China has maintained a strong rate of crude oil imports pretty much since the start of the year, but instead of turning oil markets bullish, it has only served to create confusion.
Crude oil prices ticked lower today after the Energy Information Administration reported an inventory build of 4 million barrels for the week to September 8.
China is back on the spot LNG market to seek cargoes for the coming winter, potentially upsetting a fragile balance in the global natural gas market just as Europe has reached its gas storage target well ahead of the November 1 deadline.
Oil prices are set for a surge in volatility amid an expected “significant supply shortfall” on the market in the fourth quarter of 2023, due to the Saudi-led cuts to OPEC+ oil supply, the International Energy Agency (IEA) said on Wednesday.
Iran says construction work at the revived 10.8mn t/yr Iran LNG project stands at just shy of 50pc and is on track for completion before the end of the current administration’s term in office in mid-2025.
Conrad Asia Energy (Conrad) subsidiary West Natuna Exploration (WNEL) has signed a non-binding terms agreement with Singapore’s Sembcorp Gas for a long-term gas supply deal for the Mako gas field.
A review of global oil prices on Oil Price early on Wednesday, September 13 (5:36 AM, GMT+1), showed that Brent crude is at $92.28 per barrel.
LAGOS — Implementation of the 2023 budget of N21.8 trillion is currently threatened as the nation has suffered a shortfall in crude oil output, amounting to 470,000 barrels per day, bpd in August 2023.
From the moment on 24 February 2022 when Russian troops first moved into Ukraine, liquefied natural gas (LNG) became the key swing energy resource without which the Western response to Russia’s latest act of war would have been as impotent as its response to the annexation of Crimea in 2014.
China imported in August record volumes of coal and the third-highest monthly amount of crude oil ever. But the recent surge in the imports of major commodities could be masking one-off temporary factors instead of a rebound in China’s economic growth in the second half of the year.