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OPEC Jul output slumps to 5-year low on Saudi overcompliance: Platts survey

1 month ago DieselGasoil Comments Off on OPEC Jul output slumps to 5-year low on Saudi overcompliance: Platts survey
Highlights OPEC production falls 210,000 b/d to 29.88 mil b/d Saudi output dives to 9.70 mil b/d Compliance for 11 members rebounds to 117% Angola, Iraq, Ecuador, UAE post small gains OPEC pumped its fewest barrels in more than five years in July, aided by a huge production decline in its largest producer, Saudi Arabia, Read More

Angola’s Nemba crude hits record high on gasoil demand in Mediterranean, NWE

1 month ago DieselGasoil Comments Off on Angola’s Nemba crude hits record high on gasoil demand in Mediterranean, NWE
London — Angola’s gasoil- and naphtha-rich Nemba crude, supported by 0.1% gasoil demand in both Northwest Europe and the Mediterranean, has hit its highest value since S&P Global Platts began assessing the grade in July 2009. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now That was despite ongoing lackluster Read More

US crude unlikely to figure on China’s possible counter tariff radar

1 month ago DieselGasoil Comments Off on US crude unlikely to figure on China’s possible counter tariff radar
Sydney — China is unlikely to target US crude oil if it decides to impose retaliatory tariffs in response to Washington’s latest announcement to put additional tariffs on Chinese goods, as any impediment to the sale of North American oil to Chinese refiners would not inflict much damage to the US upstream companies. Not registered? Read More

Angola emerges as top crude supplier to China’s independent refineries in July

1 month ago DieselGasoil Comments Off on Angola emerges as top crude supplier to China’s independent refineries in July
Singapore — Angola was the top crude supplier to China’s independent refineries in July, overtaking Brazil and Russia, with imports at 1.84 million mt, S&P Global Platts’ monthly survey showed Monday. Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Angolan imports were up 18.8% on the month, and 89.8% Read More

BP beats earnings expectations as output rises

2 months ago DieselGasoil Comments Off on BP beats earnings expectations as output rises
By Kelly Gilblom on 7/30/2019 LONDON (Bloomberg) –BP bucked the trend of disappointing oil and gas earnings, beating expectations and increasing its cash flow as higher production offset the effect of lower energy prices. The company’s performance brightens what has so far been a weaker-than-expected second quarter for the majors. While companies are more profitable Read More

Refinery Margin Tracker: Heavy sweet crudes gain traction as US crude slate lightens

2 months ago DieselGasoil Comments Off on Refinery Margin Tracker: Heavy sweet crudes gain traction as US crude slate lightens
New York — Heavier sweet crudes are becoming more popular with refiners as shale production lightens up the crude slate, allowing refiners to keep run rates high by balancing out the lighter shale barrels with heavier grades, an analysis by S&P Global Platts showed Monday. Not registered? Receive daily email alerts, subscriber notes & personalize Read More

China feasts on record Saudi crude imports as sanctions hit Iran

2 months ago DieselGasoil Comments Off on China feasts on record Saudi crude imports as sanctions hit Iran
By Bloomberg News on 7/29/2019 BEIJING (Bloomberg) –China has tapped Saudi Arabia for a record volume of crude as the world’s biggest exporter plugs a shortage from sanctions-hit Iran. Asia’s biggest buyer shipped 7.72 MM metric tons of crude, or 1.89 MMbpd, from Saudi Arabia last month, according to data from China’s General Administration of Read More

Total to sell $5 bil of assets as profits slump on falling gas prices

2 months ago DieselGasoil Comments Off on Total to sell $5 bil of assets as profits slump on falling gas prices
Highlights Expects 2019 output growth to exceed 9% Focused on low breakeven projects Market to remain volatile on demand uncertainty London — France’s Total said Thursday it will divest $5 billion worth of its assets, mainly from its exploration and production business, as its net profit fell in the second quarter of2019 due to a Read More

Eni confirms significant Agogo find offshore Angola

2 months ago DieselGasoil Comments Off on Eni confirms significant Agogo find offshore Angola
7/25/2019 MILAN – Eni has successfully drilled Agogo-2, the first appraisal well of the Agogo discovery in Block 15/06, offshore Angola. The well results confirm 650 MMboe in place at the Agogo field and indicate further upside in its northern sector that will be assessed with new appraisal wells. Agogo-2 has been drilled by the Read More

Total’s deal-making CEO spends billions to ride out turmoil

2 months ago DieselGasoil Comments Off on Total’s deal-making CEO spends billions to ride out turmoil
By Francois de Beaupuy on 7/23/2019 PARIS (Bloomberg) –If you’re offered the job of running one of the world’s largest companies, you don’t usually have just an hour to decide if you want it. But that was the challenge Patrick Pouyanne faced when the CEO of oil giant Total SA died suddenly in a plane Read More