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Oil Market Stalls as Absence of Signals Compounds Summer Slowdown

Aug 10, 2020

Hedge funds' oil trading largely dried up last week as the normal summer holiday slowdown was compounded by an absence of price or fundamental signals about the future direction of the market.Hedge funds and other money managers purchased the…

ConocoPhillips to Reverse Most Output Cuts by End of Q3

Jul 30, 2020

ConocoPhillips said on Thursday it expects production curtailments in the current quarter to be roughly half as much as last quarter and will restore most of its output by the end of September, after the oil and gas producer slashed about a third of its output in April as oil prices plunged 41%…

Headache for OPEC as Oil Market Structure Signals Return of Glut

Jul 30, 2020

Rising OPEC and U.S. oil supply, coupled with stalled economic and crude demand recovery, have pushed the futures market structure back to indicating a surplus, last observed during oil's collapse in April and May amid the coronavirus pandemic…

US-China Cold War Would Redirect Energy Flows

Jul 29, 2020

Worsening diplomatic relations between the United States and China are putting a spotlight on their economic inter-dependency in the context of global supply chains for both technology and energy.Top policymakers in the United States and some of its closest allies…

Hin Leong's Owners Move to Block OCBC from Picking at Shipping Units

Jul 29, 2020

The family that owns beleaguered Singaporean oil trader Hin Leong Trading (HLT) is seeking to block creditor OCBC's request to appoint overseers for the family's Xihe Holdings and four other subsidiaries to recoup its debt.Oversea Chinese Banking…

Webinar: Floating Production Forecasts & Analysis

Jul 24, 2020

A free webinar will deliver latest forecasts and market intelligence for the global floating production industry, offering insider access to business and investment opportunities in the deepwater sector.Floating Production Systems: 2020 Forecasts & Analysis…

China's Oil Port Congestion to Stretch On Well into August

Jul 23, 2020

Congestion at China's east coast oil ports that is adding to costs for shippers and importers is likely to run well into August, with crude shipments set to hit another record high this month, according to analysts and Refinitiv data.The massive inflows are straining offloading facilities…

Oil Search Q2 Revenue Falls About 30%

Jul 20, 2020

Australia-listed Oil Search Ltd on Tuesday reported a near 30% drop in second-quarter revenue, hurt by a sharp decline in oil and gas prices as demand plunged due to the coronavirus pandemic.The Papua New Guinea-focused oil and gas explorer recorded a revenue of $266…

Gazprom Neft Sells Its First Arctic Oil Cargo to China

Jul 16, 2020

Russia's Gazprom Neft has sold its first ever Arctic oil cargo to China to ChemChina, two sources familiar with the deal told Reuters on Thursday.This week, Gazprom Neft said it had sent 144,000 tonnes of light Novy Port oil grade to the Chinese…

KPMG Flags Oil Trader ZenRock's Questionable Deals

Jul 14, 2020

ZenRock Commodities Trading Pte Ltd is unlikely to continue its core oil trading businesses in the long term, its court-appointed supervisor KPMG Services said in a report that also raised concerns over transactions by the Singapore-based trader…

Spring Oil Flood Causes Summer Queues in Chinese Ports

Jul 02, 2020

Chinese ports are struggling to unload record volumes of crude with storage tanks full after the country rushed to buy extra barrels during April's oil price crash, according to traders and shipping data seen by Reuters.More than 80 million…

Oil Barrels Come Off the Water as Storage Boom at Sea Fades

Jul 01, 2020

Tens of millions of barrels of crude and oil products stored on tankers at sea due to the coronavirus crisis are being sold, in a sign fuel demand is recovering as lockdowns ease, shipping sources say.Fuel demand tumbled as much 30% from March to May…

China's Saudi Oil Imports Surge to All-time High

Jun 26, 2020

China's crude oil imports from Saudi Arabia nearly doubled in May from a year earlier to all-time high as refineries snapped up cheap fuel, while the kingdom retained its position as the top supplier to the world's biggest oil buyer.Arrivals from Saudi last month reached 9…

BP Review: Global Energy Consumption Rose by 1.3% in 2019

Jun 17, 2020

BP published its benchmark Statistical Review of World Energy for 2019 on Wednesday which showed that renewable power accounted for over 40% of the growth in primary energy.Here are some highlights from the report which can be downloaded here* Primary energy consumption rose by 1…

One Person Dies as Fire Breaks Out at Kuwait Oil Field Drilling Tower

Jun 12, 2020

A fire erupted at a drilling tower in Kuwait's northern Sabriyah oil field, killing one person and injuring another, state-owned Kuwait Oil Company (KOC) said in a statement on its twitter account on Thursday.The incident, which happened early on Thursday…

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Oil CEOs Say Transition from Fossil Fuels to Renewables Could Be 'Messy'

BP's Comms EVP Morrell Joins Disney

BP's Comms EVP Morrell  Joins Disney
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