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05 июня, 03:00

Did Iraq Just Doom The OPEC Deal?

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OPEC is in negotiations with its members to find the best way forward, but talks appear to have stalled over one laggard, Iraq, which has failed to live up to its agreement under the cartel’s production cut deal. Does this give OPEC cover for meeting delays and overall noncompliance, or is it a sincere effort to get it onboard? Whether Iraq can be brought in line and fully comply with its share of the OPEC deal is certainly doubtful. Yet interestingly enough, OPEC and Russia have staked the extension of the dealy past June, when the current…

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05 июня, 02:00

Big Oil’s Race To Net Zero

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European supermajors have been all but shouting about it: they are diversifying into renewable energy, and they will all be net-zero companies by 2050, in line with Paris Agreement targets.   But who will get there first?  Shell, BP, and Total have all been pretty active in the renewables department in the past few years, with motivation flowing in from investors who want to see a more sustainable business that will continue to maintain strong dividends wherever oil prices go, from governments pushing for cleaner energy, and from…

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05 июня, 01:30

Russia’s Energy Minister Sees Shortage In Oil Market Next Month

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Russia’s Energy Minister Alexander Novak is predicting a shortage in the oil market next month, Ifax reported on Thursday. Novak said that the global oil markets could see a shortfall between three and five million barrels per day in July, depending on the outcome of the OPEC meeting that could be held yet this week. The meeting that will help shape the future of the oil market over the next few months is proving difficult, however, even though it would appear that Saudi Arabia and Russia have reached an agreement in principle to extend the…

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05 июня, 01:00

A Perfect Storm For Petrochemicals

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The oil majors have made huge bets on plastics and petrochemicals in recent years, but those investments look increasingly shaky following the COVID-19 pandemic and economic downturn. Some economies are slowly rebounding from earlier shutdowns, and the oil and petrochemical industry succeeded in ramming through rollbacks of plastic bag bans in the wake of the pandemic. But the hit to the global economy could more than overwhelm those wins. The market for one of the main feedstocks for plastic – polyethylene – has fallen sharply over…

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05 июня, 00:30

US Gulf Of Mexico More Resilient To Oil Price Crash This Time

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The U.S. Gulf of Mexico is better prepared now to ride out the oil crisis than it was in the 2015-2016 downturn, as 82 percent of oil production has a short-run marginal cost – operating costs, taxes, and royalties – of US$10 a barrel Brent, Wood Mackenzie said on Thursday.   The Gulf of Mexico is now nimbler and leaner and more resilient to the recent oil price crash and current downturn, the consultancy said in new research. Despite the lower costs and leaner operations compared to the previous crisis, the Gulf of Mexico will…

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05 июня, 00:00

Iran To Reach Production Target At World’s Largest Gas Field This Year

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The South Pars non-associated natural gas field is at the core of Iran’s strategy to produce at least one billion cubic metres per day (bcm/d) of natural gas as soon as possible and it is as important a target to Iran as reaching 5.7 million barrels per day (bpd) of crude oil output. Unlike the oil production target, however - which has been particularly hard-hit by the re-imposed U.S. sanctions – the natural gas production target is well within reach. The Islamic Republic is now conservatively estimated to be producing around 875 million…

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04 июня, 23:00

China’s Crude Oil Imports Rebound To Near Record High

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China’s crude oil imports jumped by 13 percent from April to near record-highs of 11.11 million bpd in May, due to favorable spreads of the Shanghai-traded yuan-denominated oil futures and a ramp-up in refinery throughput, oil analytics firm OilX said in a report this week. There has been a steady recovery in Chinese refinery crude processing rates in recent weeks to warrant higher imports, but at least some of the increased crude intake can be attributed to the Shanghai INE crude futures trading at a premium over other deliverable grades,…

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04 июня, 22:30

Saudi Arabia Raises Import Duty To Offset Plunging Oil Revenues

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Saudi Arabia is looking to boost its non-oil revenues while its oil revenue is taking a hit in the low oil prices and is raising customs duties on hundreds of imported products as of June 10. The Saudis will be lifting import duties on products ranging from meat, dairy, and vegetables to chemicals, vehicles, and building materials. The import fees on those products will be raised by between 0.5 percentage point and 15 percentage points, starting next week.    The increased import duties are yet another move from the world’s top…

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04 июня, 22:00

Canadian Crude Exports Drop 55% Following Oil Price Crash

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The oil price and demand crash in April resulted in Canada’s energy exports plunging by the most on record, with crude oil exports plummeting by 55.1 percent, Statistics Canada said on Thursday, reporting the lowest levels in total merchandise trade in a decade.    As the coronavirus pandemic and the lockdowns to contain it crushed demand for oil in Canada’s key export market, the United States, exports of energy products plunged by US$2.66 billion (C$3.6 billion), the largest decrease on record, which was mostly due to the…

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04 июня, 21:00

Oil & Gas Still King Despite Renewable Hype

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The death of coal has run hand-in-hand with the rise of renewable energy, though the real credit for killing king coal might just go to U.S. shale. Even if the renewable revolution is growing too big to ignore. There are plenty of environmental and ideological reasons that many academics and pundits are pushing for placing renewable energy at the heart of COVID-19 economic recovery plans. But it turns out that there are plenty of economically compelling reasons for a renewables-forward strategy as well. Last month the World Economic Forum published…

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04 июня, 20:30

US Senators Call For Tougher Sanctions On Nord Stream 2

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U.S. Senators are set to announce this week a bill to expand sanctions on the Russia-led natural gas pipeline project Nord Stream 2, Senate aides told Reuters, which has seen a draft of the new bill. U.S. lawmakers have sought to pass a bill to levy sanctions on the Nord Stream 2 project, which the United States sees as further undermining Europe’s energy security by giving Russian gas giant Gazprom another pipeline to ship its natural gas to European markets. Germany, the end point of the Nord Stream 2 pipeline, looks at the economic…

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04 июня, 20:00

Outlook For Oil Remains Grim Despite 90% Rally

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WTI rose almost 90 percent last month, which is the strongest monthly increase in the U.S. benchmark price ever recorded. Naturally, the news has been cause for joy among those rooting for higher oil prices. But should it? It is true that demand for oil is improving, slowly, but improving after lockdowns started being lifted in Asia, Europe, and North America. China's oil demand, notably, has recovered to 90 percent of pre-crisis levels, and U.S. demand is also on the rise, judging by rising refinery runs as reported by the…