Indian Oil Corp., Bharat Petroleum Corp. and Hindustan Petroleum Corp. plan to jointly issue a tender later this year for the medium-range tankers, according to people familiar with the matter who asked not to be identified because the information isn’t yet public. The proposal could be valued at as much as $600 million, and will require delivery to start by 2028, they said.
West Texas Intermediate slipped near $65 a barrel after earlier rising as much as 1.5%. US Commerce Secretary Howard Lutnick said the negotiations had been “fruitful.” Still, the talks haven’t yielded conclusive progress and may stretch into the night. Some Canadian oil sands production that was shut down by fires is coming back online, also easing prices off of intraday highs.
OPEC estimates that global oil demand will grow by 1.3 million barrels per day in both 2025 and 2026, which is in stark contrast with the demand estimate of the International Energy Agency. The IEA sees oil demand growth this year at less than 1 million bpd. Although demand rose by 990,000 barrels daily over the first quarter, the IEA expects this to slow considerably to just 650,000 bpd over the remainder of the year.
The decision to expand ICE vehicle manufacturing seems like a departure from plans to become an all-EV maker, which GM had earlier said it wants to do by 2035. “Our plan is to only be selling EVs, light-duty EVs at that time but of course we’re going to be responsive to where the customer is at but we have a plan to do that,” CEO Mary Barra said in 2023.
“We have reached a framework to implement the Geneva consensus and the call between the two presidents,” U.S. Commerce Secretary Howard Lutnick said, as quoted by Reuters. “The idea is we’re going to go back and speak to President Trump and make sure he approves it. They’re going to go back and speak to President Xi and make sure he approves it, and if that is approved, we will then implement the framework.”
Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) climbed 300,000 barrels to 402.1 million barrels in the week ending June 06. Inventory levels in the SPR are hundreds of millions shy of the levels in inventory prior to the SPR withdrawal that took place under the Biden Administration.
The contracts involve expanding key processing units to increase throughput and improve operational efficiency across four ADNOC Gas Facilities: Asab, Buhasa, Habshan (Onshore), and the Das Island liquefaction facility (Offshore). The company intends to take FIDs on two additional phases of the RGD project at Habshan and Ruwais to enable the delivery of greater production capacity to meet growing market demands.
Under the agreement, SOCAR will supply gas volumes in phases to gradually reach approximately 1.5 bcm (53 bcf) per year, with deliveries scheduled to begin in 2025. The gas will be transported via pipeline and will support investments in production and infrastructure, such as gas compressors.
Kuwait is geographically in a great spot, but historically, it has lacked infrastructure. Now, with projects such as the new airport and the expansion of Mubarak Al Khabeer port, we can position Kuwait as a quicker transit hub.
This opens opportunities for localisation, global exports and better turnaround from sea to air. For FDI [foreign direct investment], logistics is key. Infrastructure upgrades are what allow local players to go global, and if we get it right, Kuwait will become a gateway to the region.
Our key advantage is our diversified product portfolio, which sets us apart in the regional market. We offer specialised chemical and polymer products that no other company in the GCC supplies.
Throughout our short but impactful history, we have built a reputation for building successful partnerships. The decision by Linde, the world’s leading industrial gas company, to choose Sipchem as its exclusive partner in Saudi Arabia to invest in industrial gas opportunities exemplifies this.
Beyond our products, we take immense pride in our investment in human capital, strongly emphasising domestic talent. More than 85% of our workforce are domestic professionals, which adds long-term stability to our business. Guided by a clear purpose, strong principles, a compelling employee value proposition and robust succession programmes, we have positioned Sipchem as a preferred employer for emerging talent and seasoned professionals.