Pakistan is planning to blend newly purchased Russian crude with Arabian light crude in order to create a mixture that will be more easily processed by the nation’s oil refineries, Pakistan’s energy minister said on Tuesday. The country is planning to purchase Russian crude oil at a discount as...
BP BP.L is ramping up oil exploration and drilling activity in frontier prospects as the energy giant tries to stem a decline in its oil and gas output after years of focusing on a shift to renewables to cut carbon emissions. The move comes as companies try to balance pressure to slash...
https://www.hellenicshippingnews.com/bp-ventures-back-into-oil-frontiers-to-boost-output/
The Energy Information Administration forecast U.S. crude production will rise about 5% in 2023, while fuel demand will increase 1%, and cut its estimates for Brent and U.S. crude prices. Crude production will rise 5.1% to 12.53 million barrels per day (bpd) in 2023 and 1.3% to 12.69 million bpd in...
https://www.hellenicshippingnews.com/eia-sees-us-oil-output-rising-5-in-2023-cuts-price-forecasts/
Chevron Corp’s renewed oil operations in Venezuela begin a new phase next month that will boost production with the goal of accelerating a plan to recover all of the $3 billion of debt owed by the OPEC member by the end of 2025, four people close to the matter said. Washington in November issued a...
From where it buys crude oil to where it sells finished petroleum products, India has seen massive changes in its oil trade since the Ukraine war began, propelling profits for Indian oil companies. Russia is now India’s largest supplier of crude oil, ahead of West Asian countries, accounting for...
https://www.hellenicshippingnews.com/indias-oil-trade-has-undergone-a-seismic-shift/
Western Canadian crude differentials strengthened May 8 following news that approximately 200,000 b/d of oil equivalent production of light oil, NGL and natural gas production has been shut in because of wildfires. The shut-ins were precautionary, and primarily impacted conventional lighter grades....
Saudi oil giant Aramco’s first quarter net profit dropped 19% from a year earlier to 119.54 billion riyals ($31.88 billion), it said on Tuesday, due to lower crude prices. Profit still beat analysts’ median forecast of $30.8 billion, according to Refinitiv data, and Aramco said the decline was...
Oil prices fell on Tuesday, relinquishing some of the strong gains of the previous two sessions with the market cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve’s next interest rate decision. The Brent crude price was down 54 cents, or 0.7%, at $76.47 and...
https://www.hellenicshippingnews.com/oil-prices-ease-in-cautious-trade-ahead-of-us-inflation-data/
India’s crude import diversification, including purchases from Russia and other new suppliers, has helped to ease the pressure on other mainstream oil producers and keep world prices in check, while also helping to keep fuels affordable in the domestic market, petroleum minister Hardeep Singh Puri...
Energy – Canadian supply disruptions The oil market continued its recovery yesterday with ICE Brent settling almost 2.3% higher on the day. Friday’s stronger-than-expected US jobs report provided some further support to the oil market. In addition, supply issues remain. Firstly, the market is still...
https://www.hellenicshippingnews.com/the-commodities-feed-further-oil-supply-disruptions/