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(Reuters) – Saudi Arabia’s crude oil exports to China are set to surge in October after a deep cut in prices, several trade sources said on Thursday. State oil company Saudi Aramco will ship about 51 million barrels to China in October, about 1.65 million barrels per day (bpd), a tally of allocations to Chinese refiners …
Saudi Crude Oil Supply to China Set to Surge in October, Trade Sources Say Read More »
Summary IEA expects global supply to rise by 2.7 million bpd in 2025 Raises demand growth forecast this year to 740,000 bpd Implied surplus to exceed 3 million bpd in 2026 OPEC forecasts due later on Thursday LONDON, Sept 11 (Reuters) – World oil supply will rise more rapidly than expected this year as OPEC+ …
World Oil Market to See Higher Supply, Surplus after OPEC+ Hike, IEA Says Read More »
A group of investors led by BlackRock’s Global Infrastructure Partners is in talks with lenders to secure up to $10.3 billion in financing for Aramco’s Jafurah infrastructure deal, two sources with direct knowledge of the matter told Reuters. Banks including JPMorgan and Japan’s Sumitomo Mitsui Banking Corporation are in talks to participate in the transaction, …
BlackRock-Led Group in Talks to Raise Around $10.3 Billion for Aramco Deal Read More »
(Reuters) – Norway’s Green Party played a crucial role in the re-election of the Labour-led government on Monday by securing 4.7% of the vote and ensuring Labour and its allies have 87 seats in parliament – two more than needed to hold a majority. Here is a look at the Greens’ main energy policy proposals, their potential impact, …
Will Norway’s Greens Phase Out Country’s Key Oil Sector After Key Election Role? Read More »
(Reuters) – HSBC’s latest oil market supply and demand model envisions OPEC+ gradually unwinding 1.65 million barrels per day in “first-phase” voluntary production cuts over a 12-month period, the bank said in a note on Tuesday. The bank’s oil market model had previously assumed that OPEC+ would take a breather after unwinding 2.2 million barrels …
HSBC Sees Gradual Unwinding of OPEC+ Voluntary Cuts Over Next Year Read More »
Producers are slashing head count as OPEC+ hikes threaten to weaken prices further. Roustabouts, roughnecks and petroleum engineers in US oil fields are facing the deepest job cuts since crude prices crashed three years ago, and the prospects of an upturn any time soon are looking bleak. Employment slid 1.7% last month to levels not …
Oil Field Job Cuts Pile Up in the US Shale Patch for Fear of a Glut Read More »
Cenovus Energy Inc. has signed a deal to sell its 50 per cent stake in WRB Refining LP to its joint venture partner Phillips 66 for about $1.9 billion. The WRB joint venture includes the Wood River Refinery in Illinois and the Borger Refinery in Texas. The operations have combined crude throughput capacity of 495,000 …
Cenovus Selling Stake in WRB Refining to Joint Venture Partner Phillips 66 for $1.9B Read More »
Ron Bousso (Reuters) – The recent wave of Ukrainian drone attacks on Russian oil refineries and export facilities could boost global refining profit margins – particularly those in the U.S. – just as the peak summer demand season fades. Ukrainian attacks have shut down facilities accounting for at least 17% of Russia’s oil processing capacity, …
Ukrainian Strikes on Russian Oil Facilities Could be a Boon for US Refiners Read More »
Summary Brent and U.S. crude rise about 1% Threat of tighter sanctions on Russian oil also underpins market China to carry on stockpiling oil in 2026, Gunvor official says (Reuters) – Oil extended gains on Tuesday, supported by the latest oil output hike from OPEC+ being smaller than anticipated, expectations that China will continue stockpiling …
Oil Rises on Modest OPEC+ Output Hike, Russia Supply Concern Read More »
(Reuters) – Sentiment in the crude oil market has shifted to expecting prices to decline, with the debate at the industry’s biggest gathering in Asia more about timing than direction. The topic of presentations and conversations at the annual APPEC conference is always dominated by the outlook for prices, and this week’s event was no …
Crude Oil Sentiment Swings to Lower Prices as Bearish Factors Mount Read More »
