Oil Market News, OPEC+, sanctions and price shocks

Welcome to the Precious Metals Bug Forums

Welcome to the PMBug forums - a community supported watering hole for folks interested in gold, silver, precious metals, sound money, investing, market and economic news, central bank monetary policies, politics and more.

Register a free account to join the discussions. When you register an account and log in, you may enjoy additional benefits including access to market data/charts and additional members only rooms (including one for trade/barter with the community).

How The U.S. Is Pumping More Oil Than Any Country In History​

Sep 4, 2024
The U.S. is produced more oil than it ever has in 2023, according to the U.S. Energy Information Administration. In fact, this record marks the most oil ever produced in a year by any country in the history of the world. Both the oil and gas industry and the renewable energy industry are receiving billions of dollars in government support, primarily via subsidies. The Inflation Reduction Act is providing $369 billion to combat climate change, and $270 billion will be delivered through tax incentives. “We’re building out the infrastructure for clean energy, but we can’t retire the infrastructure for oil because we’re still using it,” Amy Myers Jaffe of New York University’s Energy, Climate Justice and Sustainability Lab, told CNBC. Here’s how the U.S. became the largest oil producer of all-time in 2023 — and what that means for the green energy transition.


13:42

Chapters:
0:00 Introduction
01:32 Ch. 1: Record oil production
04:37 Ch. 2: Government support
07:17 Ch. 3: Renewables transition
11:26 Ch. 4: What’s next?
 

India plans to use LNG for third of truck fleet, in blow to diesel​

NEW DELHI, Sept 9 (Reuters) - India plans to have a third of its heavy duty long-haul trucking fleet fuelled by liquefied natural gas (LNG) instead of diesel in five to seven years to cut pollution, according to a draft policy from the federal oil ministry.

India, one of the biggest emitters of greenhouse gases, has set a 2070 net zero goal and wants to raise the share of natural gas in its energy mix to 15% by 2030 from about 6% now.

More:

 

‘They’re Gonna Pay For It’: A Single Texas Billionaire May Be About To Force Greenpeace USA Into Bankruptcy​

The Texas billionaire owner of a major pipeline company is on the precipice of potentially bankrupting Greenpeace USA, The Wall Street Journal reported on Sunday.

Kelcy Warren’s company, Energy Transfer, is seeking legal recourse against Greenpeace’s American arm in court, alleging that several Greenpeace USA entities paid for attacks against the company’s Dakota Access Pipeline and proliferated misinformation about the firm and its project in 2016, according to the WSJ. At the time, the project was a flashpoint in the environmental movement’s crusade against major fossil fuel infrastructure developments, and it was ultimately completed in 2017.

More:

 

Get ready for gasoline at $2.50 a gallon (or less!)​

Gasoline prices are seasonal. We all know that. They rise from mid-winter into the summer and fade in the fall when summer driving ends. Also, gas refiners typically use cheaper materials in making fuel during cooler months.

Prices are fading in a big way right now, and odds are that most American motorists will be paying less than $3 a gallon soon, maybe by the end of October.

More:

 

US gasoline prices set to fall under $3/gallon as election nears​

  • US avg. gasoline price set to dip to $2.99/gal by late Oct.
  • Lower fuel prices could help Democrats in election
  • Pump prices down sharply in competitive 'swing states'
  • Wild Card: Hurricane Francine churns through oil patch
NEW YORK, Sept 12 (Reuters) - U.S. motorists should see gasoline prices fall below $3 a gallon for the first time in over three years as soon as next month, shortly before they go to vote in November's presidential election, analysts said this week.

Softer gasoline prices, resulting largely from weaker fuel demand and sliding oil prices, are a relief for consumers who have struggled with record high fuel costs that have stoked inflation. Lower prices could also help Vice President Kamala Harris and other Democrats fight off sharp criticism from Republicans over pain at the pump.

More:

 

Oil Market Report Webinar September 2024​

Sep 14, 2024

The IEA's monthly Oil Market Report (OMR) is the exclusive source for official government statistics from all OECD countries, as well as selected non-OECD countries, together with both historical datasets and supply-and-demand forecasts for the year ahead.
Featuring tables, graphs and statistics, the OMR provides all the data necessary to perform ad-hoc analysis and track oil market developments and to identify trends in production, consumption, refining, inventories in OECD countries and prices for both crude and products.


17:13
 

Russia's Putin seeks greater role for BRICS in global energy dialogue​

September 23, 2024 5:56 AM EDT

MOSCOW, Sept 23 (Reuters) - President Vladimir Putin called on Monday for a bigger role for the BRICS bloc on world's energy markets as Russia seeks ways to counter Western influence.

Russia, which is the world's second largest oil exporter and has the biggest reserves of natural gas, hosts annual Energy Week International Forum later this week and it is expected to hold a meeting of BRICS' energy ministers.

"It is obvious that in the new geopolitical realities, cooperation in the energy sector should serve to strengthen national economies, help solve priority social problems, and improve people's quality of life," Putin said in a letter to the forum's participants and guests.

More:

 

FTC set to greenlight Chevron's $53 bln buy of oil rival Hess, sources say​

Sept 23 (Reuters) - The U.S. Federal Trade Commission is expected to greenlight U.S. oil producer Chevron's (CVX.N), opens new tab purchase of Hess (HES.N), opens new tab as soon as this week, two people familiar with the matter said, leaving Exxon Mobil's (XOM.N), opens new tab challenge to the $53 billion deal as its final hurdle.

The proposed merger was first announced last October, and the FTC sent a second information request to Chevron two months later. Hess shares were up as much as 3% in after-hours trading on Monday following the news.

More:

 
gcaptain.com

Russia’s ‘Shadow Fleet’ Offloads Sanctioned LNG at Asian Storage Barge For First Time

Latest news on the emerging LNG shadow fleet in Russia. Learn about the transfer of super-chilled gas from the Arctic LNG 2 project.
gcaptain.com gcaptain.com

www.highnorthnews.com

‘Shadow Fleet’ LNG Carrier Travels Up Norwegian Coast After Failed Attempt to Deliver Sanctioned Cargo

Six weeks after a sanctioned load of liquefied natural gas traveled down the Norwegian coastline, the same cargo returns to the Arctic after a failed attempt to transit the Suez Canal. Again traveling on an unflagged and uninsured LNG tanker with consequences for marine and environmental safety...
www.highnorthnews.com www.highnorthnews.com
 

Exclusive: Kazakhstan expects progress in arbitration against oil firms in coming months​

  • Kazakhstan started arbitration against majors over costs
  • Preliminary results expected later this year
  • Kashagan oilfield has been beset by delays
  • Germany seeks to raise oil imports, energy minister says
ALMATY, Sept 25 (Reuters) - Kazakhstan expects preliminary results of multi-billion arbitration proceedings against international oil majors by December, the country's Energy Minister Almasadam Satkaliyev told Reuters on Wednesday.

Kazakhstan last year started arbitration proceedings against companies developing its giant Kashagan and Karachaganak oilfields over $13 billion and $3.5 billion, respectively, over disputed costs.

More:

 

The Global Oil Bribery Scheme Caught on Tape​

Sep 24, 2024

The commodity trading industry has been known for shady behavior since the days of Marc Rich, the infamous godfather of the industry. But the landmark trial of Javier Aguilar has brought to life the inner workings of a modern-day bribery scheme in more detail than ever before. His testimony has painted a picture of an industry which has continued to write its own rules. The question now is whether it will ever change.


8:55

00:00 Introduction
00:46 Reporting
02:17 Aguilar and Vitol
03:16 The scheme
05:00 The FBI closes in
06:49 The verdict
07:53 Will things ever change?
 

Amazing Helicopter Flight to a VLCC Crude Oil Tanker: Lightering Operations in the Gulf of Mexico​

Sep 26, 2024
Join us on an incredible journey as we fly out by helicopter to a VLCC (Very Large Crude Carrier) conducting lightering operations in the Gulf of Mexico! 🚁⛴️ In this video, you'll get a unique, behind-the-scenes look at the fascinating process of transferring crude oil from this massive tanker to smaller vessels, a crucial step in delivering energy to the world. We'll take you from the exhilarating helicopter ride, landing on the ship's helipad, to a guided tour of the ship's deck and control room.


7:04
 

US buys 6 million barrels of oil for Strategic Petroleum Reserve​

WASHINGTON, Sept 30 (Reuters) - The U.S. has bought 6 million barrels of oil for the Strategic Petroleum Reserve for delivery through May 2025, the Department of Energy said on Monday.

The purchases are part of an effort to replenish stockpiles after President Joe Biden ordered the largest ever sale from the reserve in 2022 of 180 million barrels in an effort to control fuel prices following Russia's invasion of Ukraine.

The U.S. bought 3.5 million barrels from Exxon Mobil (XOM.N), opens new tab, 2 million from Shell Trading Company, and 500,000 from Macquarie Commodities Trading US, for a total cost of more than $411 million, the department said.

More:

 

Oil jumps over $3 a barrel as Middle East conflict stokes supply worry​

  • Biden "discussing" support for Israel on Iran oil strike
  • Pentagon, Israel discuss possible response to Iran's attack
  • Ministers of Gulf Arab states, Iran meet and talk de-escalation
  • OPEC+ capacity could cushion Iranian supply shock
  • Libya's NOC lifts force majeure at oilfields and terminals
HOUSTON, Oct 3 (Reuters) - Oil prices surged on Thursday as concerns mounted that a widening regional conflict in the Middle East could disrupt global crude flows.

Brent crude futures settled up $3.72, or 5.03%, at $77.62 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled up $3.61, or 5.15%, to $73.71.

Brent futures reached an intraday high of $77.89 per barrel, while WTI futures peaked at $73.97 per barrel, both hitting one-month highs.

More:

 

Satellite imagery shows Iranian oil tankers at country’s major terminal disappearing amid fears of Israeli counterattack​

  • “The National Iranian Tanker Company (NITC) appears to be fearing an imminent attack by Israel,” one tanker tracking firm wrote.
  • Fifteen miles off Iran’s northwestern coast, the Kharg Island terminal handles more than 90% of the country’s crude exports.
  • Oil prices jumped 5% on Thursday and are headed for their best week in over a year following comments from U.S. President Joe Biden.
Satellite imagery revealed a number of oil tankers vacating the waters around Iran’s key Kharg Island oil loading terminal, amid fears of an Israeli counterattack on Tehran’s energy infrastructure.

“The National Iranian Tanker Company (NITC) appears to be fearing an imminent attack by Israel. Their empty VLCC supertankers vacated the country’s largest oil terminal, Kharg Island, yesterday,” tracking firm TankerTrackers.com wrote in a post on the X social media platform on Thursday evening.

More:

 
You must log in or register to reply here.
Back
Top Bottom