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OPEC: Global Oil Demand to Hit 120.1m Barrels per Day (Bpd) by 2050, Energy Demand to Increase 24% During Same Period

OPEC

OPEC: Global Oil Demand to Hit 120.1m Barrels per Day (Bpd) by 2050, Energy Demand to Increase 24% During Same Period

Crude Oil
03-03-2022

U.S. Crude Oil Production Unchanged Last Week: EIA
U.S. crude oil production averaged 11.6 million barrels per day (b/d) during the week ending Feb. 25, unchanged from the previous week, U.S. Energy Information Administration (EIA) said Wednesday.
Oil & Gas Supply
03-03-2022

Oil, Gas Demand Eemains Robust
Although the demand for petroleum products and gas remained robust in the domestic economy and households of Pakistan, the output of crude oil and gas from domestic fields has declined, enhancing the nation’s reliance on expensive imported fuels.
Oil Price
03-03-2022

Unmoved by Surging Oil Prices, OPEC+ Delegates Say Another Modest Output Hike on Tap
OPEC and its allies, including Russia, remain on track to approve a 400,000 b/d production hike for April, according to delegates, insisting that no oil supply shortage exists, as the Ukraine crisis sends crude prices soaring.OPEC+ ministers are scheduled
Crude Oil
03-03-2022

Russian Urals Differentials Weaken $6.805/b Day on Day to New Record Low
Russian Urals crude has collapsed by $6.805/b day on day, further breaking its lowest ever discount to Brent as the pressure from international sanctions takes it toll on the crude’s value.
Oil & Gas Trade
03-03-2022

Russia’s Feb Oil Output Rises, Trading Paralysed by Sanctions
Russia’s oil and gas condensate output C-RU-OUT rose in February to 11.06 million barrels per day (bpd), according to Reuters calculations based on an Interfax report on Wednesday, while trading has been stalled due to sanctions over Ukraine.
Oil & Gas Supply
03-03-2022

U.S. Crude, Fuel Stocks Dwindle as Buyers Grab from StorageX
U.S. crude and fuel stocks fell in the latest week, driving key storage hubs to multi-year lows as strong demand had refiners and other users paying dearer prices to secure supplies.
Crude Oil
03-03-2022

Russian Oil Firms Move Bank Accounts to Keep Business Running- Sources
Some Russian oil companies have stopped banking with sanctioned lenders including VTB and Sberbank and switched to those that do not face restrictions, including Rosbank, Unicredit and Raiffeisen, five people familiar with the matter told Reuters.
Oil Price
03-03-2022

IEA’s Reserves Release Won’t Stop Oil Prices Rising, Says Goldman
The International Energy Agency (IEA)’s decision to release 60 million barrels from emergency oil reserves is not sufficient to meet the supply shortfall caused by Russia’s invasion of Ukraine or prevent prices from going higher, Goldman Sachs said.
Oil & Gas Supply
03-03-2022

Sanctions on Russian Energy ‘on the Table,’ White House Says
The United States is “very open” to imposing sanctions on Russia’s oil and gas industry, White House spokeswoman Jen Psaki said on Wednesday, adding that it is weighing the possible impact on global markets and U.S. energy prices.
Crude Oil
03-03-2022

Oil Markets Hit Multiple Records as Russia Sanctions Bite, Disrupt Trade Flows
Oil benchmarks are hitting multiple price and spread milestones across several key markets as the fallout from severe sanctions on key exporter Russia sows confusion and panic among global crude oil traders, shipping firms and importers.
Natural Gas
03-03-2022

China’s Dual Tariff Plan for Shandong’s Gas-Fired Power to Boost Gas Demand
China’s Shandong province has issued a draft for public comments on the implementation of a two-part on-grid tariff mechanism for local natural gas-fired power plants
Natural Gas
03-03-2022

Michigan’s Average Gas Prices now $3.55 per Gallon, Experts See ‘Little to No Relief’ amid ‘Perfect Storm’
Michigan’s average gas prices continue to rise amid rising oil prices brought on by Russia’s invasion of Ukraine.
Oil & Gas Supply
03-03-2022

ExxonMobil to Exit Russian Oil and Gas Operations Amid Ukraine Crisis
The American energy major is beginning the process to pull out from the Sakhalin-1 venture, in Russia.
Natural Gas
03-03-2022

Italy Considers Increasing Natural Gas Supply from Algeria
The latest move by Italy comes as Western sanctions on Russia threaten to disrupt the gas flow.
Crude Oil
03-03-2022

Canada Eyeing Russian Oligarch Holdings in its Oil-Rich West
Canada is examining assets of Russian oligarchs and considering more sanctions, Finance Minister Chrystia Freeland said, as Western nations increase pressure on President Vladimir Putin over his invasion of Ukraine.
Oil & Gas Supply
03-03-2022

OPEC+ Makes Modest Supply Hike as Russia Turmoil Lifts Price
OPEC and its allies agreed another modest revival in supplies for April at a low-key meeting that was overshadowed by the market turmoil unleashed by Russia’s invasion of Ukraine.
LNG
03-03-2022

Italy Halts Funding for $21 Billion Arctic LNG 2 Project
Italy has halted its share of the financing for the Arctic LNG 2 project, as Western companies and countries continue to sell their stakes in Russian energy projects, even absent of energy-related sanctions.
Natural Gas
03-03-2022

Europe Can Survive Next Winter Without Russian Gas
Russia’s invasion of Ukraine has highlighted the need for Europe to improve its energy security by reducing its reliance on Russian gas.
Oil Price
03-03-2022

OPEC+ Faces Reckoning on Russia Despite Efforts to Ignore Crisis
OPEC+ is doing its best to ignore the war started by one of its leading members, but it may not be able to manage it for much longer.
Oil Price
03-03-2022

Oil Soars as Emergency Crude Release Fails to Quell Supply Fears
Oil extended gains after the close as a decision by the U.S. and other major economies to release emergency stockpiles failed to ease concerns of a major shortfall in supplies as sanctions mount on Russia.
Oil Price
03-03-2022

U.S. Weighs Sanctions on Russia Energy Flows, but Time Is Not 'Right Now'
The United States is open to imposing sanctions on Russia's oil and gas flows but going after its exports now could help Moscow, the White House said on Wednesday as oil prices surged to an 11-year high and supply disruptions mounted.
Oil & Gas Supply
02-03-2022

ADX Energy Increases Austrian Oil and Gas Production
Europe-focused ADX Energy has increased oil and gas output from its Gaiselberg and Zistersdorf fields by 25 per cent in the Vienna Basin, Austria.
Oil & Gas Trade
02-03-2022

Angola Crude Oil Exports Increased by 3% During Q4 2021
The Republic of Angola, sub-Saharan Africa’s second-largest crude producer, saw an increase of 3% in crude oil exports
Oil Price
02-03-2022

UAE Fuel Prices Increase by 11% in March; Cross Dh3-Mark Per Litre
The UAE on Monday increased oil prices for March 2022 by up to 11 per cent per litre as compared to February, in line with the surge in global crude prices due to Ukraine-Russia military conflict.
Oil Price
02-03-2022

Idaho Gas Prices Hold Steady, but the National Average is Soaring
Russia’s invasion of Ukraine is already having far reaching effects, bringing another wave of higher crude oil prices and sending the national average price of gasoline soaring.

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