North Dakota Oil Production Climbing Back Faster Than Anticipated

North Dakota’s production of crude oil is returning to full force at a quicker pace than first suggested by authorities, new data from the state’s regulator showed on Friday. Crude oil production in the Peace Garden State is now down by between 30,000 and 80,000 bpd after extreme cold led to operational challenges. Associated natural.

Shell To Convert German Refinery To Base Oil Manufacturing

Shell plans to convert its oil refinery at the Wesseling site in Germany into a production unit for base oils, the UK-based supermajor said on Friday. Shell Deutschland GmbH has taken a final investment decision (FID) to turn the Wesseling site at the Energy and Chemicals Park Rheinland into a manufacturing facility for Group III base oils,.

U.S. Sanctions Strand 10 Million Barrels of Russian Crude For Weeks

About 10 million barrels of Russian crude oil have been stranded off the coast of South Korea thanks to U.S. sanctions, traders and shipping data told Reuters on Friday. The 10 million barrels, carried by 14 tankers, are of the Sokol variety from Sakhalin-1 and remain unsold due to Western sanctions. That amount represents about 45 days’.

Cost Of Carrying Fuel from Mid East to Asia Grows 182%

The cost of carrying some fuels from the Middle East to Asia has jumped by 182% since January 12, Bloomberg reported on Tuesday, as the disrupted flow of traffic through the Red Sea continues to spook carriers. The rates that some vessels are now commanding to transport naphtha from the Middle East to Asia have.

Oil Prices Slip as Oversupply Concerns Trump Middle East Tensions

Oil prices struggled for direction and fell early on Tuesday, reversing Monday’s gains, as concerns about oversupply overshadowed the escalation of tensions in the Middle East. As of 13:12 p.m. ET on Tuesday, the U.S. benchmark, WTI Crude, was trading slightly lower, by 0.63% at $74.29. The international benchmark, Brent Crude, was down by 0.76% at $79.45..

Large Rise in Gasoline Stocks Offsets Large Crude Draw

Crude oil inventories in the United States fell this week by 6.674 million barrels for the week ending January 19, according to The American Petroleum Institute (API), after analysts predicted a draw of 3 million barrels. The API reported a 483,000-barrel build in crude inventories in the week prior. On Tuesday, the Department of Energy.

Fuel prices: Retailers must share updates within 30 minutes

Fuel retailers will have to share any changes to the price they are charging at the pump within 30 minutes under the government’s plan to increase competition in the sector. Online comparison sites and navigation apps will then be able to keep drivers up-to-date with where to find the cheapest fuel in near real-time. The.

Red Tape Is Undermining European Clean Energy Projects

Clean energy projects across the EU are failing to reach completion due to red tape, Miguel Stilwell d’Andrade, the chief executive of Portugal’s biggest utility, Energias de Portugal (EDP), told Reuters at the Davos economic forum. While the European Commission has laid the project execution and subsidy criteria at the EU level with “great vision”, “The crux.

Brent Backwardation Increases as Red Sea Hostilities Continue

The crude oil markets—including some physical markets—are showing signs of tightening as concerns about crude oil transit times due to bypassing the volatile Red Sea continue to drag on, traders, analysts, and LSEG data now show. Historically, turmoil in the Middle East have caused crude oil prices to spike—sometimes in a big way, even if.

Is the economy facing another energy price shock?

Both Prime Minister Rishi Sunak and US President Joe Biden cited the global economic impact of Houthi attacks on Red Sea cargo ships in overnight statements as the reasoning behind military action. The Treasury has modelled scenarios suggesting that disruption in the Red Sea could further shrink the UK economy, risking a recession. The main.

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