Latest News for: Crude oil production


Oil Price Fundamental Weekly Forecast – OPEC+ Decision on Supply Cuts Could Set the Tone

FX Empire 01 Mar 2021
West Texas Intermediate and international-benchmark crude oil futures finished higher last week despite concerns late in the week over increasing production after the Texas freeze, a stronger U.S ... Last week, April WTI crude oil futures settled at $61.50, up $2.24 or +3.78% and May Brent crude oil futures closed at $64.42, up $2.28 or +3.54%.

Oil Markets Go Mania on Supply Curbs & Monetary Easing Program

FX Empire 01 Mar 2021
So it becomes unsurprising for oil traders to focus much more on crude oil supply dynamics ahead of next week’s OPEC+ meeting as reports surface, Russia is bent on increasing its production capacity in order to fulfill its fiscal obligation, coupled with rumors that hint the Saudi’s seem to favor changing the status quo slightly.

Adnoc Logistics acquires 6 Very Large Crude Carriers

Gulf Daily News 01 Mar 2021
The Adnoc L&S international trading fleet transports crude oil, refined products, dry bulk, containerized cargo, LPG and LNG on its owned and chartered vessels, supporting Adnoc’s operations locally and facilitating the shipment of commodities to global markets.

US freeze hits Europe’s fuel oil exports

Al Jazeera 01 Mar 2021
from Europe and Russia of dirty petroleum product – including various grades of mostly high-sulfur fuel oil and vacuum gasoil – have plunged ... OPEC+ may start ramping production back up, and its output of heavier, sulfurous crudes is likely to result in more high-sulfur fuel oil being made.

The Energy Bulletin Weekly 1 March 2021

Resilience 01 Mar 2021
Nigeria is losing an average of 200,000 b/d of its crude oil production to theft, indicating a surge in mostly onshore pipeline sabotage in the West African country ... Despite still depressed demand for air transport, jet fuel follows the price curve of crude oil as costlier oil for refining results in more expensive end products, including jet fuel.

Chevron Invests in Geothermal Development Company

The Marshall News Messenger 01 Mar 2021
changing crude oil and natural gas prices and demand for our products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; ...

LPG price hiked again by Rs 25

Business Line 01 Mar 2021
Oil marketing companies have raised the prices of domestic ... The price of these crude products has been rising as oil producing nations have restricted supply while demand picks up as economies reopen after Covid-19.

BPCL to sell Numaligarh Refinery stake for Rs 9,876 cr

Yahoo Daily News 01 Mar 2021
The expansion also involves setting up of crude oil pipeline from Paradip in Odisha to Numaligarh and a product pipeline from Numaligarh to Siliguri in West Bengal ... The unit initially could turn 6 million tonnes of crude oil annually into fuel, which was subsequently raised to 7.8 million tonnes.

South Korea’s trade surplus fell 33.9% in February

La Prensa Latina 01 Mar 2021
The recovery in oil prices helped improve exports of petrochemicals and crude oil products. Shipments of petrochemical products increased 22.4 percent from a year earlier, while those of petroleum products were down 15.2 percent, their smallest contraction since April 2020.

WEEK AHEAD: Nigeria’s vaccines arrive, Apapa gets off to good start

Business Day Online 01 Mar 2021
... Zone 4, Conoil in Wuse, Eterna filling station in Wuse 2, Mobil in Lokogoma, NNPC, Major oil Jabi, among others. This is coming weeks after the landing cost of the petroleum product rose from N151 to N180 per litre due to the rising price of crude oil in the international market.

Weekly energy recap: February 26, 2021

Arab News 28 Feb 2021
The market is still assessing the resumption of US crude oil output after the fallout from the big freeze across Texas. The impact on US crude production is still unclear ... This is completely false, despite the upcoming spring refineries maintenance season in Asia, where China is getting ready with lower crude oil imports.

OPEC+ faces calls to cool oil market frenzy with extra barrels

Hindustan Times 28 Feb 2021
The Organization of Petroleum Exporting Countries and its allies rescued the global oil industry from an unprecedented slump last year by slashing production when the coronavirus crisis pummeled demand ... In the U.S., stockpiles of crude oil and refined products are back near levels last seen a year ago.

U.S. Oil Production Fell To 11 Million Bpd In December

Oil Price 28 Feb 2021
crude oil production ... crude oil production fell an average of 58,000 barrels per day, the EIA said on Friday.