Saudi oil giant Aramco and Abu Dhabi’s ADNOC plan to expand their downstream businesses, especially in Asia, to lock in future demand for their crude in the petrochemicals sector.
Chinese state-owned oil and gas giant China National Offshore Oil Corporation (CNOOC) has brought online an oilfield development project off the coast of China in eastern Asia on the western shore of the Pacific Ocean.
Saudi Arabia cut pricing of its flagship crude grade for its main market in Asia next month as concerns mount over waning demand.
Crude oil arrivals in the world’s top-importing region, Asia, appear to have rebounded in August from a two-year low in July.
Russian exports of petroleum products to Asia via the southern tip of Africa nearly doubled in July from a month earlier to hit an all-time high, according to LSEG shipping data reported by Reuters.
Oil prices fell in Friday trade in Asia and were poised for a second straight weekly decline as concerns about demand more than offset falling U.S. crude inventories and rising odds of a September interest rate cut from the Fed.
Planned FIDs on new offshore gas projects in Southeast Asia could lead to $100 billion of investments, according to Rystad Energy.
China’s state-run China National Offshore Oil Corporation (CNOOC) has brought onstream the first oil field in China that features low-carbon design and receives power from the shore for its operations in South China Sea.
Oil prices have bounced back after the last OPEC+ announcement sent them crashing, and the U.S. Federal Reserve could send them higher still with optimistic messaging.
Saudi Arabia set its flagship Arab Light crude oil official selling price (OSP) to Asia at plus $2.40 versus Oman/Dubai average for July, a document seen by Reuters showed on Wednesday.