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.
Saudi Aramco has raised the official selling price of all the grades it exports to Asia, with flagship Arab Light for delivery in June set to become $0.90 more expensive, Bloomberg reported citing a pricing list it had seen.
Asia to benefit from rising output in Angola: S&P Global
March crude production in Angola rebounds from 4-month low
China, India, Thailand, South Korea keenly monitoring developments
Conrad Asia Energy Ltd. said it has made significant progress in maturing the Mako project in the Duyung production sharing contract (PCS) with major contracts and services expected to conclude in the second quarter of the year.
Crude oil inventories at Cushing have dropped to their lowest level for this time of year in over a decade.
The depleting stocks at Cushing and the bearish sentiment on the oil market, especially the recent more negative positioning in WTI Crude, could lead to high prices in the near term.
In the three weeks to January 19, inventories at Cushing fell by more than 5 million barrels.
U.S. crude can’t compete now in Asia because freight rates have made it too expensive.
Due to the higher freight costs, WTI Crude is now $1 a barrel more expensive than Abu Dhabi’s Murban, versus small discounts or parity in prices last week.
For example, India is looking to buy more term supplies from Saudi Arabia and from West African producers as the world’s third-largest crude oil importer is always on the hunt for bargains for its crude supply.
U.S. oil production reached a record 13.2 million barrels per day, significantly increasing exports, especially to Europe and Asia.
End-of-year tax considerations are prompting traders to export more oil to reduce taxable inventory, with exports expected to average 5 million barrels per day.
The integration of WTI Midland in the Brent basket and the European embargo on Russian oil have contributed to the growing popularity of U.S. crude in global markets.