Strannik Posted April 2, 2023 Share Posted April 2, 2023 OPEC+ Makes Surprise 1 Million-Barrel Oil Production Cut - https://www.reuters.com/business/energy/sarabia-other-opec-producers-announce-voluntary-oil-output-cuts-2023-04-02/ SA/other OPEC+ producers announced voluntary cuts to their production amounting to around 1.15 mln bpd Last October OPEC+ agreed to output cuts of 2 mln bpd from November until the end of the year Sunday's unexpected voluntary cuts, which start from May, come in addition to the ones already agreed in October Russia also said on Sunday that Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. Moscow announced those cuts unilaterally in February following the introduction of Western price caps. The Saudi energy ministry said in a statement that the kingdom's voluntary cut was a precautionary measure aimed at supporting the stability of the oil market. Oil prices fell to 15-month lows earlier this month in response to the banking crisis that followed the collapse of two U.S. lenders and resulted in Credit Suisse being rescued by Switzerland's biggest bank UBS. Link to comment Share on other sites More sharing options...
Strannik Posted April 2, 2023 Author Share Posted April 2, 2023 Japan Breaks With U.S. Allies, Buys Russian Oil at Prices Above Cap - citing energy needs, Tokyo won exception to rules binding G-7 nations Link to comment Share on other sites More sharing options...
Ivanhoe Posted April 2, 2023 Share Posted April 2, 2023 Not happy with Japan doing business with Russia, but they gotta buy it somewhere. Covid took the fun out of fungible. Link to comment Share on other sites More sharing options...
Strannik Posted April 2, 2023 Author Share Posted April 2, 2023 The SPR currently holds 372 million barrels of crude oil, down from 638 million at the beginning of 2021. https://www.reuters.com/business/energy/us-energy-secretary-says-it-could-take-years-refill-oil-reserve-2023-03-23/ Link to comment Share on other sites More sharing options...
Strannik Posted April 3, 2023 Author Share Posted April 3, 2023 China completes first yuan-settled international LNG trade Chinese oil and gas player CNOOC and French energy giant TotalEnergies have completed China’s first yuan-settled LNG trade through the Chinese energy trading centre Shanghai Petroleum and Natural Gas Exchange. Link to comment Share on other sites More sharing options...
Ivanhoe Posted April 3, 2023 Share Posted April 3, 2023 https://www.zerohedge.com/markets/demand-fuel-tankers-jumps-amid-global-trade-reshuffle Quote So far into 2023, a total of 38 mid-range fuel tankers have been ordered, the highest number since 2013, per data from shipbroker Braemar cited by Bloomberg. The new global trade order after the EU and G7 embargoes and price caps on Russian oil products, as well as the rise in Asian and Middle Eastern refining capacity while facilities closed in the U.S. and Europe, have created a wider geographical dislocation between new refining capacity and major consuming centers. Ahead of the EU ban on Russian petroleum products, Russia began to divert its oil product cargoes to North Africa and Asia. At the same time, Europe has started to buy more diesel and other fuels from the Middle East, Asia, and North America to replace the lost Russian barrels. Using ship-to-ship (STS) loadings, Russia is shortening the routes for tankers headed to Africa and Asia as Moscow is now banned from exporting fuels to the EU. Link to comment Share on other sites More sharing options...
glenn239 Posted April 3, 2023 Share Posted April 3, 2023 (edited) 11 hours ago, Strannik said: China completes first yuan-settled international LNG trade Chinese oil and gas player CNOOC and French energy giant TotalEnergies have completed China’s first yuan-settled LNG trade through the Chinese energy trading centre Shanghai Petroleum and Natural Gas Exchange. Huh, France goes Yuan. So, back to Freedom Fries then? Edited April 3, 2023 by glenn239 Link to comment Share on other sites More sharing options...
Strannik Posted April 3, 2023 Author Share Posted April 3, 2023 1 hour ago, glenn239 said: Huh, France goes Yuan. So, back to Freedom Fries then? Could be a one-off in time for the Macron China visit, could be "the beginning of a beautiful friendship”. Link to comment Share on other sites More sharing options...
Strannik Posted April 3, 2023 Author Share Posted April 3, 2023 Washington has stepped in to criticize Sunday’s announcement where eight OPEC+ producers — including group leader Saudi Arabia and key allies Kuwait and the UAE — said they would remove more than a combined 1 million barrels per day from global oil markets, as part of an independent initiative unlinked to the broader OPEC+ policy. This adds to Russia’s existing intentions to trim 500,000 barrels per day of its own production from February output levels, now until the end of the year — bringing the combined voluntary cuts of OPEC+ members in excess of 1.6 million barrels per day. “We don’t think cuts are advisable at this moment, given market uncertainty — and we’ve made that clear,” a spokesperson for the National Security Council said, according to Reuters. Link to comment Share on other sites More sharing options...
Strannik Posted April 3, 2023 Author Share Posted April 3, 2023 Rosneft and Indian Oil Corp agreed to abandon the Europe-dominated Brent benchmark and use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India. https://www.reuters.com/business/energy/russia-shifts-dubai-benchmark-indian-oil-deal-sources-2023-04-03/ Link to comment Share on other sites More sharing options...
Strannik Posted April 5, 2023 Author Share Posted April 5, 2023 The U.S. dollar, which has been the currency of choice in oil trade since the 1970s, is still the dominant currency in the market While the Chinese currency has made inroads in global trade, the yuan accounts for just 2.7% of the market Several deals and summits in recent weeks signaled that China and Russia are moving to try to sideline the U.S. dollar. https://oilprice.com/Energy/Energy-General/China-And-Russia-Look-To-Challenge-The-Petrodollar.html Link to comment Share on other sites More sharing options...
Strannik Posted April 5, 2023 Author Share Posted April 5, 2023 Federal Government of Iraq (FGI) banned oil sales made independently by the government of the semi-autonomous region of Kurdistan (KRG) in northern Iraq should be seen in the context of the Saudi Arabia-Iran relationship resumption deal done on 10 March And that context is more easily explained if the deal is written not as the Saudi Arabia-Iran deal, but rather as the Saudi Arabia/OPEC-China/Russia/Shia Crescent of Power deal. The Shia Crescent of Power comprises most notably Iran, Iraq, Syria, Lebanon and Yemen. Turkey (25 percent Shia and still furious at not being accepted fully into the European Union) is on the periphery of this group. The last part of the jigsaw was revealed exclusively by OilPrice.com just after the Saudi Arabia-Iran deal in a comment made by a very high-ranking official from the Kremlin that: “By keeping the West out of energy deals in Iraq – and closer to the new Iran-Saudi axis - the end of Western hegemony in the Middle East will become the decisive chapter in the West’s final demise.” https://oilprice.com/Energy/Energy-General/Western-Oil-Companies-Are-Not-Welcome-In-Iraq-But-Russian-And-Chinese-Ones-Are.html Link to comment Share on other sites More sharing options...
Strannik Posted April 5, 2023 Author Share Posted April 5, 2023 Will EVs Really Crush All Oil And Gas Demand? There’s no denying that rapid adoption of EVs is bad news for global oil demand, the reality is probably nowhere near as dire as some analysts have claimed. Energy Intelligence Group has predicted that not only will oil demand grow in 2023 but it will continue doing so till the end of the decade. Demand growth will come mostly from petrochemicals, and transportation demand for fuels isn’t’ likely to fall off a cliff either. https://oilprice.com/Energy/Crude-Oil/Will-EVs-Really-Crush-All-Oil-And-Gas-Demand.html Link to comment Share on other sites More sharing options...
Strannik Posted April 5, 2023 Author Share Posted April 5, 2023 Russian Oil Product Exports Reach Record High Despite Embargo 31.2% year-on-year increase and just over the previous record of 3.1 million bpd exported in February 2022 The G7 economies, the European Union, and Australia all stopped buying Russian oil products in February 2023, with the EU setting additional price caps for diesel, fuel oil, and other products At the same time, the EU lifted sanctions and price caps on Russian-extracted oil products that are produced outside the country and mixed with other suppliers’ oil products https://www.themoscowtimes.com/2023/04/05/russian-oil-product-exports-reach-record-high-despite-embargo-a80715 Link to comment Share on other sites More sharing options...
Strannik Posted April 15, 2023 Author Share Posted April 15, 2023 Chinese natgas buy projections Link to comment Share on other sites More sharing options...
Strannik Posted April 15, 2023 Author Share Posted April 15, 2023 Nuclear: who is building and EU winter of 2022/23 Link to comment Share on other sites More sharing options...
Strannik Posted April 16, 2023 Author Share Posted April 16, 2023 Germany is nuclear energy free Link to comment Share on other sites More sharing options...
sunday Posted April 16, 2023 Share Posted April 16, 2023 Common sense free, too. Link to comment Share on other sites More sharing options...
urbanoid Posted April 16, 2023 Share Posted April 16, 2023 They went through with it as I thought, even despite having an easy way out, with public opinion against shutdowns. Link to comment Share on other sites More sharing options...
Strannik Posted April 17, 2023 Author Share Posted April 17, 2023 (edited) HOURS BEFORE CLOSING REACTOR, GERMAN UTILITY ANNOUNCES 45% PRICE RISE Edited April 17, 2023 by Strannik Link to comment Share on other sites More sharing options...
urbanoid Posted April 17, 2023 Share Posted April 17, 2023 Aaaaaaand... Link to comment Share on other sites More sharing options...
Strannik Posted April 17, 2023 Author Share Posted April 17, 2023 Russia's Oil Revenues Rebound As Exports Surge To Three-Year High Russia's fuel exports jumped by 450,000 bpd to 3.1 million bpd, the IEA said. Oil export revenues are estimated to have rebounded by $1 billion from February levels to $12.7 billion in March. Yet, revenues were still 43% lower than a year ago due to the lower international prices and the wide discounts at which Russian oil trades relative to international benchmarks. https://oilprice.com/Latest-Energy-News/World-News/Russias-Oil-Revenues-Rebound-As-Exports-Surge-To-Three-Year-High.html Quote ... customs statistics from the major new buyers of Russian crude like India and China shows there are almost no discounts for Russian crude. If there are discounts they are nowhere near published and observed Ural's prices which suggested discounts are 30-40%. Otoh we don't know where all that money goes and where are the great difference between published Ural's prices at which people think Russia sells it's crude and almost non-discounted prices that India and China buys crude whom that money are ending up with https://carnegieendowment.org/politika/89077 Link to comment Share on other sites More sharing options...
Strannik Posted April 29, 2023 Author Share Posted April 29, 2023 (edited) US imports of petroleum products form India reaches all time high Edited April 29, 2023 by Strannik Link to comment Share on other sites More sharing options...
Strannik Posted April 29, 2023 Author Share Posted April 29, 2023 ditto EU a Link to comment Share on other sites More sharing options...
urbanoid Posted April 29, 2023 Share Posted April 29, 2023 Good, Russia still loses financially by selling with a discount and there's enough oil on the market. Link to comment Share on other sites More sharing options...
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