Oil & Gas

Saudi Arabia Defers $1.2B Oil Payment By Pakistan

Oil & Gas‚ Oil and Gas Industry | intent | February 4, 2025 | Comment off

Pakistan has been experiencing an economic crisis since 2022, characterized by high inflation, high debt, job cuts, and a struggling fiscal position. At some point the country was facing a severe shortage of foreign exchange reserves and risked defaulting on its debt obligations. Three years ago, Pakistan set a target for cheap Russian crude to make up two-thirds of its oil imports, but has been unable to achieve it hampered by a shortage of foreign currency and limitations at its refineries and ports. The cash-strapped South Asian nation became Russia’s latest customer after Russia started offering discounted urals following sanctions by the west.

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U.S. Gasoline Prices Resume Downtrend

Oil & Gas‚ Oil and Gas Industry | intent | February 4, 2025 | Comment off

StanChart has pointed out that such a switch would create a significant loss of optimization in the highly expensive cracking units that require feed from vacuum distillation of the heavy residual obtained by simple distillation. Canada has supplied 99.89% of all heavy imports into Midwest refineries over the past decade; the low substitutability of this flow implies that a tariff would largely feed through to local retail prices.

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Trump Hits Pause on Canada Tariffs

Oil & Gas‚ Oil and Gas Industry | intent | February 4, 2025 | Comment off

Canada is the biggest supplier of heavy crude to American refiners, exporting it at a rate of close to 4 million barrels daily, which makes it the biggest exporter of crude oil to the U.S. in general. Mexican crude oil exports north of the border are much smaller, at less than half a million barrels daily, but they still comprise the second-largest share of foreign oil in U.S. refiners’ mix. That fact may have played a role in Trump’s willingness to negotiate new trade deals quickly before the tariffs kick in and retaliation begins.

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TotalEnergies Signs Renewable PPA with STMicroelectronics

Oil & Gas‚ Oil and Gas Industry | intent | February 4, 2025 | Comment off

TotalEnergies SE has signed a “physical” power purchase agreement (PPA) with STMicroelectronics, a semiconductor specialist, for a renewable energy supply. TotalEnergies said in a media release that in January it started delivering renewable electricity to STMicroelectronics sites in France under a 15-year contract. The overall volume to be delivered under the contract is 1.5 terawatt hours (TWh).

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WTI Slips Below $73 on Mixed Tariff Signals

Oil & Gas‚ Oil and Gas Industry | intent | February 3, 2025 | Comment off

West Texas Intermediate edged down below $73 a barrel after White House press secretary Karoline Leavitt reiterated that the planned tariffs on Canada, Mexico and China will start as soon as Feb. 1. Crude had earlier declined as much as 1.1% after Reuters reported the measures would be delayed until March 1 and may allow for exemptions, assuaging concerns about supply disruptions.

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SLB, Aker Solutions Secure Hafslund Celcio Carbon Capture Deal

Oil & Gas‚ Oil and Gas Industry | intent | February 3, 2025 | Comment off

SLB noted that the EPCIC award follows a cost-reduction phase for Hafslund Celsio’s project, during which efficiency improvements, such as layout optimization, were identified. The project will utilize SLB Capturi’s modular Just Catch 400 unit. SLB said the space-efficient Just Catch design creates a feasible and cost-effective solution by minimizing on-site footprint, installation, and outfitting requirements.

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