Oil prices rose on Tuesday after OPEC’s de facto leader, Saudi Arabia, said it would increase supply curbs in June, while other members of the oil-producing group said they want to extend the deep cuts reached in April for a longer period than originally agreed. OPEC and its allies, a group known...
https://www.hellenicshippingnews.com/oil-rises-as-opec-looks-to-deepen-extend-supply-cuts/
Average run rates at independent refineries in China’s eastern Shandong province have rebounded further to 73.5% in April from 55.1% in March, with refineries boosting throughput due to higher margins, according to S&P Global Platts calculations based on raw data from Beijing-based information...
OPEC and its allies want to maintain existing oil cuts beyond June when the OPEC+ group is next due to meet to shore up prices and demand, which has been hit by the coronavirus pandemic, four OPEC+ sources said. Global oil demand has slumped by about 30% as the crisis has curtailed travel and...
https://www.hellenicshippingnews.com/opec-wants-to-maintain-oil-output-cuts-beyond-june-sources-say/
Igor Sechin, the head of Russia’s energy giant Rosneft, told President Vladimir Putin on Tuesday the company would cut investment by around 200 billion roubles ($2.7 billion), or 21%, this year due to the global output deal. Brent crude prices fell 65.6% in the first quarter, before the group of...
The Norwegian government has cut its oil price assumption for 2020 to 331 Norwegian crowns ($32.17) per barrel from 476 crowns last October, a revised budget showed on Tuesday. Norway is Western Europe’s largest oil and gas producer, with petroleum accounting to about 40% of its exports and about a...
Output from Russia’s top oil region in western Siberia is expected to fall by 15% this year in line with a producer pact to curb supply, a senior official told Reuters, adding the tax system meant it faced an unfairly heavy burden. Khanty-Mansiysk in western Siberia accounts for a little under half...
https://www.hellenicshippingnews.com/russias-top-oil-province-braces-for-15-output-cut/
Swiss commodities merchant Trafigura plans to merge its three-year-old crude oil marketing office in Qingdao, in east China’s Shandong province, with an oil desk being set up in Shanghai, according to three sources with knowledge of the matter. Trafigura earlier this year created a head oil trader...
The Norwegian government has sharply cut its crude oil price forecast and the expected cash flow it will receive from the oil and gas industry after global demand plunged, its revised 2020 fiscal budget showed on Tuesday. Norway is Western Europe’s largest oil and gas producer, with the industry...
https://www.hellenicshippingnews.com/norways-oil-income-plunges-with-weak-crude-prices-tax-relief/
Saudi Aramco, the world’s top oil exporting company, on Tuesday reported a 25% fall in first-quarter net profit, missing analyst estimates, but its quarterly dividend was in line with a plan for a $75 billion payout for the year. Analysts had expected Aramco, which went public last year, to...
President Donald Trump on Tuesday said the outlook for U.S. energy companies was improving following Saudi Arabia’s decision to curb its oil output, which has boosted global oil prices. “Crude Oil prices going up as Saudi Arabia cuts production levels. Our great Energy Companies, with millions of...
https://www.hellenicshippingnews.com/trump-says-saudi-oil-production-cuts-boosting-u-s-energy-cos/