imports rose last week to their highest since 2018, the Energy Information Administration (EIA) said on Wednesday, as volumes from Mexico rebounded and the expanded Trans Mountain pipeline boosted shipments from Canada. Refinery crude runs fell by 97,000 barrels last week, EIA said. Refinery utilization rates fell by 0.4 percentage points. SINGAPORE CASH DEALS Cash Dubai’s premium ...

Read More »

IEA sees major oil capacity glut by 2030 as demand peaks

The world is facing a major oil capacity glut in the current decade that could trigger lower prices and test OPEC’s market control as global oil demand peaks, the International Energy Agency said June 12. Global oil demand, including biofuels, will likely level off near 106 million b/d toward the end of this decade, up from just over 102 million b/d in 2023, due to the boom in electric vehicles, renewable energy and fuel efficiencies, the IEA said in its latest annual mid-term outlook, “Oil 2024.” Total oil demand is ...

Read More »

Over a year in making, Aramco stake sale brings rare foreign investment to Saudi

Saudi Arabia began preparing more than a year ago to sell a new chunk of state oil giant Aramco 2222.SE, targeting foreign investment that has lagged goals for years and is needed for an ambitious economic transformation. The preparations led by CEO Amin Nasser paid off. Over half of the $11.2 billion Aramco shares were sold to foreign investors, a far cry from five years ago, when they largely shunned its $29.4 billion initial public offering, citing concerns about risks around governance, regional geopolitics and the environment. Foreign money is ...

Read More »

Kazakhstan to submit crude output compensation plan to OPEC within days

Kazakhstan plans to submit its revised plan to compensate for producing above its OPEC+ crude quota in 2024 in the coming days, the energy ministry said in a statement posted on Instagram June 12. Sluggish oil prices continue to put pressure on the group’s overproducers, which also include Iraq and Russia. The three countries have a deadline of the end of June to submit compensation plans to the OPEC secretariat. Iraq’s Energy Ministry said June 12 that it remains committed to the agreement and will compensate for 2024 overproduction by ...

Read More »

Iraq ‘committed’ to compensate for oil overproduction in 2024, ministry says

Iraq’s oil ministry said it is fully committed to compensating for any crude oil overproduction in 2024, referencing estimates by secondary sources of overproduction by 203,000 barrels in May above levels agreed with OPEC+. The ministry “is committed to the production level required in the agreement, of 4 million barrels per day, for June and the subsequent months, in addition to compensating the surplus production since the beginning of this year throughout the compensation period, which will run until September 2025,” it said in a statement. OPEC+, which groups the ...

Read More »

US natural gas pipeline Mountain Valley prepares for start-up

U.S. natural gas pipeline venture MountainValley Pipeline said on Wednesday it was preparing the$7.85-billionpipe from West Virginia to Virginia to operate, afterreceiving approval from a U.S. energy regulator. The Mountain Valley project, the biggest gaspipeline currently underconstruction in the Northeast, has encountered numerous regulatory and court fights thathave stopped work several times since construction began in 2018. “Final preparations are underway to begin commercial operations,” a spokesperson at U.S. gas pipeline company Equitrans Midstream ETRN.N, the lead partner in the Mountain Valley venture, told Reuters in an email. Equitrans made ...

Read More »

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping