Tags

Oil Prices Climb Amid U.S.-EU Trade Hopes and Russian Export Restrictions

Oil prices continued to move higher on Friday morning in Asia, supported by renewed optimism surrounding U.S.-EU trade negotiations and expectations that Russia will restrict gasoline exports. Even reports of Chevron’s return to Venezuela, which analysts estimate could add around 200,000 barrels per day to global supply, have been unable to pull prices lower.

LNG Canada Makes First Batch for Export

Once LNG Canada becomes fully operational, natural gas exports to the United States are expected to decline as more gas is directed to the liquefaction trains on Canada’s West Coast. There are also two smaller LNG export facilities under construction there, which will further squeeze exports to the south in the future. Woodfibre LNG and Cedar LNG are scheduled for completion between 2027 and 2028.

Oman’s OTTCO hits 17 million tonnes export from Ras Markaz

Operated by OTTCO, Ras Markaz Terminal supports the Duqm Refinery via an 80-kilometre crude oil pipeline and features eight tanks, floating platforms and a 7-kilometre subsea pipeline, as well as high-speed loading systems. The 40-square-kilometre site is capable of storing up to 200 million barrels of oil and offers international storage options outside the Strait of Hormuz.