Wednesday, September 22, 2021

Nigeria To Proceed With $1.7Bn Suit Against JP Morgan, UK Court...

Nigeria To Proceed With $1.7Bn Suit Against JP Morgan, UK Court Rules
Nigeria’s lawsuit against a United States bank, JP Morgan Chase, claiming over $1.7 billion for its role in the Oil Prospecting...

Oil Market Comeback Will Be Slow In 2021 – OPEC

OPEC+ May Delay Jan. 2021 Output Increase Despite Vaccine Find
The Organization of Petroleum Exporting Countries, OPEC, says global oil demand will rebound more slowly in 2021 than previously thought because...

EIA forecasts OPEC’s 18-year lowest revenue

EIA forecasts OPEC’s 18-year lowest revenue
The U.S. Energy Information Administration, EIA forecasts that members of the Organization of the Petroleum Exporting Countries, OPEC will earn about...

OPEC requests Russia’s deeper cooperation

OPEC requests Russia’s deeper cooperation
The Organisation for the Petroleum Exporting Countries, OPEC has called for a deeper commitment from Russia to surmount the current obstacles...

ExxonMobil Posts Q3 Loss

ExxonMobil Posts Q3 Loss
ExxonMobil Corp posted its third straight quarterly loss and detailed deeper spending cuts to come, as the oil major reels from...

Pandemic, Energy Transition To Hasten Peak In Global Oil Demand: Rystad...

Pandemic, Energy Transition To Hasten Peak In Global Oil Demand: Rystad Energy
The COVID-19 pandemic and a faster transition to renewable energy sources will have a permanent impact on global oil demand, Norway’s...

Funds sell oil on fears of virus-driven economic double-dip: Kemp

Funds sell oil on fears of virus-driven economic double-dip: Kemp
Hedge funds sold petroleum last week as the rising number of coronavirus cases in the United States and Europe fuelled fears...

Chevron bets on Middle East gas riches and reconciliation

Chevron,after years of focusing on U.S. shaleis venturing its natural gas future on the Middle East,a tricky region marked by division and volatility. As demand for the cheaper and cleaner fuel is forecast to outstrip oil,CEO Michael Wirth’s pivot away from home is underpinned by a bet that the Middle East is entering an era of reconciliation that will make it ideal for tapping natural gas. The new strategy drives the company to pitch new gas deals in Egypt, Israel, Qatar, while cutting its spending on American shale exploration. The plan is anchored by Wirth’s $11.8 billion purchase this month of U.S.-based Noble Energy, which holds a stake of about 40% in the aptly-named Leviathan gas field in the Mediterranean Sea, off the coast of Israel. “Five years ago the Eastern Med wasn’t viewed as endowed from a resource standpoint as I think most people would say today. That’s a fundamental shift,” Wirth told Reuters in an interview. “There’s not a lot of capital investment required in the near term,” he said. “At a time when cash flow matters, that’s a very appealing attribute.” The deal brings an alliance with Israel that has been smoothed by the narrowing of some historical rifts in the region, such as the establishment of formal ties between Israel and the United Arab Emirates in an agreement signed last month. Wirth said Middle Eastern commercial and diplomatic relations “are becoming more codified and stronger, that’s a trend that we think augurs well for the region.” Chevron also made a courtesy call about the Noble deal to officials in Saudi Arabia, a key partner in several Chevron oil projects and a nation with historically strained relations with Israel, according to a senior source at the U.S. company. The Saudi government media communications office did not respond to a request for comment, while Chevron said it did not discuss details of meetings. RISKS AND RENEWABLES Yet the regional political and security risks that have deterred some companies in recent years still exist. Syria and Yemen are riven by wars, with uncertain consequences for a wider region where archrivals Saudi Arabia and Iran are waging a proxy battle. Just this January, the U.S. killing of Iranian general Qassem Soleimani in Iraq – and a reprisal by Tehran – illustrated the instability of the Middle East and threatened to engulf it in conflict. Despite such risks, Chevron – which at one point leap-frogged rival ExxonMobil this month to be the largest U.S. oil company by market value – is plowing ahead with efforts across the region. The Leviathan field and others nearby have the potential to become major factors in regional fuel supplies. Chevron could send gas to an Egyptian liquefied natural gas (LNG) plant that could ship the fuel to Europe or Asia, Wirth said. European and Asian nations have been moving toward gas, solar and wind, and away from coal and nuclear power. “The reality is you need gas in tandem with renewables,” said Christopher Kalnin, CEO of BanpuKalnin Ventures, which invests in U.S. shale gas. Asia in particular will remain dependent on imported gas, he said, because it complements solar and wind. Global gas demand through 2025 is projected to rise 1.5% per year on average, largely on growing purchases by customers in China and India.
Chevron, after years of focusing on U.S. shale, is venturing its natural gas future into the Middle East, a tricky region...

Oil Prices Crash As COVID-19 Infections SurgeThreatens Demand

Oil Prices Crash As COVID-19 Infections SurgeThreatens Demand
The United States and Europe has raised alarms over crude demand as oil prices fell on Monday following a jump in COVID-19...

Global Oil Demand May Rebound Slower In 2021 – OPEC

JMMC priority is full conformity by all DoC members
The Organization of Petroleum Exporting Countries, OPEC, is uncertain about a quick recovery of the oil market, as World oil demand...

Oil rebounds as China trade data relieves supply concerns

Oil rebounds as China trade data relieves supply concerns
Oil prices recovered on Tuesday, following robust China data, although concerns about waning demand elsewhere and supply resumptions in Norway, the...

IEA Forecasts A 3%Crash in Natural Gas Demand

IEA Forecasts A 3%Crashin Natural Gas Demand
The International Energy Agency, IEA, has reviewed its global gas demand forecast for this year, while still perceiving the biggest record...

Oil Prices Drop As US Restores Output

Oil prices fell for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end. Brent crude for December fell 55 cents, or 1.3 per cent, to $42.30 a barrel and U.S. West Texas Intermediate for November was at $40.08 a barrel, down 52 cents, or 1.3 per cent. Front-month prices for both contracts gained more than 9 per cent last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labour union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25 per cent. “We had good support for both Brent and West Texas on the back of some supply concerns,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney. “Given that the hurricane season in the U.S. has just started, there’s potential for that to keep prices firm.” In the United States, Hurricane Delta, which dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, was downgraded to a post-tropical cyclone by Sunday. Workers headed back to production platforms on Sunday while Total SA continued restarting its 225,500 barrel-per-day Port Arthur, Texas, refinery on Sunday. However, Colonial Pipeline, the largest oil products pipeline in the United States, shut its main distillate fuel line after the hurricane disrupted power, the company said on Sunday.
Oil prices fell for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while...

MARKET TREND COMPELS OPEC TO REVIEW GLOBAL OIL DEMAND FORECAST

JMMC priority is full conformity by all DoC members
The Organization of Petroleum Exporting Countries, OPEC, yesterday said it had downwardly revised its forecast for global oil demand growth over...

OIL PRICES EASE AFTER A WEEK OF PROGRESS

OIL PRICES EASE AFTER A WEEK OF PROGRESS
Oil prices eased a few cents early in trading on Friday in a breather at the end of a week of...

Trump’s Stimulus Package Deal Elicits Negative Effect on Oil Prices

Contrary to expectation, oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to boost the coronavirus-hit economy and on a larger-than-expected build-up in U.S. crude stocks. U.S. West Texas Intermediate, WTI, crude oil futures fell 87 cents or 2.1 per cent, to $39.80 a barrel while Brent crude futures fell by 74 cents, or 1.7 per cent, to $41.91 a barrel. While, still receiving treatment for COVID-19, President Trump ended talks on Tuesday with Democrats on an economic aid package for his pandemic-hit country with the U.S. presidential election only weeks away. Prices were also pressured by data from the American Petroleum Institute, API, which shows the U.S. crude oil stocks rose by 951,000 barrels last week – more than expected. “(This was) not exactly what the recovery doctor ordered as the oil market was already tanking from a two-week high after President Trump quashed hope for a pre-election stimulus deal,” said Stephen Innes, chief market strategist, at online brokerage AxiCorp. Meanwhile, energy companies were engaged in the securing of offshore production platforms and evacuating workers on Tuesday, some for the sixth time this year, as Hurricane Delta took aim at U.S. oil production in the Gulf of Mexico, which accounts for 17 per cent of total U.S. crude oil output. At about the same time, in Norway, the Ledernelabour union said on Tuesday it will expand its opening oil strike from October 10 unless a wage deal can be reached in the meantime. Six offshore oil and gas fields were shut down on Monday as Lederne ramped up its strike, cutting the country’s output capacity by 8 per cent.
Contrary to expectation, oil prices slipped on Wednesday after U.S. President Donald Trump dashed hopes for a fourth stimulus package to...

Oil Price Rise As Trump Returns To White House

Oil Price Rise As Trump Returns To White House
Global oil prices pushed higher in early trade on Tuesday after U.S. President Donald Trump returned to the White House from...

30 percent global oil demand destroyed by COVID-19 lockdown

COVID-19 pandemiclockdown has had an adverse effect of thirty percent on world’s oil demand. This was made known by theSecretary-General of the Organisation for Petroleum Exporting Countries, OPEC, Mohammad Sanusi Barkindo stated in his opening remarks at the technical workshop with agencies forecasting world oil demand and non-OPEC Supply, where he said that the oil market lost 30 percent demand to the lockdown. “While cooperation has always been our middle name, its necessity has been brought home even more emphatically in recent months. The actions of our DoC partners in tackling the unprecedented issues stemming from COVID-19 lockdowns, which destroyed 30% of demand in one blow, have driven the reputation of our Organization to new heights,” he said while extolling the contribution of the Declaration of Cooperation to the stability of the crude oil market. According to him, the market, and indeed the world, has once again recognized OPEC as “a stable, reliable and dependable” partner not only in the current crisis, but also within the broader energy dialogue. “These multilateral efforts of the DoC have been lauded widely by leaders across the world, including at the recent G20 Energy Ministerial Meeting on 27 and 28 September, which made reference to the great importance of energy security and market stability”. “Ministers attending the meeting recognized the spirit of solidarity that has been so effectively demonstrated throughout this year in the face of great uncertainty. The meeting, under the Chairmanship of the Kingdom of Saudi Arabia, also established the Energy Focus Group, which is tasked with monitoring response measures in coordination with international organizations, including OPEC, and reporting back to the Energy Ministers”, he said. This support at the highest levels of government, he said, continues to help advance the efforts of OPEC and its non-OPEC partners of the DoC to restore stability in the global oil market. He however, acknowledged that the world is not yet out of the grip of COVID-19, warning that a second wave of the disease will again drag down oil demand. “As we hold this meeting, a ‘second wave’ is washing over many countries in Europe and other areas, with numbers rising even above those in the spring. Some major economies have never gotten out of the ‘first wave’, such as India and the US. It is a trial that continues to face the world community as a whole, challenging all institutions in every country. The rising infection figures continue to create a drag on oil demand and undermine the global economic recovery”, he said. In addition, the adverse longer-term effects with unfolding structural changes are becoming more visible — translating into devastation for many oil producers, he warned. “Bankruptcies among US oil and gas firms have strongly risen since the oil industry crashed in March and April this year. The situation is most certainly similar for oil producers around the world. Haynes and Boone, an oil patch bankruptcy monitor, reported that nearly 50 oil and gas companies in North America declared bankruptcy in 1H20”, he said. He however said OPEC remains “cautiously optimistic” about the oil market’s recovery, even as the world continues to battle COVID-19 resurgences and clusters. “News reports state that the world is getting closer to finding a vaccine; when this day comes, the demand/supply scenario will significantly brighten. However, until that time, large uncertainties and risks will continue to destabilize the oil market and affect the pace of economic recovery”, he said.
COVID-19 pandemic lockdown has had an adverse effect of thirty percent on world’s oil demand. This was...

Nigerian Fields take focus as Shell reviews Oil production

Shell Nigeria Gas (SNG) said it would continue to optimise its onshore footprint while investing in gas development in Nigeria. This came as the company commissioned an indigenous contractor, Gredor Nigeria Limited, to begin the construction of the gas pipeline infrastructure to deliver gas to the Nigeria Content Development and Monitoring Board Industrial Park in Polaku, Bayelsa State. SNG had earlier in the year acquired the lease of one hectare of land in Polaku for the gas project which will supply gas for industries in the park and the environs. The project is expected to be delivered within six months. Speaking at the commissioning, the Managing Director, SNG, Ed Ubong said the Polaku project would boost industrialisation in Bayelsa State and provide employment opportunity for skilled and unskilled local population in addition to directly improving internally generated revenues in the state. He said, “The project will increase the over 150 industrial and commercial customers in Nigeria who currently receive SNG’s supply of natural gas through gas infrastructure that we have built with our partners and local stakeholders.” Responding to the rapid expansion of SNG as distribution network, Country Chair, Shell Companies in Nigeria, Osagie Okunbor said Shell was positioned to continue to optimise its onshore footprint while investing in gas. “For more than 50 years, Shell has been in the forefront of the campaign to develop and monetise Nigeria’s huge gas resources. SNG continues to demonstrate leadership in this space, growing the domestic gas market and also helping to improve lives in every state it operates.” SNG recently completed 20 kilometres domestic gas pipeline expansion project in Abia State, connecting Agbor Hill, Osisioma and Ariaria industrial zones. The expansion project has enabled the supply of pipeline gas to Ariaria Market Energy Solutions Limited, the Independent Power Project (IPP) consortium that provides electricity to the popular Ariaria market in Abia State. Ariaria International Market is one of the largest leather shoe-making and open stall markets in West Africa, with over 37,000 shops and an estimated one million traders.
Oil giant Shell is considering a major global review of its oil and gas production and is looking at sustaining production...

Big Oil’s selling spree might be dicey

Big Oil’s selling spree might bedicey
The world’s leading energy companies are looking to sell dozens of oil and gas fields and refineries worth over $110 billion...
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