Japan’s crude throughput fell further by 1.9% week on week to 2.29 million b/d over May 3-9, with its refinery utilization rates having fallen to just 65% of the capacity, the Petroleum Association of Japan said Wednesday. The reduced crude throughput came during the country’s Golden Week national...
Some stress had already begun to appear in the global oil markets at the turn of the year. The US and Europe were in the middle of an unusually warm winter, which reduced energy demand. In the US, investors were prioritising capital discipline over production increases and had started raising...
https://www.hellenicshippingnews.com/reduced-demand-for-global-oil-supply-may-be-permanent/
It may be challenging to see the light at the end of the tunnel for the U.S. oil industry right now, but some recent developments show a faint light is there. It may just take some time — and willpower — to get there. Low oil prices and cratering global demand have brought the mighty …
https://www.hellenicshippingnews.com/oil-markets-will-recover-if-shale-sector-gives-it-a-chance/
As global liquefied natural gas (LNG) benchmark prices continue to fall due to oversupply on account of Covid-19, LNG producers with short-run marginal costs (SMRCs) that exceed spot prices are increasingly looking to curtail production. A Rystad Energy analysis finds that those best positioned to...
June loading cargoes of Iraq’s Basrah crude began trading in the spot market this week, fetching strong premiums from end-users on the back of firm demand from China, as well as shorter availability of alternative heavy sour crude barrels, traders told S&P Global Platts. Even with spot cargoes...
Voluntary production cuts by OPEC members show that oil producing countries are doing what they can to stabilize the market during the ongoing coronavirus outbreak, one strategist told CNBC this week. Saudi Arabia on Monday said it will reduce output by an additional 1 million barrels per day from...
Iraq, OPEC’s second largest oil producer, has cut 650,000 b/d from it southern fields to comply with OPEC+ cuts of 1.061 million b/d agreed for May and June, an official from state-owned Basra Oil Co told state-run Iraqi News Agency. The cuts are split between state-run fields and those operated by...
Western Europe’s maintenance, modification and operations (MMO) market will likely take a major hit in 2020 a Rystad Energy impact analysis has revealed, thanks to severe spending cuts and Covid-19 transportation restrictions. Spending in Norway is expected to fall to $3.4 billion this year – an...
Global oil demand is set to contract by 8.15 million b/d in 2020 because of the coronavirus pandemic, the US Energy Information Administration said Tuesday, slashing its monthly projection by nearly 3 million b/d. EIA still expects second-quarter global oil demand to take the biggest hit, shrinking...
Russian oil and gas condensate production declined to 9.45 million barrels per day (bpd), on May 1-11, sources familiar with the data told Reuters, following a global deal on output cuts. The decline is from 11.35 million bpd Russia produced on average in April and from the 9.5 million bpd produced...