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- Latest News from S&P Global Commodity Insights
Spare global oil production capacity is running thin and the world should be "worried" about the impact of a rebound in demand when China winds down its zero-COVID policy and aviation demand fully recovers, Saudi Aramco's CEO Amin Nasser said Oct. 4. Despite growing fears of a global recession, world oil demand could rebound sharply in China while jet fuel... [...]
OPEC and its allies are closely monitoring the oil market and any decision on production levels will "ensure energy supplies in the interest of producers and consumers alike," Kuwaiti oil minister Mohammed al-Fares said Oct. 4, as the coalition prepares to consider a package of output cuts for November to bolster slumping prices. OPEC+ ministers are scheduled to gather in... [...]
Malaysia's Kimanis crude is poised to cement its position as one of East Asia's most liquid sweet crude grades available in the regional spot market after Malaysia's state-run oil and gas company Petronas announced successful production at the Gumusut-Kakap Phase 3 deepwater development project, industry and trading sources said over Oct. 3-4. Refiners across Asia and Oceania regularly see around... [...]
Western sanctions triggered by Russia's invasion of Ukraine have resulted in a stronger ruble to dollar exchange rate, making Russia more likely to support cuts in OPEC+ quotas . For a more in-depth read: OPEC+ mulls output cut as Ukraine invasion, demand concerns hit group's economies Click here to see the full-size infographic... [...]
OPEC+ meets Oct. 5 to consider a significant output cut , as the Russian invasion of Ukraine and demand concerns raise state budget demands for members of the coalition. This has affected the largest non-OPEC producer in the group Russia most of all, with Western sanctions exacerbating problems facing the group overall. Prior to the February invasion Russia's economic position... [...]
Norway has beefed up its military presence around the North Sea where flagship Oseberg, Ekofisk and Troll crude grades are produced, following the alleged sabotage of Nord Stream gas pipelines and an investigation into suspicious drones observed near Norwegian oil and gas installations. The Norwegian police, via the ministry of justice, has requested assistance, with Norway's home guard providing aid,... [...]
India has increased the price of domestically produced gas from old fields from Oct. 1, 2022 to March 31, 2023 to a record $8.57/MMBtu on a gross calorific basis, a statement by the Petroleum Planning and Analysis said Sept. 30. This price was set at $6.1/MMBtu for April-September and has shot up by over 40% now. In a separate statement... [...]
Global shipping industry is seeking greater clarity on the implementation of the new ship ratings' norms on carbon emissions from next year amid apprehensions that it can lead to several complications and disruptions at the ground level. The practical issues associated with trade flows may not necessarily make it easy for an owner to get the top three ratings under... [...]
Yemen's Iranian-backed Houthi rebels have threatened oil companies in the UAE and Saudi Arabia, a military spokesman said Oct. 2, as Tehran faces more stringent US sanctions amid a stalemate in nuclear talks. "If the Saudi and Emirati coalition continue to deprive our Yemeni people access to their resources, our military forces can, with God's help, deprive them of their... [...]
Market participants held mixed views on Saudi Aramco's November official selling prices for its Asia-bound crude oil, likely to be released later this week, as fears of a global recession dented winter demand optimism. The largest oil producer in the Middle East could raise the OSP differentials for its November-loading Arab Light crude oil grade by up to 50 cents/b,... [...]
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