US commercial crude inventories, excluding those in the Strategic Petroleum Reserve (SPR), fell by 2.2 million barrels from the week ended September 15 to the week ended September 22. September, according to the latest weekly report on the state of oil from the US Energy Information Administration (EIA). . The country’s crude oil inventories, excluding the SPR, stood at 416.3 million barrels on September 22, 418.5 million barrels on September 15 and 430.6 million barrels on September 23. 2022, the report revealed. Total crude oil in the SPR was 351.0 million barrels on September 22, 351.2 million barrels on September…
Author: Automotivedealernews.com
Bulgarian lawmakers on Thursday approved a motion to phase out imports of Russian crude, bringing the country in line with other members of the European Union. The move will force Lukoil PJSC’s local Neftohim refinery, the largest in southeastern Europe, to look for alternative raw materials. That’s a tall order, as the plant mainly processes Russian crude and the more obvious replacement barrels, sourced from Kazakhstan, are already in demand in neighboring Romania. Bulgaria and a handful of other EU countries are exempt from the bloc’s ban on Russian crude imports until the end of 2024, but Sofia is bringing…
Oil’s recovery to $95 a barrel faltered as investors cashed in and the market settled into overbought territory. Benchmark U.S. crude fell nearly $2 after rising to the highest level in more than a year. While declining oil inventories at Cushing, Oklahoma, the delivery point for US futures, have lifted key price indicators, the rally hit technical resistance with the 14-day relative strength index indicates a correction. Still, the outlook is upbeat as supply cuts from Saudi Arabia and Russia continue to tighten the global market. The closer schedules for global benchmark WTI and Brent are at the late end…
Organizations in the oil and gas industry are increasing their adoption of machine learning and artificial intelligence to innovate and address a wide range of use cases, from emissions monitoring to optimization of the production. That’s what Hussein Shel, director, chief technologist and head of Upstream Energy and Utilities at Amazon Web Services (AWS), which describes itself as the world’s most comprehensive and widely adopted cloud, told Rigzone when was asked if there was any new AI. innovations in the works that could affect the oil and gas sector. Shel added that AWS is working with companies across the industry…
According to Rapidan Energy Group, Saudi Arabia may be closer to declaring its mission accomplished in the oil market than traders realize. Riyadh has pushed Brent crude toward $100 a barrel by cutting output just as global demand for the fuel hit record levels. According to Rapidan, this may be enough for the kingdom to start reviving production again, rather than risk another price increase that would hurt the economy. Traders are underestimating “that the Saudis are going to put their foot down sooner rather than later,” Bob McNally, chairman of the consultancy and a former White House official, told…
The North Shore Mi’kmaq Tribal Council (NSMTC) and its seven First Nations member communities have signed equity agreements with Moltex Energy Canada Inc. and ARC Clean Technology Canada, Inc. to develop and deploy advanced nuclear technology in New Brunswick. The NSMTC and its member communities are making financial investments in both Moltex and ARC, through separate agreements, which will see them receive $2 million in Moltex equity and $1 million in equity of ARC, according to a joint statement from Moltex on Monday. and NSMTC. Details of the deals were not disclosed, but “both deals have been structured in recognition…
Saudi Arabian Oil Co. (Aramco) and Jiangsu Eastern Shenghong Co. Ltd. signed an agreement on Wednesday to facilitate talks on Aramco’s plan to acquire a 10% stake in a refining and petrochemicals operator in China’s Jiangsu province owned by the latter. The planned acquisition is part of the majority state-owned energy giant’s downstream expansion in China. This year, Aramco bought a 10% stake in Rongsheng Petrochemical Co. Ltd. and signed an agreement to build a refining and petrochemical complex through its joint venture Huajin Aramco Petrochemical Co. (HAPCO) which participates in 30%. In the so-called framework cooperation agreement with Eastern…
The shareholders of Pipestone Energy Corp. have voted to approve the acquisition of the company by Strathcona Resources Ltd. in an all-stock transaction valued at $8.5 billion (CAD 11.5 billion). The acquisition is expected to close on Oct. 3, subject to receipt of a final order from the Court of King’s Bench of Alberta and the satisfaction or waiver of customary closing conditions, Pipestone said in a press release Wednesday. Strathcona will acquire all of the issued and outstanding common stock of Pipestone, after which the two companies will merge into a new corporation, continuing as Strathcona Resources Ltd. “On…
QatarEnergy has signed an agreement with Korea’s HD Hyundai Heavy Industries (HHI) for the construction of 17 ultra-modern liquefied natural gas (LNG) carriers. The deal is valued at $3.79 billion (SAR 14.2 billion), QatarEnergy said in a press release on Wednesday. It marks the start of the second phase of the company’s LNG vessel acquisition program, which will support its expanding LNG production capacity from the North Field LNG expansion and export projects of LNG Golden Pass, as well as long-term fleet replacement requirements, according to the release. QatarEnergy and its subsidiaries now expect 77 new confirmed LNG vessels to…
Norway’s HitecVision AS has sold approximately 157.3 million shares to Var Energi ASA, or 6.3 percent of the company’s outstanding shares, through Point Resources Holding AS at $2.69 (29 NOK) per share for a total of $423 million (NOK 4.56 billion). Point Resources is an investment holding that consolidates the interests of various funds and co-investment vehicles managed or advised by HitecVision, according to a recent press release from the firm. The shares were sold through a secondary placement of existing ordinary shares. HitecVision said the offering “attracted strong interest” and was oversubscribed several times, adding that the offering increased…