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(Reuters) – Middle East oil refineries could recover to more normal production levels in 40-60 days from the end of the current oil supply crisis linked to the effective closure of the Strait of Hormuz, Vitol Bahrain’s regional head of research Bader Nooruddin said on Wednesday. That timeline would take production up to around 90-95% …
(Reuters) – There will be a spike in oil demand to replenish storage levels after the current global oil supply crisis in overcome, ADNOC senior vice president of business transformation Fatema Bin Saleem Al Teneiji said on Tuesday. Oil demand will then start to pick up as oil prices normalise, she said at the S&P …
Oil Demand Will Spike After War to Replenish Stocks, ADNOC Executive Says Read More »
(Reuters) – Kuwait could restore nearly 70% of its oil production within six to eight weeks after the Strait of Hormuz reopens, Kuwait Petroleum Company’s managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah, said on Wednesday. The remaining 30% would take about another month, he told the S&P Global Energy Middle East Petroleum and …
(Reuters) – The current oil supply crisis shows there is underinvestment in oil refining as demand holds resilient, Saudi state-owned Aramco’s vice president of market analysis and sustainability, Musaab Al Mulla, said on Tuesday. Around 3 million barrels per day of refining capacity closed between 2020 and 2023, Al Mulla said at the S&P Global …
Oil Refining Has Been Underinvested, Saudi Aramco Says Read More »
(Reuters) – Chevron has applied to join Argentina’s incentive regime for large investments for a $13.8 billion unconventional oil project in the El Trapial area of Vaca Muerta, the U.S. oil major said on Tuesday, in what would rank among the biggest new bets on the country’s shale patch. The filing, which still requires government …
Chevron Applies for Argentina Tax Break Program With $13.8 Billion Investment Plan Read More »
By Fabiola Zerpa Energy companies heading to Venezuela are being told to bring their own power plants to run their oil and natural gas operations and shield them from frequent blackouts on the nation’s ill-maintained electricity grid. New regulations drafted for Venezuela’s oil law demand that companies be self-sufficient in power generation in oil and …
Venezuela Wants Oil Firms to Supply Their Own Power for Projects Read More »
(Reuters) – The oil market is underpricing some risks from the Iran war, global commodity trading house Vitol’s managing director for Bahrain, Tom Baker, said on Tuesday. Iran’s effective closure of the Strait of Hormuz and attacks on energy infrastructure including oilfields and refineries, have taken about 14 million barrels of Middle East supply offline, …
Oil Market Could be Underpricing Risks, Vitol’s Bahrain Chief Says Read More »
Summary Hormuz transit to remain below pre-war levels as long as peace uncertain, Khoury says Airlines that hedged jet fuel prices still cannot fly due to lack of physical supply, he says Chinese demand not what it should be; “teapot” refineries showing appetite, ADNOC exec adds (Reuters) – August could mark a tipping point for …
THE TIPPING POINT: ADNOC Trading Chief Flags August as Tipping Point for Oil Prices Read More »
(Reuters) – Global oil inventories could hit critical levels ahead of the peak summer demand period if stock draws continue at their current pace, the head of the International Energy Agency’s oil industry and markets division said on Tuesday. “We’re seeing stock draws continuing into the summer, and with the possibility or the likelihood that …
IEA Sees Possibility of Critically Low Stockpiles Ahead of Peak Summer Demand Read More »
By Barbara J. Powell US oil refiners are running their plants harder than usual, with some even putting off maintenance, as strong profits and steady demand for fuels tempt the processors to run plants near maximum capacity. The industry has had one of its lightest maintenance seasons in years. From January through May, refiners shut …
US Crude Refiners Are Pushing Run Rates to Maximum Levels Read More »
