Oil set for weekly loss as China optimism dims, stockpiles swell
Oil headed for a second weekly drop as optimism over a recovery in Chinese demand dimmed and US stockpiles kept rising.
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OPEC+ keeps output steady amid uncertainty on China and Russia
An OPEC+ committee recommended keeping crude production steady, delegates said, as the oil market awaits clarity on demand in China and supplies from Russia.
Chinese patrols near oil and gas in disputed South China Sea hit new peak with tensions high
China’s Coast Guard maintained near-daily patrols at key features across the disputed South China Sea last year, ramping up its presence as tensions over the waterway with Southeast Asian neighbours remain high, new tracking data shows.
US to boost pressure on China to stop importing Iran oil, envoy says
The US said it will increase pressure on China to stop buying Iranian oil, as the White House seeks to enforce sanctions aimed at curbing the Islamic Republic’s nuclear activities.
Shell, ExxonMobil, sign CCS study deal with CNOOC in China
Shell (LON:SHEL) has signed a Joint Study Agreement with CNOOC, Guangdong Provincial Development and Reform Commission, and ExxonMobil (NYSE:XOM) for the Daya Bay carbon capture and storage (CCS) hub project in China.
New auctions, new vessels, new entrants – Westwood shares 2023 offshore wind themes
Research firm Westwood Global Energy Group has delivered its forecasts for the offshore wind market in the coming year.
Indonesia sends navy to monitor Chinese coast guard ship near Harbour Energy gas field
Indonesia has deployed a warship to its North Natuna Sea to monitor a Chinese coast guard vessel that has been active in the gas-rich maritime area, the country’s naval chief said on Saturday of an area that both countries claim as their own.
Philippine Supreme Court revokes South China Sea oil and gas exploration deal
Philippine oil and gas drillers tumbled Wednesday after the top court voided the nation’s 2005 deal with China and Vietnam to jointly explore for oil and gas in the South China Sea, less than a week after President Ferdinand Marcos Jr. agreed to revive similar talks with Beijing.
Cnooc lifts spending to raise energy supply as China reopens
China National Offshore Oil Corp. pledged higher spending this year as Beijing looks to raise production to safeguard energy security and fuel a rebound in economic growth.
China scoops up rare Russian oil as top buyer boosts imports
China is importing a wider variety of Russian crudes, including the lesser-known Arco grade, just as the nation doubles down on purchases.
Harbour Energy gets approval for $3.3bn Tuna oil and gas project in Indonesia
The Indonesian government has approved a plan of development for Harbour Energy’s (LON:HBR) Tuna oil and gas project that includes $3.315 billion worth of cost recovery. Significantly, Indonesia sees the development as a way to assert its sovereign rights in a maritime area also claimed by China.
Chinese firm CNPC signs deal with Taliban to produce oil in Afghanistan
The Taliban-led administration in Afghanistan signed its first international contract last Thursday to extract oil from the northern Amu Darya basin as the beleaguered group seeks to increase revenue.
Brent Crude oil climbes in price during first session of 2023
International oil price benchmark Brent Crude climbed in the year’s first session as traders digested mixed signals on demand from China, the world’s largest crude importer.
Oil rises as China loosens travel rules, US battles winter freeze
Oil rose as China took more steps to unwind its Covid Zero policy and freezing weather across the US prompted refinery closures in the vital Texas Gulf Coast area.
Oil steadies as China’s covid wave counters lower US stockpiles
Oil steadied after a three-day gain as concerns that near-term Chinese demand may decline amid a surge in Covid cases offset support from lower US inventories and a weaker dollar.
Gazprom starts up ex-BP gas field with exports to China
President Putin said Kovykta and Chayandinskoye could produce 50 bcm per year.
China, Saudi sign deals as Xi gets warm welcome in Riyadh
China and Saudi Arabia signed a number of agreements, including on energy and investments, after their leaders met in Riyadh on Thursday at a summit that showcased deep and growing ties beyond oil.
Saudi Arabia and China team up on energy and climate
The King Abdullah Petroleum Studies and Research Center (KAPSARC), a leading Riyadh-based advisory think tank, has signed a memorandum of understanding (MoU) with the Economics & Technology Research Institute (ETRI), a research institute affiliated with the China National Petroleum Corporation (CNPC), to foster cross-regional cooperation in energy research.
Oil drops for fourth straight day as demand concerns multiply
Oil fell for a fourth day as warnings from major US banks of a tough outlook for 2023 stoked concern over demand prospects and dented appetite for risk assets including commodities.
OPEC+ pauses as Russia sanctions and China covid rules roil crude markets
OPEC+ responded to surging volatility and growing market uncertainty by keeping oil production unchanged.
Indonesia to auction giant East Natuna Block again
The government of Indonesia is reviewing plans to again auction the giant East Natuna Block offshore Indonesia as carbon capture and storage (CCS) technology opens up the development potential of the carbon dioxide (CO2) intense field, according to Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif.
Shell Penguins FPSO finally set to leave China for North Sea
The Shell (LON: SHEL) Penguins FPSO – the oil giant’s first new manned vessel in UK waters for 30 years – is finally due to head to the North Sea.
Price of oil surges amid speculation that OPEC+ nations will cut production
Oil extended a rebound from the lowest level in almost a year on speculation that the Organization of Petroleum Exporting Countries and its allies will deepen supply cuts to respond to weakening global demand.
Putin’s war leaves West more reliant than ever on Asian fuel
The war in Ukraine is strengthening the role of Asia and the Middle East as the world’s main providers of fuels like diesel and gasoline that are crucial to the global economy.
Sinopec snaps up first NFE LNG offtake deal with Qatar
Sinopec has signed up to buy 4 million tonnes per year of LNG from QatarEnergy (QE) for 27 years.