India’s crude oil imports from Russia hit a new record high of 2.2 million barrels per day (bpd) in June, having risen in 10 consecutive months, per data from analytics firm Kpler cited by Bloomberg.
Reports of Iran/U.S. talks have surfaced repeatedly over the last couple of years, spooking the markets each time it’s suggested that Iran’s oil could return to the market. But Iran’s crude oil does add a mystery element to the oil markets that transcends demand forecasts.
Long-term contracts for LNG supply are back after a year of record-high prices and energy crises.
OPEC last week underlined that Asia’s continued strong economic growth would account for virtually all the growth in demand for oil this year.
Back in March, Saudi and Iran announced they had agreed to restore diplomatic ties in a deal brokered by China, ending a seven-year rift. The Saudi Arabia-Iran deal–one of the latest in a series of geopolitical realignments that have lately been going on in the Middle East–has been widely lauded, with the U.S. National Security Council spokesman John Kirby saying, “To the degree that this arrangement can lead to an end to the war in Yemen, to the degree that it can help prevent Saudi Arabia from having to defend itself against attacks, to the degree that could deescalate tensions – all that’s to the good side of the ledger.
Crude oil prices moved modestly higher in Asia pre-noon trade today following the news that Saudi Arabia would extend its voluntary oil production cuts through August.
A delegation of the Central Union of Cuban Workers (CTC), led by its Secretary General Ulises Guilarte de Nacimiento, had working sessions with the Vietnam National Union of Oil and Gas Workers and the Russia-Vietnam oil and gas joint venture Vietsovpetro in the southern province of Ba Ria-Vung Tau on July 1.
Federal officials rejected a petition from New Mexico environmental groups to phase out oil and gas drilling on federal land, citing several environment and climate-related policies enacted since President Joe Biden took office in 2021.
Egypt is executing eight new projects worth over $5 billion as part of its strategy to modernize the country’s petroleum sector, with a key focus on refining and manufacturing expansions.
Only three companies traded more Russian liquified gas, two of them Russian, while only four countries supplied more to Shell’s traders in 2022.