The oil price selloff appears to have been triggered by a return of demand pessimism thanks to last week’s report by the EIA that showed a 7.3M-barrel build in U.S. crude stocks.
Standard Chartered: demand fears are overblown.
StanChart says that traders are betting that OPEC+ will maintain the current levels of production restraint.
Crude oil prices recovered lost territory today after the U.S. Energy Information Administration reported an inventory draw of 1.4 million barrels for the week to May 3.
Indian oil refiner Reliance Industries has resubmitted a request to the U.S. for an authorization to import crude oil from sanctioned Venezuela, three people close to the matter said, and resume oil trade between the OPEC producer and the once second-largest destination for its oil.
ADNOC increased its oil production capacity to 4.85 million bpd ahead of the next OPEC meeting.
The country’s stated aim is to reach 5 million bpd capacity by 2027.
OPEC’s current production cuts are set to run through the end of June, but the group may decide to extend those cuts at its next meeting.
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
Rigorous engineering remains the key platform to accomplish the dizzying array of complex work on a daily basis and the linchpin in elevating the performance of deepwater projects from acquisition to abandonment.
The heads of the energy ministries of Kazakhstan, Azerbaijan, and Uzbekistan signed a memorandum of cooperation at the Tashkent International Investment Forum. The memorandum aims to pave the way for the interconnection of the energy systems of these nations.
Doha, Qatar: Minister of State for Energy Affairs, the President and CEO of QatarEnergy, H E Saad Sherida Al Kaabi, took part in the World Economic Forum’s special meeting on global collaboration, growth, and energy for development, which was held in Riyadh, the Kingdom of Saudi Arabia, under the patronage of His Royal Highness Muhammed bin Salman Al Saud.
The Ministry of Energy has asked the Ministry of Interior and the Federal Board of Revenue to crack down on the rampant smuggling of Iranian petroleum products, which has already forced one refinery to shut down a unit and also threatens refinery upgrade agreements worth billions of dollars.
Crude oil prices ticked higher today after the U.S. Energy Information Administration reported an estimated decline of 6.4 million barrels in inventories for the week to April 19.