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Energy Markets

Oil & Gas

Electric Utilities

NextDecade: JERA signs 20-year LNG Supply Deal

NextDecade, a U.S. producer of liquefied gas, announced on Thursday that it had signed a deal for supplying Japan's largest power generator JERA 2 million tonnes of LNG per year from the fifth liquefaction plant in its Rio Grande Project. Early trading saw NextDecade shares up 5.5% to $8.11. The United States will be the largest LNG exporter in the world in 2024. It is expected to ship 11.9 billion cubic foot per day. This has been boosted by President Donald Trump lifting a moratorium in January on new export licenses. NextDecade’s deal with JERA - Japan's largest LNG buyer...

Oil & Gas

Saudi Aramco to raise funds via three-part bond issue

Fixed income news service IFR said on Tuesday that Saudi Aramco, the oil giant, is looking to raise money through a three-part dollar-denominated bond sale. The benchmark size of the debt deal is $500 million, as it is typically considered. Aramco announced a 4.6% decline in profits for the first quarter, citing a drop in sales and increased operating costs due to economic uncertainty. Last week, it was reported that the oil giant is looking at potential asset sales in order to free up funds for international expansion as well as to weather the impact of lower oil prices. IFR...

Oil & Gas

ConocoPhillips CEO: US shale will plateau if current oil prices remain in range.

ConocoPhillips CEO Ryan Lance stated on Tuesday that U.S. shale production will plateau if oil prices stay where they are and will begin to decline when oil prices reach $50 per barrel. "The breakeven has probably not moved much." "I think that long-term if oil prices are in a range where they're comfortable - perhaps in the 70s or 65-75 - we will still see modest growth from the U.S.," Lance said, speaking at Qatar Economic Forum. We see a plateauing of production in the U.S. by the end of this year, unless we have a technological breakthrough. Don't bet...

Oil & Gas

Snakes and ladders in a potential Ukrainian peace deal

What are the possible contours of a peace agreement between Russia and Ukraine? SECURITY GUARANTEE Ukraine, which has been subjected to a full scale invasion in 2022, and witnessed Russia annex Crimea, needs security guarantees from major powers, primarily the United States. The Budapest Memorandum of 1994, in which the U.S., Russia and Britain agreed to refrain from using force against Ukraine and respect Ukrainian sovereignty was not enough for the Ukrainian government. The powers agreed to take the matter to the United Nations Security Council in the event of an attack on Ukraine. Sources involved in the talks say...

Oil & Gas Refining

Sources say that Indian billionaire Ambani will meet Trump and Qatar's emir at Doha

Mukesh ambani, the Indian billionaire, will meet with Donald Trump, President of the United States, and Qatar's emir in Doha, according to two sources. His company, Reliance Industries, is looking to strengthen ties between authorities in both countries. Qatar's sovereign fund, QIA has invested in Reliance over the years. Ambani is Asia's wealthiest man and has many business relationships with U.S. technology giants like Google and Meta. Ambani is attending a state dinner in Doha for Trump, but he does not intend to have any business or investment discussions. This was confirmed by the first source who has direct knowledge...

Oil & Gas

Official: Iraq will reduce crude oil exports to the United States in May and June

Iraq will export 3.2m barrels of crude oil per day in May and in June, according to an Iraqi official who is familiar with the situation. This would be a substantial reduction compared to previous months. The official, who declined to give his name because the matter was confidential, added that the lower export plan is part Iraq's efforts in order to meet its schedule of compensation reductions pledged to OPEC+. Iraq's oil minister reported a rate of 3.42 million barrels per day in March. This would indicate a lower level of exports. Baghdad is yet to report April exports....

Oil & Gas

Gulf Stock Markets extend gains following US-China Trade Agreement

The Gulf stock markets were up early Monday morning, buoyed both by the rising oil price and progress in U.S. China trade negotiations. This was a positive sign as U.S. president Donald Trump prepared to visit this region. On Monday, the United States and China announced that they had reached an agreement to reduce reciprocal tariffs in order to end their trade war which has caused global economic disruption and shaken financial markets. A fragile ceasefire between India and Pakistan also seemed to ease geopolitical tensions. In the meantime, Ukrainian President Volodymyr Zelenskiy declared his willingness to meet Russian president...

Oil & Gas

Goldman Sachs predicts a 410,000-bpd increase in OPEC+ supply for June

Goldman Sachs said on Friday that it expects OPEC+ will announce a second consecutive supply increase for June on July 1 due to the modest compliance of Kazakhstan, lower than expected OECD inventory levels, and Saudi Arabia’s ability to deal with lower oil prices. The Wall Street bank expects the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to announce a 410,000-barrel-per-day (bpd) increase in supply for June in its meeting on Saturday, from its prior estimate of 140,000 bpd, according to a note. Three sources said on Friday that the OPEC+ summit was moved from Monday to...

Oil & Gas

Saudi Arabia's GDP expanded 2.7% in the first quarter

Saudi Arabia's economy expanded in the first quarter thanks to activity in non-oil sectors as the country continues its diversification away from hydrocarbons. Flash estimates released by the government's statistics authority on Thursday showed that the kingdom's real Gross Domestic Product (GDP), as measured in dollars, increased 2.7% from the previous year. The government agency updated and expanded their data collection, and stated that its nominal and real GDP series had been revised accordingly. When we met with people, they always wanted more information, more statistics and more data. The local demand for more data is what drives this, said...

Oil & Gas

Saudi Arabia announces record non-oil imports of $137 Billion in 2024

Saudi Arabian non-oil imports will reach a record high of 515 billion Riyals ($137.29 Billion) by 2024, according to the official news agency. The kingdom is continuing its efforts to diversify away from its oil-dependent economy. The world's largest oil exporter invests billions of dollars in its Vision 2030 plan. This plan focuses on reducing the country's reliance on crude oil and increasing infrastructure spending to boost industries such as tourism, sports, and manufacturing. Saudi Arabia also works to attract more investment from outside to ensure that its ambitious plans remain on track. State news agency SPA reported that non-oil...

Oil & Gas

Saudi Arabia outperforms Gulf counterparts in early trade, as Trump pauses the tariffs

Saudi Arabia's stock exchange led its Gulf counterparts higher on Thursday morning, following global shares. This was after U.S. president Donald Trump made the unexpected decision to suspend most of his recently implemented tariffs. Trump announced on Wednesday a 90-day suspension of many of his new tariffs. However, he increased the tariff rate on China from 104% to 125%, effective immediately. Saudi Arabia's benchmark stock index rose 4% on its way to the biggest intraday gain since March 2020. The increase was boosted by Al Rajhi Bank's 3.8% and Saudi National Bank's 3.9% increases. Saudi Arabia is currently subject to...

Oil & Gas

OPEC+ panel seen not making any policy changes after unexpected output hike

Two delegates said that the top OPEC+ Ministers meeting on Saturday will not make any new changes to oil output policy. This is after this week's unexpected decision by the group to increase production further sent prices to pandemic levels. At 1200 GMT, a joint ministerial monitor committee (JMMC), or Organization of the Petroleum Exporting Countries plus allies, led by Russia will be held online. The JMMC is a group of oil ministers that includes Saudi Arabia, Russia, and other major producers. It meets about every two months, and it can make policy recommendations. On Saturday, two sources stated that...

Fossil Fuels

Fossil Fuels

OPEC+'s crude production hike comes amid tepid Asian demand for oil: Russell

The crude oil markets pay attention to what OPEC+ has to say, but less so to what they actually do when it comes down to supplying the world's biggest commodity. Eight members of a wider group who had implemented voluntary production reductions met over the weekend to decide on a rise in output of 411,000 barrels per daily (bpd) for July, which would be the third consecutive month of this increase. Saudi Arabia, Russia, and the United Arab Emirates will each receive more than half the increase in production. There are still two questions to be answered. Will the eight...

Fossil Fuels

Goldman is cautious about oil prices, as the prospect of increased Iranian supply weighs.

Goldman Sachs stated on Sunday that it will maintain a cautious outlook for oil prices as the pressure of likely increased Iranian supply and higher OECD Commercial inventories will counteract support from stronger GDP growth globally. The bank stated that it would maintain its Brent/WTI oil forecasts at $60/56 ($4 less than the forwards), for the rest of 2025, and $56/52 dollars ($8 less than the forwards), in 2026. Goldman Sachs increased its Iran crude oil supply forecasts for the second half 2025-2026 from 3.6 million barrels to 3.6 millions barrels per day following media reports that progress was being...

Fossil Fuels

Gulf markets dull as global stock rally loses momentum

The majority of Gulf stocks were flat on Thursday morning, with oil prices falling and Asian stock markets declining after the initial excitement from eased trade tensions started to fade. Investors waited for more signals. Brent crude futures fell more than 2% and U.S. Crude also dropped. The global stock market had earlier in the week rejoiced over the truce between the U.S. and China trade war. However, the rally was lost as investors took a pause to assess the situation and its impact on the economy. Dubai's main stock index was the sole market in the region to choose...

Crude Oil

Refined Products

Refined Products

Malaysia's Prefchem restarts its gasoline unit after repairs, say sources

Four sources with knowledge of the matter have confirmed that Malaysia's Pengerang Refining Company, or Prefchem, has restarted its residue fluid catalytic (RFCC), after it was shut down for repairs in early 2018. One source said that the run rates of the Pengerang complex, in Johor which produces primarily gasoline, are still not at full capacity. They said that the unit had been closed since the end of January because of technical problems. In addition, the crude processing rate at the 300 000 bpd refinery has also fallen to an average of around 50% in the last four months. Prefchem,...

Refined Products

Russell: China's rebound in crude oil imports has more of a bearish tone than a bullish one.

China's crude oil imports have been positive for the first few months of this year. However, rather than being a sign that fuel demand is improving, the improvement has more to do with rising inventories. Customs data released Friday show that the world's largest crude importer, Saudi Arabia, recorded an average of 11,69 million barrels a day in April. This is down from the 12.1 million bpd it had in March, but up 7.5% from the 10,88 million bpd for the same period last year. The imports in March were the highest since August 2023, and April's relatively strong performance...

Refined Products

OPEC's April oil production is lower despite plans to increase, survey finds

A survey shows that OPEC's oil production fell in April despite a planned increase in output. This was due to a reduction in Venezuelan supplies in response to renewed U.S. efforts to reduce the flow of oil and smaller drops in Iraq, Libya, and Libya. According to a survey released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) produced 26.60 millions barrels of oil per day in March, a decrease of 30,000 barrels per days from the total for the month of March. This was due to a reduction by some producers, which was offset by an increase...

Refined Products

Saudi Arabia is able to live with lower oil price, according to sources

Five sources familiar with the discussions said that Saudi Arabian officials were briefing industry experts and allies to explain the kingdom's unwillingness to support the oil market through further cuts in supply and its ability to handle a long period of low oil prices. Saudi Arabia's possible policy shift could indicate a move to produce more and expand its market share. This would be a major change, after spending five years balancing the oil market by producing a large amount of oil as a member of the OPEC+. These cuts helped to support prices and, as a result, the revenue...

Refined Products

OPEC+ will consider a second increase in oil production for June

Three sources with knowledge of the situation have confirmed that several OPEC+ member countries will propose a second consecutive month of accelerating oil production increases in June. The oil price fell to a 4-year low in April. This was attributed to a U.S. - China trade war, and an unexpected decision made by OPEC+ (which brings together OPEC, Russia and other major oil producers) to increase production by 411,000 barrels of crude per day in May. This was three times the amount originally planned by the group. On May 5, eight OPEC+ member countries will gather to discuss the output...

Refined Products

Sources say that OPEC+ Ministers are seen to be sticking to their plans for further increases in oil production.

Two OPEC+ sources told reporters on Thursday that a meeting of eight top ministers in OPEC+ is likely to keep the oil production policy unchanged. This calls for gradual increases in oil output from April. One source said that the talks started shortly after 0900 GMT. One source stated that the ministers will likely emphasize the importance of adhering to the oil production targets. Record Kazakhstan output Sources have said that the move has angered other members, including Saudi Arabia, which is the top producer in the group. OPEC+ has urged the Central Asian nation, as well as other members...

Refined Products

Sources say that Kazakh overproduction influenced OPEC+ to approve a production increase.

Sources said that as OPEC+ debated if they should keep oil production steady because of weak global demand, or increase it in response to pressure from the U.S. president Donald Trump and internal pressure, a record output from Kazakhstan helped sway their decision. OPEC, along with its allies, including Russia, a collective known as OPEC+ decided to increase production for the first since 2022. It stated that its decision was based on a healthy market and positive market prospects, without mentioning Kazakhstan. The group plans to increase production by 138,000 barrels a day starting in April. This is the first...

Refined Products

Sources say sanctions and tariffs are making OPEC+ hesitant about an April oil price hike.

Eight OPEC+ sources have said that OPEC+ members are debating whether or not to increase oil production in April, as planned, or to freeze it, as they struggle to understand the global supply situation due to new U.S. sanctions against Venezuela, Iran, and Russia. OPEC+ confirms its policy of supply a month in advance, so that buyers have enough time to order crude. The group has until the end of March to decide on its April production, but some sources claim that no consensus has yet been reached. Several sources have said that the United Arab Emirates would also like...

Refined Products

OPEC's oil production falls in Nigeria and Iran for the second consecutive month, according to a survey

A survey shows that OPEC's oil production fell for a second consecutive month in January. This was due to a decline in exports, primarily from Nigeria and Iran, which offset a recovery in the United Arab Emirates, where maintenance on fields had reduced output in December. According to a survey released on Wednesday, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26,53 million barrels of oil per day in December, a decrease of 50,000 bpd compared with the revised December total. Nigeria and Iran saw the biggest drops. The modest drop in production came at a time when the...

Refined Products

OPEC's share in India's yearly oil imports rises after 8-yr drop

OPEC's share in India's. petroleum imports edged up in 2024, increasing for the very first time in. nine years, after top supplier Russia's share dipped, information. gotten from trade sources showed. Russia's share in the world's third-biggest oil importer and. consumer is expected to drop further in 2025 after Washington. last Friday announced sweeping sanctions targeting Russian. manufacturers and tankers, interrupting supply from the world's No. 2. manufacturer to India and China and tightening up ship schedule. India imported 4.84 million barrels daily of oil in 2024,. up 4.3% from the previous year, the information showed. The share of Organization...

Refined Products

OPEC oil output rises in November as Libya recuperates, study finds

OPEC oil output increased for a. 2nd month in November as Libya's production recovered after. resolution of a political crisis, a Reuters survey discovered, however. members making cuts vowed to the broader OPEC+ alliance kept. output broadly constant. The Company of the Petroleum Exporting Countries pumped. 26.51 million barrels per day (bpd) last month, up 180,000 bpd. from October, the study revealed on Tuesday, with Libya once again. posting the biggest boost. Libyan output recovered after resolution of a dispute over. control of the central bank, allowing complete production to resume. at oilfields and applying down pressure on rates. The....

Oil Refineries

China's Nov petroleum imports to rebound as low prices enhance buying

China's crude oil imports are set to rebound in November after sharp price cuts increased demand for Iraqi and Saudi oil, offsetting a drop in Iranian supply, according to experts, traders and shiptracking data. A downturn of 17% in global oil rates in the 3rd quarter likewise stimulated Chinese stockpiling demand while refiners prepare for greater seasonal fuel usage ahead of the Lunar New Year vacation looking in late January, analysts say. The November rebound in volumes for the world's leading crude oil importer comes after 6 successive months of yearly declines as Chinese refiners dealt with weak margins and...