·     Major shale oil producers are looking to ramp up output this year, but a very significant production hike seems unlikely. ·     However high U.S. output goes this year, it is not very likely it would go high enough to put significant pressure on international prices. ·     An increase in well productivity

One of the hottest trades in the oil market this year is keeping on rolling, with the potential to reshape the value of physical crude cargoes and transform global flows. The price differential between swaps for London’s Brent and Middle East’s Dubai crude has turned deeply negative, data from brokerage PVM show. It’s a dramatic

Saudi Aramco’s CEO Amin Nasser said on Monday that the company’s supplies to customers remain adequate even with recent voluntary oil production cuts by the kingdom, adding that global demand remained resilient despite economic headwinds. Saudi Arabia last week decided to extend a voluntary oil output cut of one million barrels per day for another

Record-breaking summer heat is forcing fuelmakers to cut back operations, just as dwindling supplies are causing gasoline prices to surge around the world. The hottest-ever June and July prompted refiners to curtail oil processing by at least 2 percent globally as long stretches of triple-digit heat posed a threat to operations, according to Vikas Dwivedi,

The current moves of OPEC+ to cut oil production are enough to support the market, Suhail al-Mazrouei, the energy minister of the United Arab Emirates (UAE), told Reuters on Friday. The actions the OPEC+ group has taken so far are sufficient, according to the OPEC heavyweight the UAE. “What we are doing is sufficient as

·     The United States and Europe are locked in a subsidy race for the energy transition. ·     Economists are warning that huge subsidies could trigger a new wave of inflation. ·     Poorer EU member states are crying unfair game on the part of the wealthy ones. Journalists are calling it a subsidy

OPEC will likely maintain an upbeat view on oil demand growth for next year when it publishes its first outlook later this month, predicting a slowdown from this year but still an above-average increase, sources close to OPEC said. OPEC’s forecast for 2024 will likely be lower than the growth it expects this year of

The United Arab Emirates plans to invest as much as $54 billion on renewables over the next seven years as part of efforts to reach net zero emissions by 2050. The nation is targeting a threefold increase in the share of energy produced from renewable sources over the period and will focus on hydrogen as

The three-day CPHI China 2023 has come to an end, which is an industry event and a global exhibition for the pharmaceutical raw materials industry. After two years of absence, Nanjing Shunxiang received unanimous praise upon its appearance, and the crowd flowed incessantly at the exhibition. Nanjing Shunxiang’s booth also attracted domestic and foreign customers

·     Tighter supply conditions are on the horizon in global crude markets. ·     The 1 million bpd extra production cut from Saudi Arabia is set to tighten physical oil markets in July. ·     Global macro-economic headwinds keep oil prices back. Oil and gas drilling in the U.S. shale patch is slowing down.