Oil sinks below $100 as China’s lockdowns imperil demand outlook
Oil pushed lower at the start of the week on concerns that a spreading Covid-19 outbreak in China will weigh on global demand.
oil
Oil holds advance above $100 as Putin vows to continue war
Oil steadied in Asia after rallying back above $100 a barrel as Russian President Vladimir Putin vowed to continue the war in Ukraine, which has rattled markets and tightened global crude supply.
Biden tells Modi: importing more Russian oil not in India’s interest
US president Joe Biden has told Indian Prime Minister Narendra Modi that increasing oil imports from Russia is not in India’s interest.
Oil slumps as China’s worsening outbreak raises demand concerns
Oil resumed its decline as China’s virus resurgence worsened, raising concerns about demand from the world’s biggest crude importer.
Global energy spending will hit record over $2 trillion in 2022, says Rystad
Surging oil, gas, and power prices, together with the European Union (EU)’s goals of becoming less dependent on Russian supplies, and post-Covid-19 pandemic inflation, will catapult global energy spending this year to a record $2.1 trillion. Significantly, similar levels of spending have not been seen since 2014, Rystad Energy research shows.
About 650,000 barrels per day of Russian oil to be ‘swapped’ says Woodmac
About 650,000 barrels per day (b/d) of Russian crude oil are to be relocated from advanced economies, and the solution could be ‘crude swapping’, says Wood Mackenzie. Significantly, Russia’s key market China not shoring up large volumes yet.
Oil prices don’t fully reflect Russian supply risks, Vitol says
Oil prices have fallen to levels that don’t reflect the risk of disruptions to Russian exports or the ability of China to keep the coronavirus pandemic under control, according to the world’s biggest independent crude trader.
Sturgeon accused of having ‘fingers in ears’ after refusing to shift stance on Cambo
Scotland’s First Minister has been described as a threat to energy security after she reiterated her opposition to a controversial North Sea oilfield.
Oil climbs after two-day drop as investors assess Ukraine talks
Oil rebounded in Asian trading as investors cautiously assessed the outlook for a de-escalation of Russia’s war in Ukraine, which has entered its second month and rattled markets worldwide.
Indonesia’s Pertamina eyes cheaper Russian oil
Indonesian state energy company Pertamina is considering buying crude from Russia as it seeks oil for a newly revamped refinery, chief executive officer Nicke Widyawati said earlier this week, reported Reuters.
Oil extends losses on China demand concerns ahead of OPEC+ meet
Oil kept falling after capping the biggest loss in almost three weeks on concern that a virus flare-up in China will weigh on global demand.
India well placed to seize Russian oil opportunities
India is well positioned to capitalise on Russian oil opportunities and is gradually stepping up as a buyer of Russia’s oil exports.
Santos hits ‘significant oil discovery’ with Pavo-1 near Dorado
The Pavo-1 exploration well near the Dorado field offshore Western Australia in the Bedout sub-basin has made a “significant oil discovery” that has an estimated breakeven cost at less than $10 per barrel, operator Santos (ASX:STO) said today.
War complicates Russia’s role in supplying energy to China
China and Russia’s trade relationship has become more complicated since the war started more than three weeks ago, raising questions about the future flow of energy between the two powerhouses.
Boris Johnson heads to Saudi Arabia as he seeks to wean West off Putin’s oil
Boris Johnson has declared Saudi Arabia and the United Arab Emirates "key international partners" in efforts to reduce dependence on Russian energy after the invasion of Ukraine.
Hope stoked onshore East Timor as driller hits oil
Plucky explorer Timor Resources has encountered “hydrocarbon shows of significance” while drilling its second well onshore East Timor as the company considers an initial public offering (IPO) to raise more funds in its quest to unlock the nation’s petroleum potential. Significantly, there are no firm figures for the hydrocarbon shows yet, but plenty of hope.
Oil’s retreat pauses after shedding most of Russian war gains
Oil’s retreat took a breather after giving up most of the gains following Russia’s invasion of Ukraine, with attention turning to the prospect of reduced demand due to a Covid-19 resurgence in China.
Oil extends slump below $100 with retreat gathering momentum
The heat is coming out of the oil market, and fast.
Patrick Harvie: Ukraine invasion doesn’t justify North Sea production boost
Scottish Green party co-leader Patrick Harvie has said the war in Ukraine must not be used to justify increased production of fossil fuels from the North Sea.
Oil resumes slide after wild week with focus on Ukraine talks
Oil declined following a volatile week of trading after Ukraine’s president said talks with Moscow show signs of becoming more substantive, prompting some cautious optimism about steps toward deescalation.
Brunei hopes to boost oil and gas production after new discovery
Brunei plans to boost production of oil and gas following the discovery of 42 million barrels of oil equivalent last year, according to energy minister Mat Suny bin Mohd Hussein. Significantly, the country is banking on new finds to reverse an expected decline in upstream output.
Oil market’s big question: how much Russian crude will Asia buy?
Two weeks into Russia’s invasion of Ukraine, and one question is becoming increasingly pivotal in the global oil market: how much crude will Asia buy from Moscow?
Shell boss says no one will be fired over Russian oil purchase
The chief executive of Shell has said no one will be fired for a controversial purchase of Russian crude oil last week and that he would take personal responsibility for it, according to people with direct knowledge of the matter.
Japanese firms unlikely to exit Russian energy after Shell and ExxonMobil’s departure
There has been increasing speculation that Japanese oil and gas companies may follow their Western peers and exit Russian energy projects in response to Vladimir Putin’s bloody invasion of Ukraine. However, this seems unlikely, as such a move - designed to hurt Russia - would be blunted, as China is expected to fill any void left by departing investors.
UAE says OPEC+ should boost output, setting up tension in group
The United Arab Emirates said it will call on its fellow OPEC+ members to boost oil output faster, a dramatic U-turn that could set the country against fellow members of the alliance led by Saudi Arabia and Russia.