Saudi Arabia and its allies have just this month started new production cutbacks and need more time to assess their impact, said the officials, who asked not to be identified. The group’s Joint Ministerial Monitoring Committee is due to convene online on Feb. 1. Oil prices have so far shown a muted response to the […]
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(Bloomberg) – OPEC nations Iraq, Nigeria and the Republic of Congo affirmed their commitment to the oil-producer group following the exit of Angola last week. “We reiterate our firm support for unity and cohesion at the heart of OPEC and OPEC+,” Congo’s Minister of Hydrocarbons, Bruno Jean-Richard Itoua, said in a statement. “Each member, whether […]
(WO) – QatarEnergy has announced a five-year crude oil supply agreement with Shell International Eastern Trading Company, Singapore (Shell). The agreement stipulates the supply of up to 18 MMbbl per annum of Qatar Land and Qatar Marine crude oils to Shell starting January 2024. QatarEnergy and Shell have a long-standing strategic partnership through several shared […]
(Bloomberg) – Russian President Vladimir Putin arrived in the United Arab Emirates to start a rare foreign trip that will also include a visit to Saudi Arabia, with bolstering cooperation among strategic oil producers a top priority. Putin was greeted by senior officials from the country upon exiting the plane in Abu Dhabi Wednesday, according […]
(Bloomberg) – Israel’s natural gas flows to Egypt are expected to almost double and reach pre-war levels early next week, according to a person familiar with Egyptian imports, after a major offshore field resumed production on easing safety concerns. Imports are expected to rise to 650 MMcfd on Thursday, and to the normal level of […]
(Bloomberg) – As oil prices languish near a three-month low, forecasters are already predicting that Saudi Arabia won’t sit idle. The OPEC+ leader is likely to extend its 1 MMbpd production cut — introduced over the summer — into next year, according to analysts at UBS Group AG, FGE, Commerzbank AG and Eurasia Group. RBC […]
Low demand depresses market Nitrogen trade was slow and prices mostly fell. Demand from Americas markets remained steady but un-exceptional, and sellers again outnumbered buyers in most markets. Urea prices fell slightly in Brazil to around $390/t cfr but ticked higher in the US. Incofe bought urea for west coast Central America at $415-425/t cfr, […]
(WO) – TotalEnergies has signed an amendment to extend its partnership with Oman LNG, an Omani liquefied natural gas (LNG) joint venture in which the company holds a 5.54% stake. Located on the northeast coast of Oman, the Oman LNG liquefaction complex comprises two liquefaction trains, each with a capacity of 3.8 million metric […]
Singapore’s base oils exports stayed higher than usual for a second week amid a rebound in shipments to southeast Asia. Total exports of more than 55,000t in the week to October 18 edged down from close to 61,000t the previous week, government data showed. The volumes were up from typical levels of less than […]
News of the last week of October: • Group I prices mixed, Iranian export discussions weaken • Group II and Group III prices reflect rangebound • discussions Crude oil jumps amid escalating Middle East conflict Group I prices were mixed this week, with import prices showing some softness while locally available material in the […]