The US and Saudi Arabia have reached a detente after weeks of hostility about high oil prices, with the OPEC+ cartel announcing a production hike even as the new Covid variant threatens demand.
Oil and gas industry body OGUK says Shell’s decision to pull out of the west of Shetland Cambo project – threatening 1,000 jobs – “doesn’t change the facts” around energy supply.
Oil rose as investors weighed risks to the near-term outlook, including the impact of the omicron virus variant and upcoming OPEC+ meeting.
Oil demand will bounce back to what it was before the coronavirus pandemic crushed energy use last year, and a rout in prices last week was based on unfounded fears of new variants of the disease, the head of Saudi Aramco said.
Oil rebounded from Friday’s omicron-driven rout as traders assessed the risks to global demand from the new variant, and speculation mounted that OPEC+ may decide this week to pause output increases.
Brent oil slumped as increasing coronavirus cases and a new Covid-19 strain raised concerns about the outlook for energy demand ahead of next week’s OPEC+ meeting on production policy.
Oil was steady in Asia after OPEC said a planned coordinated release of reserves may swell a crude surplus expected early next year.
Oil traders are betting that longer-term crude prices could be set to spike because of a lack of investment in future supply.
Oil was steady after the biggest gain in two weeks following an announcement by the US of a coordinated release of strategic petroleum reserves (SPR) with other countries that fell short of expectations.
President Joe Biden is preparing to announce a release of oil from the nation’s Strategic Petroleum Reserve (SPR) in concert with several other countries as soon as Tuesday, according to people familiar with the plan.
Japan is considering releasing oil from its strategic stockpiles, joining China and the US in a coalition of consumers that wants to tame a surge in energy prices that’s triggered a jump in inflation.
Dwindling inventories and concerns over energy security in key Asian economies may hamstring US efforts to arrange for a sizeable and coordinated release of strategic crude reserves in a bid to rein in prices and tackle inflation.
Global oil prices may rise to as high as $120 by the middle of next year as the ability of OPEC+ to meet demand is at risk from under-investments and sanctions, according to a Rosneft PJSC executive.
Industry regulator the Oil and Gas Authority (OGA) has opened an investigation into a possible breach of field production consents.
OPEC+ is heading for a politically consequential showdown with President Joe Biden, as Saudi Arabia and its allies meet today to choose whether to heed American demands for more oil.
Environmental campaigners have drafted in ‘royalty’ in their latest effort to lampoon the oil and gas industry.
Australian company Timor Resources will drill three exploration wells onshore East Timor as the nation hopes for commercial success. The three wells will be drilled as part of a back-to-back campaign that started late October.
China’s energy crunch pulled in more coal and gas imports in September, as buyers scrambled to ensure adequate supplies to counter a deepening power shortage ahead of peak winter demand.
Japan's biggest refiner, Eneos Holdings (TYO:5020), said yesterday it would buy Japan Renewable Energy (JRE) for about 200 billion yen ($1.8 billion) to expand its low-carbon business. Significantly, the move marks the first major acquisition of a big renewable energy firm by an established Japanese oil wholesaler.
Estimates from OilX show China’s crude oil imports fell 8.6% month-on-month to average 9.62 million barrels per day (b/d) in September. This would imply a year-on-year fall of 18.7%, or 2.2 million b/d, the latest data from the analytics firm showed.
Malaysian national energy company Petronas is expected to accelerate final investment decisions (FIDs) for upstream oil and gas projects between 2022 and 2023 following a sharp decline over 2020-21, according to the latest research from Rystad Energy.
Jakarta is preparing to bolster its maritime security defences in the Natuna Sea, which is rich in fisheries and natural gas, after increasing incursions by Chinese vessels within Indonesia’s exclusive economic zone (EEZ). The news should provide some comfort to upstream oil and gas investors operating in the Natuna Sea.
Asian liquefied natural gas (LNG) prices surged to a record-high as global competition for the super-chilled fuel intensified amid low inventories and coal shortages.
China’s central government officials ordered the country’s top state-owned energy companies -- from coal to electricity and oil -- to secure supplies for this winter at all costs, according to people familiar with the matter.
Analysts expect Australian liquefied natural gas (LNG) supplier Woodside (ASX:WPL) to benefit as China faces a severe winter of energy shortages, with primary energy demand surging to a 10-year high.