Russia’s government has ordered oil companies to lower their output in the second quarter so that the country can meet its OPEC+ production target of 9 million barrels per day (bpd) by the end of June. Previously, Russian Deputy Prime Minister Alexander Novak announced that Russia would cut oil output and exports by an extra 471,000 barrels per day.
The OPEC+ group’s combined crude oil production in February was little changed from January and still above the overall output quota that OPEC and its allies pledged when they announced extra voluntary supply reductions, according to the latest Platts survey by S&P Global Commodity Insights. The survey showed total OPEC+ oil production flat in February from January.
Chinese oil demand is back in the spotlight, exerting pressure on oil prices to start the new trading week with a loss, extending losses booked last week. “Worries over weak demand in China outweighed the extension of supply cuts by OPEC+,” a Nissan Securities analyst told Reuters. The worries came after the research arm of.
Saudi Arabia raised the official selling prices of its crude for Asian buyers following the extension of the OPEC+ production cut agreement until the end of the first half of the year. The price for the country’s flagship Arab Light grade was raised by $0.20 per barrel over the Oman/Dubai average, Reuters reported, meaning April deliveries.
Three tankers carrying Russia Sokol oil that have been stranded due to Western sanctions have started heading towards China, Reuters reported on Monday, citing tanker-tracking data from Kpler and LSEG. While Kpler calculated that 10 million barrels of Sokol oil were stranded in a holding pattern off the coast of South Korea two weeks ago, as of.
Russia’s daily crude oil processing has dropped by 4% so far in February compared to the first half of January, and by 8.6% versus the first half of February 2023, according to Reuters’ sources and calculations. The drop comes as Russian refineries and other energy infrastructure have been targeted and hit by Ukrainian drone attacks in recent.
Global demand for liquefied natural gas (LNG) is expected to surge by 50% by 2040, driven by higher demand from Asia, with coal-to-gas switching in China and a boost in LNG consumption to fuel economic growth in South and Southeast Asia, Shell said on Wednesday. Last year, global trade in LNG reached 404 million tons,.
Oil prices were holding steady after initially gaining 1% on Wednesday as the Israel-Hamas conflict gained momentum in Lebanon, with Israel responding to a rocket barrage from Hezbollah by launching a series of strikes in southern Lebanon, sparking fears of an expanding war. Earlier on Wednesday, strikes launched from Lebanon into northern Israel reportedly wounded.
India’s industry expansion and rising oil refining to meet higher fuel demand are set to drive a tripling of the country’s natural gas consumption by 2050, the U.S. Energy Information Administration (EIA) said on Wednesday. In 2022, India’s natural gas consumption amounted to 7.0 billion cubic feet per day (Bcf/d), with over 70% of the demand coming.
Oil prices were largely flat Monday after rallying more than 6% last week on escalating Middle East tensions. The West Texas Intermediate contract for March gained 8 cents to settle at $76.92 a barrel. The Brent contract for April settled at $82 a barrel, down 19 cents or .23%. U.S. crude and the global benchmark popped last week after.
