Author: intent

U.S. Sanctions Trigger Russian Oil Exodus

Oil & Gas‚ Oil and Gas Industry | intent | January 23, 2025 | Comment off

Middlemen who supply Russian oil have stopped offering cargoes after the latest U.S. sanctions imposed by the Biden administration targeting Russian producers, tankers and insurers, Bharat Petroleum CFO has revealed. The sanctions have targeted Surgutneftgas and Gazprom Neft, two Russian oil firms that handle 25% of Russian oil exports. The two companies shipped an average of 970,000 bbls a day in 2024. Bharat Petroleum and other Indian state refiners buy Russian oil in the spot market, mainly from traders.

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Libya’s Refining Capacity Set to Soar to 400,000 bpd

Oil & Gas‚ Oil and Gas Industry | intent | January 23, 2025 | Comment off

Kuwait is a wealthy petroleum-based economy and the fifth richest country in the world by gross national income per capita. It’s OPEC’s 5th largest producer, and is home to 101 billion barrels in proven oil reserves, the 7th largest in the world. Indeed, Kuwait’s oil reserves are considerably bigger than the U.S.’ ~70 billion barrels. Unfortunately, similar to many OPEC producers, Kuwait’s economy is too reliant on oil.

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The Huge Polymetallic Discovery That Could Power the EV Boom

Oil & Gas‚ Oil and Gas Industry | intent | January 23, 2025 | Comment off

The Golden Ivan property, located in British Columbia’s prolific Golden Triangle, is a gold-rich region with staggering potential. And the Chilean projects, including the Zulema and Tierra de Oro, offer exposure to copper and gold in a mining-friendly jurisdiction. By spinning these assets out into Chilean Metals, Power Nickel is giving investors a direct stake in these promising projects, allowing them to realize their full value.

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U.S. Intervention in Iraq’s Oil Dispute Sparks Backlash

Uncategorized | intent | January 23, 2025 | Comment off

The U.S. last week stepped into the long-running embargo by the Baghdad-based Federal Government of Iraq (FGI) of independent oil exports from Iraq’s semi-autonomous region of Kurdistan (KRI) centred in Erbil. These flows into Turkey were stopped on 25 March 2023 after the International Chamber of Commerce (ICC) ordered Ankara to pay the FGI US$1.5 billion in damages for these allegedly unauthorised oil exports. U.S. State Department spokesperson Matthew Miller told local Iraqi news outlets that Washington has encouraged the historically pro-West Erbil and more pro-China Baghdad to reach a sustainable agreement on budgetary issues that would facilitate sustained oil production in the Kurdistan Region.

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Citigroup: Sanctions, Tight Supplies and U.S. Policy to Drive Oil Prices Higher

Oil & Gas‚ Oil and Gas Industry | intent | January 23, 2025 | Comment off

Analysts at Wall Street bank Citigroup have predicted that oil prices will remain elevated in 2025 thanks to U.S. sanctions on oil exports, logistical challenges and strategic policy decisions by major producers and governments. Citigroup notes that Over 180 vessels, integral to transporting Russian crude, are now restricted. Two weks ago, the Biden administration issued sanctions against Russian crude, and targeted Surgutneftgas and Gazprom Neft, two firms that handle 25% of Russian oil exports. The two companies shipped an average of 970,000 bbls per day in 2024. Earlier, Citigroup issued a Brent crude average price target of $67 per barrel for 2025, well below current price at $79.10.

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