Oil rose for a sixth session, boosted by risk-on sentiment and news that Russia had agreed to further OPEC+ cuts. While tight summer liquidity has kept the commodity tied to broader markets, tightening physical supplies are supporting prices, with West Texas Intermediate posting a third monthly gain. Russia’s announcement that it would curb exports further comes as US crude stockpiles have fallen to their lowest level since December. WTI’s quick spread strengthened to 66 cents on the pullback, up sharply from 25 cents a week ago. Crude is about 3% higher year-to-date as major OPEC+ producers cut supply and the…
Author: Automotivedealernews.com
Russia has agreed with its OPEC+ partners on further cuts to its crude oil exports, Deputy Prime Minister Alexander Novak told President Vladimir Putin. “We have agreed, but we will announce the main parameters next week,” Novak said in a televised government meeting with Putin. Russia has pledged to curb its crude exports by 500,000 barrels a day in August, then cut them to 300,000 barrels a day next month. On Wednesday, Novak said Russia was discussing extending the export cut from September to October, according to media reports. The statement by Russia, one of the two de facto leaders…
TGS, together with partners PGS and SLB, has secured pre-financing for the expansion of multi-client 3D coverage in the Sarawak Basin, off the coast of Malaysia. The company said the survey is the third phase of a multi-year contract awarded by Petronas in August 2020 to acquire and process up to 40,500 square miles of multi-client 3D seismic data over a five-year period in the Sarawak Basin . The first phase of Sarawak’s multi-client 3D project covered 3,240 square miles, followed by an additional 2,600 square miles during Phase 2. “The Sarawak basins are one of the most exciting exploration…
Step Change in Safety has concluded the search for a new chief executive that began after Steve Rae decided to step down from his role in June. The organization revealed in its press release that it has appointed Craig Wiggins to the role, noting that Wiggins has extensive industry experience having held leadership positions in operator and contracting companies, both at the internationally as well as in the United Kingdom, throughout his almost 40-year career. . “I am honored to be named the Executive Director of Step Change in Safety. Taking over from Steve Rae is quite daunting as he…
India’s appetite for cheap Russian oil took a breather in August as monsoon rains reduced demand and refineries scheduled routine maintenance work. The world’s No. 3 oil consumer cut imports from Moscow for a third straight month in August to 1.57 million barrels a day, down 24% on the month and taking them to their lowest level since January , according to data intelligence firm Kpler. Indian refiners also cut shipments from Iraq, another major supplier, by 10% in August to 848,000 bpd. Some of those volumes were offset by a sharp increase in imports from Saudi Arabia, which rose…
In a statement posted on its website Wednesday, the U.S. Environmental Protection Agency (EPA) announced that EPA Administrator Michael Regan issued an emergency fuel waiver “to address a fuel supply emergency in Florida caused by Hurricane Idalia.” The statement noted that preparations for the storm caused the closure of multiple ports in the state that receive fuel and restricted and disrupted fuel terminal operations, “preventing an adequate supply of gasoline.” In addition, evacuations, including mandatory evacuations, are straining available supplies, the statement noted. Waiver of federal requirements to sell summer gasoline can help address this supply shortage, according to the…
Aker BP ASA has started construction on three gas and condensate discoveries in the Skarv field in the Norwegian Sea. Collectively known as the Skarv Satellite Project, the Alve Nord, Idun Nord and Orn fields are “the largest development offshore Norway in recent years,” the company said in a press release this week announcing the progress The project extends production at Skarv, which began more than 10 years ago, Aker BP said. The satellite project aims to start production in the third quarter of 2027 with an expected recovery of 120 million barrels of oil equivalent resources, mainly gas. During…
BP PLC has awarded Add Energy Group AS a 10-year contract for well support services, including emergency control. “Under the master services agreement, Add Energy will provide well control engineering modeling services,” the Stavanger, Norway-based company said in a press release this week. It did not disclose the value of the contract, which will be executed through Add Energy’s teams in Norway and the US. “Our organizations have a long-term business relationship and we look forward to working together again over the next decade to constantly improve preventive well control measures,” said Morten Haug Emilsen, manager of Add Energy for…
US production of renewable hydrogenated (RD) diesel, which is made from soybean oil, animal fats and used cooking oil, is growing faster than expected. This may sound like good news for the renewable fuel industry, but it comes with fears that rapid growth could push RD production levels well beyond the mandates set by the Renewable Fuel Standard (RFS), which could cause a sudden crash in the renewable ID number. (RIN) prices that, if it happens, would shake the market. In today’s RBN blog, we estimate the likelihood and possible timing of a market-shaking event. As we mentioned in Part…
Oil rose in a thinly traded summer session, settling above $81 a barrel as the market took a substantial drop in US crude inventories in stride. US inventories fell 10.6 million barrels last week to the lowest level since December, according to a report from the Energy Information Administration. However, crude oil’s reaction to the report was muted and prices even dipped temporarily lower, as the reduction was in line with several industry reports. “The reaction reflects some lethargy as the summer winds down and concerns about additional supply later in the year,” said Rebecca Babin, senior energy trader at…