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Japan’s Inpex lifts full year profit estimate on stronger oil, gas prices

Japan’s biggest oil and gas explorer Inpex Corp 1605.T on Monday lifted its full-year net profit forecast by 17% as strong prices of oil and natural gas boosted its first-half earnings while a weaker yen also lent support. A rapid recovery in demand after the end of pandemic lockdowns and a surge in energy prices, driven by Russia’s invasion of Ukraine, have boosted profits for energy companies worldwide. Inpex now predicts its 2022 net profit to reach 350 billion yen ($2.6 billion), against its May estimate of 300 billion yen, ...

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Devastating fire may force Cuba to resort to floating oil storage

An inferno at Cuba’s largest oil storage facility has killed at least one firefighter, injured many more, and threatens to further swell the fuel import bill for the impoverished island nation that relies on foreign oil for everything from transportation to its power grid. Cuban officials may need to scramble to set up expensive floating storage capacity to handle imports aimed at easing an acute fuel scarcity, sources and experts said on Monday. Cuba relies on the 2.4-million-barrel Matanzas terminal, about 60 miles (130 km) from Havana, for most crude ...

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Ukraine halted oil flows to Europe over payment issue, Russia’s Transneft says

Ukraine has suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from accepting transit fees from Moscow, Russian pipeline monopoly Transneft said on Tuesday. Benchmark Brent crude oil jumped by $2 per barrel to trade near $98 as the news added to concerns about reduced energy supplies. [O/R] Europe is heavily reliant on Russian crude, diesel, natural gas and coal. Energy prices have rallied this year on short supply as Europe scrambles to replace Russian energy with alternative supplies. Flows ...

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U.S. Coast Guard vessels aid in cleanup of oil spill off Louisiana

The U.S. Coast Guard on Tuesday said it has deployed three skimming vessels and five response vessels to help clean up a spill of thousands of gallons of oil spilled into Terrebonne Bay, Louisiana when a Hilcorp oil tank platform collapsed. Hilcorp estimated that around 13,944 gallons of crude oil entered the water, the Coast Guard said, adding that there was no reported impact to wildlife. The Coast Guard said it has deployed 6,200 feet of containment boom along with the vessels. It said the platform was removed as of ...

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Oil output at Azerbaijan’s BP-led ACG at 12 mln T in Jan-July

Oil production at the BP-led Azeri–Chirag–Gunashli project in Azerbaijan reached 12 million tonnes in the first seven months of 2022, down from 13.3 million tonnes in the same period of 2021, the energy ministry said on Monday. Oil production in Azerbaijan fell to 19.2 million tonnes in January-July this year from 20.1 million tonnes in the same period of 2021. Source: Reuters (Reporting by Nailia Bagirova; Editing by Jan Harvey)

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Kuwait crude oil up to US$101.45 pb

Kuwaiti crude oil gained 23 cents during Monday’s trading sessions to hit US$101.45 per barrel (pb) compared with US$101.22 pb the day before, Kuwait Petroleum Corporation (KPC) said Tuesday. Accoridng to the Kuwait News Agency (KUNA), Brent futures also rose by $1.73 to $96.65 pb and West Texas Intermediate hiked by $1.75 to $90.76 pb. Source: Emirates News Agency

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Russia’s revenues from energy exports doubled, Europe should introduce complete embargo – president’s adviser Ustenko

The revenues of the Russian Federation from foreign sales of oil, gas and coal are sky-high, having doubled in the first 100 days of the war in Ukraine, so we can state that the west’s energy sanctions regime is not working and requires immediate strengthening, the advisor to the President of Ukraine on economic issues Oleg Ustenko said in an article for the Financial Times. As reported on the website of the head of the Ukrainian state, Ustenko said that the west has taken so far cover less than 5% ...

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European gas oil futures anticipate recession

Hedge fund position changes last week in U.S. and European petroleum futures illustrate the contrasting economic outlooks on the two sides of the North Atlantic. Hedge funds and other money managers purchased the equivalent of 3 million barrels in U.S. diesel futures and options in the week ending on Aug. 2. In the three most recent weeks, investors have purchased a total of 13 million barrels, doubling their position to 26 million barrels. As a result, bullish long positions outnumber bearish short ones by a ratio of more than 3:1 ...

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Western Fields Dinged by Dryness; East Fares Better

Crop Watch producers in the western U.S. Corn Belt trimmed crop ratings across the board after a hot and mostly dry week last week, though recent rains have bolstered prospects in the east. Western areas are likely to face another hot and dry stretch this week, but cooler temperatures and rain chances in the east should prevent stress on those crops into mid-month. The 11 Crop Watch producers have been reporting weekly on their yield potential and crop conditions. Both are scored on a 1-to-5 scale, with 3 representing average ...

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Nigerian oil output falls 6% in July as pipeline closures persist

Nigerian crude oil output fell 6% month on month in July as pipeline closures and maintenance at major fields continued to impede Africa’s largest oil producer, industry sources said Aug. 8. A senior official from the country’s oil ministry told S&P Global Commodity Insights the field that feeds the major export grade — Bonny Light — remains heavily disrupted. Nigeria has had to deal with a barrage of security, operational, and technical problems at its key oil infrastructure since early 2021. Crude and condensate production in July fell to 1,314,074 ...

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China set for new tax probe on independent oil refiners – sources

China is set to begin another round of tax inspections on independent refiners that will last months, adding to pressure on refinery operations which are already running well below capacity, five trading and refinery executives told Reuters. The world’s top crude oil importer has been clamping down on independent refiners since early last year, including probes into quota trading and fuel tax evasion, as Beijing seeks to curb excessive fuel processing and recoup state tax revenue losses. With fuel demand already sluggish under Beijing’s zero-COVID policy, the probes hastened a ...

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Energy production declined by record amounts in several states in 2020

In 2020, energy production in the United States fell by record amounts compared with 2019, mostly as a result of decreased economic activity during the COVID-19 pandemic. Wyoming had the largest drop in total energy production among the states, decreasing by 1,264 trillion British thermal units, mostly due to decreased coal production. Seven states saw their largest annual energy production decline in at least 60 years, as reported in our State Energy Data System. To calculate U.S. total energy production and to compare different types of energy reported in different ...

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India’s July fuel demand rises 6.1% year-on-year

India’s fuel demand in July rose 6.1% year-on-year, but fell 5.7% from the previous month, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed on Monday. Consumption of fuel, a proxy for oil demand, totalled 17.62 million tonnes in July, down from 18.68 million tonnes in June. Sales of gasoline, or petrol, were 6.8% higher from a year earlier at 2.81 million tonnes. Gasoline and gas oil sales by Indian state refiners in July fell from a month earlier as monsoon rains restricted mobility and ...

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Oil slips amid chance of Iran nuclear deal supply boost

Oil prices slipped on Tuesday as traders eyed the latest progress in last-ditch talks to revive the 2015 nuclear accord with Iran, which would clear the way to boost its crude exports in a tight market. Brent crude LCOc1 futures were down 86 cents, or 0.9%, at $95.79 a barrel at 0725 GMT, after gaining 1.8% in the previous session. U.S. West Texas Intermediate (WTI) crude CLc1 futures declined 88 cents, or 1%, to $89.88 a barrel, after climbing 2% in the previous session. “Much attention remains with Iran nuclear ...

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U.S. crude, gasoline inventories seen lower last week

U.S. crude oil and gasoline stockpiles likely fell last week, while distillate inventories were unchanged, a preliminary Reuters poll showed on Monday. Five analysts polled by Reuters estimated on average that crude inventories decreased by around 400,000 barrels in the week to Aug 5. The poll was conducted ahead of reports from the American Petroleum Institute, an industry group, due at 4:30 p.m. EDT (2030 GMT) on Tuesday, and the Energy Information Administration, the statistical arm of the U.S. Department of Energy, due at 10:30 a.m. (1430 GMT) on Wednesday. ...

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