Saudi Arabia Raises Oil Prices for Asia

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.

3 Stranded Tankers with Russian Sokol Crude Heading for China

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 Crude Processing Rates Drop in February

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.

Shell Expects Global LNG Demand To Jump by 50% by 2040

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 Steady as Middle East Conflict Intensifies on Lebanese Border

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 Natural Gas Consumption Set To Triple by 2050

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 hang on to last week’s gains after rally on Middle East tensions

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.

Aramco’s CEO Says Shareholders to Decide on Further Stock Sale

Shareholders in Saudi Aramco will decide whether the world’s largest oil firm will proceed with a new share offering this year, Aramco’s chief executive Amin Nasser said on Monday, as carried by Reuters. Currently, the Kingdom of Saudi Arabia owns just over 98% of Aramco after selling 1.7% in the initial public offering (IPO) in December.

Brazil’s Gas Imports Fall to Lowest Level In 20 Years Thanks to Hydro Push

Brazil’s natural gas imports fell to a 20-year low last year, according to data from the National Agency for Petroleum, Natural Gas and Biofuels (ANP). Brazil’s nat gas imports fell to 6.5 billion cubic meters, or 228 billion cubic feet, according to ANP, as the country boosts its hydroelectric capabilities as well as solar and.

Oil Prices Set for a Weekly Gain as Hope for Middle East Ceasefire Fizzles Out

After a weak start to the week, crude oil benchmarks appear set for a weekly gain after the news broke that Israel has rejected a ceasefire offer from Hamas. Israeli Prime Minister Benjamin Netanyahu said there was “no other solution than total victory,” which contributed to the bullish oil sentiment. According to Bloomberg, oil’s gains this week have.

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