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The International Energy Agency has raised its 2023 and 2024 forecasts by around 160,000-170,000 b/d in its latest report Nov. 14. It now expects global crude runs to rise by 1.9 million b/d in 2023 and by 1 million b/d in 2024, to average 82.6 million b/d and 83.6 million b/d, respectively. It has also revised upwards September global runs... [...]
German oil and gas producer Wintershall Dea has joined the Poseidon carbon capture and storage project in the UK, the company said in a statement Nov. 14. The project, which it is estimated will store 1 billion mt of CO2, is the second CCS development for the company in the UK, following an award for the Camelot CCS license .... [...]
China's small independent refineries expect the government to raise the fuel oil import allowance for 2023 to allow them to bring in more barrels as an alternative feedstock for the remainder of the year, refining sources told S&P Global Commodity Insights Nov. 14. There has been widespread talk that the government would likely raise the 2023 fuel oil import allowance... [...]
The International Energy Agency on Nov. 14 raised its estimates for oil demand and supply growth in 2023 by 100,000 b/d and 200,000 b/d respectively, citing Chinese demand on the one hand and "outperforming" production in the US and Brazil on the other. In its monthly oil market report, the IEA said China's oil demand had reached an all-time high... [...]
South Korea's smallest oil refiner Hyundai Oilbank will export more than 3.6 million barrels of gasoline and diesel to the US next year, extending a term contract with US petroleum product distributer, Sunoco, the company said Nov. 14. The refiner said that under the contract, it cannot provide a breakdown of the export volume for gasoline and diesel as well... [...]
India's state-run Oil and National Gas Corp said it witnessed a drop in oil and gas output in July-September due to lower volumes from matured fields and weather-related disruptions, but production from new projects in coming quarters would more than offset that decline. According to ONGC, its crude output fell 2% year on year to 5.25 million mt (416,576 b/d)... [...]
European ethylene derivative producers are expected to see a significant reduction in 2024 contractual commitments, due to the wide disparity between spot and contract pricing in 2023 and expectations that demand will remain weak into the new year. The wide gap between industry-settled contract pricing and spot market levels, combined with the volatility in upstream markets and higher feedstock costs,... [...]
Norway's Johan Sverdrup crude, the rising star of the European market in recent months, may be losing some of its status as the go-to replacement for Russia's Urals, as markets adjust and Equinor considers the field's possible decline. The rise of Johan Sverdrup crude production proved a life-saver for European refiners following the shutdown of Russian Urals crude supplies to... [...]
The cost of fuel in shipping's energy transition will rise alongside the costs of compliance and the price implications of EU carbon emissions could be equivalent to 50% of fuel costs, an official at Yara Marine Technologies said. The EU Emissions Trading System is scheduled to be extended to cover maritime transportation from 2024 and introduce the FuelEU Maritime regulations... [...]
Oil market fundamentals are still strong, with healthy demand ahead, OPEC said in its latest outlook Nov. 13, blaming the recent slump in crude prices on speculators and their "exaggerated negative sentiments." OPEC pointed to sturdy economic growth in the US and China, and slightly revised up its demand growth forecast for 2023 by 20,000 b/d to 2.46 million b/d.... [...]
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