Middle East
Saudi Arabia Expected to Slash October Crude Prices for Asia Amid Weak Margins
Top oil exporter Saudi Arabia is expected to cut prices for most of the crude grades it sells to Asia in October after Middle East benchmark Dubai slumped last month, industry sources said on Monday.
‘Capricious’ You Say?
Is it just me or does the decision by the D.C. appeals court to throw out FERC’s approval of a Williams Cos. pipeline project due to the regulator’s “arbitrary and capricious” review process seem a bit more short-sighted than usual?
Iraq Seeks U.S. Investment in Gas Projects to Boost Energy Independence
Iraq plans to offer 10 gas exploration blocks to U.S. companies during an upcoming visit by Oil Minister Hayan Abdel-Ghani to the United States, he announced on Saturday.
OPEC+ Set to Move Forward with October Output Hike Despite Demand Woes, Sources Say
OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
Enbridge Predicts Rising Oil Demand Through 2050 as U.S. Supply Grows
Enbridge CEO Greg Ebel predicts global oil demand could surpass 110 million barrels per day by 2050, prompting significant investments in U.S. supply and LNG expansion.
Qatar Strikes Another 15-Year LNG Supply Deal with Kuwait
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum of LNG for 15 years, the second such deal since 2020 as Kuwait imports the fuel to help meet rising demand for power generation.
Mideast Tensions and U.S. Rate Cuts Drive Oil Prices Higher, Raising Supply Disruption Fears
Oil prices extended gains on Monday on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies, while imminent U.S. interest rate cuts lifted the global economic and fuel demand outlook.
Morgan Stanley Cuts 2024 Oil Demand Forecast on China's LNG Truck Growth, Economic Slowdown
Morgan Stanley has lowered its global oil demand growth forecast for 2024, mainly due to China's slower economic growth, increased electric vehicle usage there, and a rise in the number of trucks in China powered by LNG.
Global News August 2024
Latest industry developments from around the world!
U.S. Oil Export Growth Slows as Output and Global Demand Wane
U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish.
Kuwait and Qatar Discuss New 15-Year LNG Supply Deal from North Field
The deal would see Qatar providing Kuwait with 3 million metric tons per annum of the seaborne fuel over 15 years from its North Field project, which is expected to commence operation in 2026, four of the sources said.
Petronas Teams Up with ADNOC, Storegga to Develop Carbon Capture in Malaysia
Malaysia' Petronas will collaborate with ADNOC and U.K.-based Storegga to evaluate carbon dioxide emissions storage in Malaysia, the companies said on Tuesday.
Iran Pushes Oil Exports to New Destinations, Including Bangladesh and Oman
Iran has sent small shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data, the latest sign of Tehran pushing to sustain output at close to its highest in five years.
Osaka Gas Targets Steady LNG Volume of 11.5 Million Tons by 2030
Japanese city gas provider Osaka Gas aims to maintain annual handling volume of liquefied natural gas at 11.5 million metric tons in the fiscal 2030 year, an executive said on Thursday.
Osaka Gas, ADNOC Sign Landmark Agreement for Long-Term LNG Supply
Osaka Gas has signed a long-term deal with UAE's ADNOC for the delivery of up to 0.8 million metric tons per annum of liquefied natural gas to secure stable supplies.
U.S. Dominates Global Natural Gas Production and LNG Exports
The U.S. has reinforced its position as the leading global producer of natural gas and LNG exporter, with notable increases in LNG supply and significant reductions in European and Russian gas imports.
Oil Prices Rebound After Hamas Leader's Death, Gains Capped by China Concerns
Oil prices rose nearly 3% on Wednesday, rebounding from seven-week lows after the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and a sharp drawdown in U.S. crude stockpiles.
Citi Warns Trump Presidency Could Drive Oil Prices Lower
A Donald Trump presidency could be net bearish for oil prices due to a combination of factors including tariffs and oil-friendly policies and pushing OPEC+ to release more oil into the market, Citi said in a research note on Thursday.
U.S. Democrats Introduce Bill to Hold Oil Firms Accountable for OPEC Collusion
Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices.
Energean to Invest $1.2 Billion in Israel's Katlan Gas Project
Energean will invest about $1.2 billion to develop the Katlan project off Israel, the company said on Tuesday as it announced its final investment decision, with gas output expected to commence in the first half of 2027.
Mid-Year Global Forecast: Midstream Responding to Demand from LNG Projects
Global pipeline construction surged to nearly 42,000 miles in mid-2024, driven by increased LNG and hydrogen infrastructure needs, with significant expansions in North America and Europe.
Global News July 2024
Latest industry developments from around the world!
U.S. FTC Probes Hess, Occidental Execs Over OPEC Communication
The current investigation of communication with OPEC officials is part of the U.S. antitrust regulator's review, the report said, adding that investigators are looking for evidence of collusion over oil market dynamics.
Circular Economy Initiatives for Offshore Piping and Related Infrastructure
Circular economy is a sustainable business model that aims to ensure use of resources, extraction of maximum value from the equipment during operation and the recovery and regeneration of products and materials at the end of each’s service life.
WoodMac: National Oil Company International M&A Spending Hits 20-Year Low
Despite a surge in mergers and acquisitions by international oil companies, national oil companies have significantly reduced their international spending from a decade ago, according to Wood Mackenzie.
Iran to Receive 300 Million Cubic Meters of Russian Gas Daily: Oil Minister
Iran will receive 300 million cubic meters of Russian gas daily, the official IRNA news agency reported Iran's oil minister Javad Owji as saying on Wednesday.
Aramco Finalizes Deal to Acquire 50% of Air Products Qudra's Blue Hydrogen Business
Saudi oil giant Aramco has signed final agreements to buy 50% of the blue hydrogen industrial gases business of Air Products Qudra, it said on Tuesday, continuing the kingdom's drive to become a major hydrogen producer.
ADNOC Gas Awards $550 Million in Contracts to Expand UAE Gas Pipeline Network
ADNOC Gas has agreed to transfer ownership of the $2.4 billion UAE gas pipeline expansion project to ADNOC. This transfer aims to enhance the capacity for natural gas delivery to the Northern Emirates.
Kuwait's KPC Makes ‘Giant’ Oil Discovery in Al-Nokhatha Field
Kuwait Petroleum Corp. (KPC) said on Sunday it had made a "giant" oil discovery in the Al-Nokhatha field east of the Kuwaiti island of Failaka, with oil reserves estimated at 3.2 billion barrels.
Kurdish Oil Smuggling to Iran Flourishes
Heading for Turkey to the north and Iran to the east, hundreds of oil tankers snake each day from near Kurdistan's capital Erbil, clogging the Iraqi region's often winding and mountainous highways.
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
