The Organization of Petroleum Exporting Countries chopped projections for consumption growth in 2024 by 210,000 barrels a day to 1.6 million barrels a day, according to its monthly report. The cartel has slashed projections by 27% since July as it belatedly recognizes the deteriorating market picture.
The government holds majority stakes in the country’s three operational LNG production facilities, alongside minority investors including international oil companies and large gas buyers. However, only companies that can commit gas supplies to the plant would be eligible to take an equity stake in Oman’s fourth LNG train.
The Islamist group, designated as a terrorist group by the US, has more than doubled in size this year, with as many as 1,200 combatants holed up in the Bari mountains east of the Puntland capital, Bosaso, according to a local security official. The US military has expressed concern about Islamic State’s growing presence in the region.
When Josh Garcia, a senior gas analyst at Energy Aspects, was asked why the U.S. natural gas price is rising today in a separate exclusive interview, he told Rigzone that “weather has shifted colder day on day (d/d), bringing the 15-day forecast closer to the 10 year normal”.
Thanks to the Permian and the Haynesville shale plays, Texas leads U.S. natural gas production. Pennsylvania and West Virginia in the Appalachian basin rely on the Marcellus and Utica shale gas plays, while output in Louisiana comes from Haynesville and from offshore production in federal waters in the Gulf of Mexico.
A price of $100 per kWh is generally considered by industry observers as the inflection point at which electric vehicles (EVs) would reach price parity with conventional vehicles with internal combustion engines (ICE).
FERC recently yanked Venture Global’s construction go-ahead for CP2, demanding another environmental review. Commonwealth LNG is in a similar boat, waiting for FERC’s nod. With no clear timeline, developers are frustrated, environmentalists are elated, and the industry is left holding its breath.
The P’nyang field, holding a staggering 4.4 trillion cubic feet of gas, is key to keeping PNG’s LNG industry humming. With groundwork starting as early as April-June 2025, Exxon is advancing its concept select phase and preparing to establish a project office in PNG’s Western Province. “We expect to undertake initial ground surveys in the coming weeks,” said Johanna Boothey, ExxonMobil PNG’s senior VP for commercial development, at a recent conference in Sydney.
Crude oil inventories in the United rose by 499,000 barrels for the week ending November 29, according to The American Petroleum Institute (API). Analysts had expected a draw of 1.30 million barrels.
Preliminary estimates see the November CPI reading at 2.7%, which would be a slight increase on October’s 2.6%. Core inflation for November is seen at 3.3% on an annual basis—for the fourth month in a row. These figures might make a new rate cut decision a bit problematic but media reports suggest that market players overwhelmingly expect that decision.