All Eyes on Mexico in Output Cut Impasse: Mexico is locked in an internal battle between the grim economic realities presented by lower
#oil
prices and grand nationalistic ambitions for its oil patch. Our
@cm_energyintel
has the latest (free)
#OOTT
#Opec
Energy Intelligence is pleased to announce that Amin Nasser, President & Chief Executive Officer of Saudi Aramco, has been named Energy Intelligence’s Energy Executive of the Year for 2020:
How Robust Is The
#Opec
-Plus Deal? Energy Intelligence answers the key questions, from the deal’s main takeaways, to its staying power. (Free)
#OOTT
#oil
Finalizing the historic
#Opec
-plus deal today was no small feat. But much finagling is under way to sell the market on the scale of intervention in play. Our latest analysis (free)
#OOTT
#oil
US Senators Put Saudi Arabia on Notice: Senators from several key US
#oil
producing states are losing patience with Saudi Arabia's inability to close the
#Opec
-plus deal.
@Deon_Daugherty
and
@EmilyLMeredith
have the latest (free)
#OOTT
"OPEC are waiting and seeing what oil ACTUALLY makes it to the market, seeing what the shortage ACTUALLY looks like."
@Alex_Schindelar
, President at Energy Intelligence talked with
@suberker
@StraitTalkTRT
on US requests to increase oil production.
Saudi Arabia’s dissatisfaction with Mexico’s proposal to rely on declines in US
#oil
production to comply with the
#Opec_plus
agreement leaves a final deal “pending”
#OOTT
#Opec
Energy Intelligence is pleased to announce that Bob Dudley, Group Chief Executive of
@BP_plc
, has been named 2018 Energy Intelligence Petroleum Executive of the Year.
We are delighted to announce that our very own
@Amena__Bakr
won this year’s
#IAEE
Award for Excellence in Journalism presented at the
#IAEE19LJ
in
#Ljubljana
this week, making this the 10th time that an Energy Intelligence reporter has won this prestigious award.
EXCLUSIVE: Scott Sheffield, CEO of Pioneer Natural Resources and driving force behind a proposal to curtail
#oil
production in Texas talks to
@Deon_Daugherty
about the emerging
#Opec_plus
deal
#Opec
#OOTT
Trading sources say China is releasing more than 20 million barrels of mostly sour
#crude
from its strategic petroleum reserve in what seems to be an attempt to push
#oil
prices lower and control inflation. Read the full story (free):
#OOTT
Saudi Arabia's energy minister has said recently agreed production cuts and upcoming purchases of
#oil
for strategic stockpiles could take almost 20 million barrels per day off the market in the coming months. Read the free full story here:
#OOTT
Economic realities drove Russia back to the bargaining table with
#Opec_plus
as
#oil
prices threatened to fall further under the weight of the historic demand collapse.
#Opec
#OOTT
Experts say negative prices for US crude futures on Monday were an anomaly that reflects unique logistical constraints in the US market. It's unlikely, they add, that the same could happen to Brent futures. Read the free story:
#OOTT
#OilPrices
#Oil
#WEBINAR
: Join our experts
@ARaj_Energy
, John van Schaik and Rafiq Latta to discuss the latest on-the-ground reporting and analysis on
#Opec
++ developments (including the
#G20
meeting). Register now:
#Exclusive
: Industry sources say drones attacked
#Saudi
Arabia's 1 million b/d Shaybah oil field early Saturday morning. The attack caused damage, but impact to production unclear.
Saudi Aramco has been pushing its giant Ghawar field hard as part of its drive to sustain
#oil
production at historic highs of around 12 million b/d, according to information obtained by Energy Intelligence. Read the full story for free:
#OOTT
Mexico’s president said Friday that while his country would participate in Saturday's
#Opec
-plus meeting, it would not agree to an extension or deepening of previously agreed cuts.
Read the free story:
#OOTT
#oil
What is the external break-even price for the
#Opec
-plus members? The group’s average has risen to ~$75 per barrel (up from the $60s) as broad economic pressures are compounded by falling export revenues with lower volumes & prices. Download free Report:
Exclusive:
#Aramco
in talks with
#Shell
to supply LNG to Saudi Arabia, a deal that would break decades-long
#Saudi
resistance to gas imports to meet surging domestic demand:
Saudi Aramco is delaying the announcement of its monthly crude
#oil
selling prices to await the outcome of a producers' meeting on Thursday. Read the free full story here:
The 2020 Energy Innovation Award goes to
@Total
, in recognition of the company’s pioneering work in diversifying its portfolio into
#lowcarbon
technologies, while applying rigorous
#emissions
targets to
#decarbonize
in the years ahead. Learn more here:
North Dakota regulators confirmed reports that Continental Resources, the state’s top
#oil
producer, has shut in nearly all its Bakken output as it tries to navigate an unprecedented recent drop in
#crude
prices.
Read the full story here (free):
#OOTT
Saudi Arabia and Russia are putting heavy pressure on laggard
#Opec
-plus members, complicating the timing of the group’s upcoming meeting. Read the free story:
#OOTT
#oil
The 2020 Energy Innovation Award goes to Total in recognition of the company’s pioneering work in diversifying its portfolio into low carbon technologies, while applying rigorous emissions targets to decarbonize in the years ahead. Congratulations
@Total
@PPouyanne
!!!
We're delighted to now welcome to our digital stage Patrick Pouyanné, the Chairman & CEO of Total for a Leadership Dialogue and also to accept the 2020 Energy Innovation Award on behalf of
@Total
.
@PPouyanne
#EIForum
#TheBigEnergyReset
#OilPrices
came unstuck in time on Monday, with US benchmark
#WTI
crashing to levels not seen since the end of the last millennium amid impending expiry, strained storage capacity and a historic downturn in demand. Read the full story for free:
#OOTT
"Black April" will go down as the worst month in the history of the
#oil
industry and 2020 as its worst year, International Energy Agency (
#IEA
) Chief Fatih Birol said Wednesday. Read the free full story here:
#OOTT
The winner of the 2019 Award for Leadership in New Energy is energy company Royal Dutch Shell, which stands out from its peers with bold investments and ambitious targets to transition its business model and provide leadership in the clean energy economy.
Russian oil companies appear to be united in following the Kremlin line to stop exporting their barrels under any price cap, however high it could be. They are ready to cut production if... Read more (free):
A dramatic fall in Russian crude oil supplies via the Druzhba pipeline to Germany and Poland starting from 2023 could result in a decline of more than 500,000 barrels per day in Russian exports in the first months of next year. Read more (free),,,
In an interview with Energy Intelligence on Tuesday, Saudi Arabia's Energy Minister Prince Abdulaziz bin Salman elaborated on the thinking behind Opec-plus' latest policy decisions and his outlook on global oil markets. Read more (free):
What does the future hold for renewable energy? Dubai Bureau Chief,
@Oliver_Klaus1
, will be moderating a
@DMCCAuthority
webinar on Renewable Energy in the Post-COVID-19 World.
Register below:
Saudi Aramco can sustain
#oil
production at maximum capacity of 12 million barrels per day without any additional spending for one year. Read the full story here:
Drone attacks on key
#Saudi
#oil
installations have knocked out a major portion of the top
#crude
exporter's production capacity - read our first take on the incidents here:
EXCLUSIVE: Saudi Aramco has launched a plan to expand the capacity of its strategic East-West crude oil pipeline, which bypasses the Strait of Hormuz, to 7 million bpd by September.
#OOTT
#SaudiAramco
#SaudiArabia
The momentum for an agreement among major
#oil
producers to reduce the world’s oversupply hinges on cooperation from countries beyond
#Opec
-plus -- notably the US, but other G20 countries too. How realistic is this? Read the free full story here:
#OOTT
With the Opec/non-Opec meeting approaching in June, is the producer group likely to extend the cuts?
@Amena__Bakr
, Senior Correspondent at Energy Intelligence speaks to CNBC about the upcoming decision by OPEC.
#Hydrogen
might be a hot topic today, but it's going to take longer than many think to create a viable hydrogen industry,
@Shell
CEO Ben van Beurden said. Read the full story (free):
#EIForum
#AnIndustryRedefined
Pakistan is facing a shortage of natural gas that has triggered street protests and is forcing power plants to burn fuel oil to keep the lights on. Read more (free):
Energy Intelligence offers our deepest condolences to the family of Opec Secretary General Mohammed Barkindo, to Opec and to his many friends around the world. He was a consummate statesman but also a remarkably genuine and caring person. He will be deeply missed.
#Opec
US crude oil producers are paying buyers up to $40/bbl to take their crude away. The US is so full of crude
#Oil
that the main crude system around the nation’s oil trading hub in Cushing, OK is blocked. Read the free story:
#OOTT
#OilPrices
With
#crude
prices tanking and
#coronavirus
showing no signs of letting up, our experts discuss how bad the current situation could get for the US and global oil sectors and how long the pain could last.
Join
@Amena__Bakr
and
@ARaj_Energy
LIVE for answers to your questions on this week's
#Opec
-Plus meeting, including why did the
#oilprice
drop by $10 on Friday, and why did we see a recovery on Monday? What's our 2022 forecast for
#supplyanddemand
? Join us:
Russian authorities have asked
#oil
producers to increase
#crude
oil supplies to domestic refineries and export less crude in the coming months to avoid fuel shortages and a spike in prices. Read the full story (free):
#OOTT
The worst is over for
#oilmarkets
, but that doesn't necessarily mean a sharp recovery is on the horizon, according to the head of US supermajor Chevron. $CVX Read the free story:
#oil
#OOTT
Collateral damage to the US supply outlook is unavoidable given simultaneous demand and supply shocks. Energy Intelligence sees 2020 as the end of the shale revolution regardless of how market dynamics pan out, a current peak that cannot be bailed out.
@ARaj_Energy
@energyintel
Another proud moment for Energy Intelligence: our former Houston Bureau Chief and Senior Reporter-at-Large Barbara Shook receives the 2018 Opec Award for Journalism at a gala dinner at Vienna City Hall. Congratulations Barbara!
Major obstacles remain and a historic global production agreement still seems a long shot, but momentum is building toward a proposed cut of 10 million b/d or more to be hammered out during talks over the next two days. Read the full free story here:
#OOTT
Speculative traders chasing scarce
#oil
storage space to close out expiring paper positions were the main driver behind this week’s historic crash in US benchmark futures trade. Read the free full story here:
#OOTT
#WTI
As the national security advisor John Bolton leaves the White House, there is a sigh of relief in Iran, says
@Amena__Bakr
, Dubai Deputy Bureau Chief at Energy Intelligence.
The
#Opec
-plus drama continues with an ‘urgent’ meeting scheduled for the top of the hour. Our latest, plus follow our deputy Dubai bureau chief and Saudi expert
@Amena__Bakr
for real-time updates:
#OOTT
#oil
#Opec
-plus members must remain committed to their output cuts pact, despite signs that
#oil
demand is starting to recover from the slump triggered by the coronavirus pandemic, says Opec Secretary-General Mohammed Barkindo. Read the full story (free):
#OOTT
Canadian Official: Can't Supply Gas to Europe in Time
In an exclusive interview, Alberta’s Energy Minister Sonya Savage discusses Europe's requests for gas supplies to makeup for the loss of Russian volumes.
#energycrisis
#natgas
#LNG
#Alberta
Russia and China have signed a new 10 billion cubic meter per year
#gas
contract and extended an existing 200,000 b/d
#oil
supply deal. Read more (free):
Peak
#oil
demand was already a controversial topic before the
#coronavirus
, but the
#pandemic
has intensified and polarized the debate even further -- while making the outcome almost impossible to predict. Full story here:
Will
#renewables
lose their competitive edge amid the
#COVID19
crisis? The Energy Cost Report, part of the
#EnergyTransition
Service, provides in-depth global analysis of cost trends among competing forms of power generation. Free Download:
#solar
#wind
The US is easing a restriction on Venezuelan oil exports, allowing European giants Repsol and Eni to export oil from the South American country as payment for debt. Read more (free):
Congratulations to
@Amena__Bakr
on winning the Opec Award for Journalism! "Amena embodies the characteristics of a great reporter – an inquisitive mind, superb sources and a relentless drive,” said Raja W. Sidawi, Chairman & CEO of Energy Intelligence.
"OPEC+ compliance to its output cut deal is said to have exceeded 100% for the month of June according to data from
@energyintel
, despite some producers falling behind their targets, mainly Iraq, Nigeria and Angola."
Diamondback Energy’s $1.5 billion Permian Basin acquisition last week serves as a reminder that consolidation is expected to continue in US shale as producers vie for access to an ever-shrinking pie of top-tier assets. Read more (free):
Even a coordinated production cut of 10 million barrels of oil per day is unlikely to balance
#oil
markets crashing under the strain of a drop in demand that could reach 30 million b/d in just a couple months. Read the free full story here:
#OOTT
#Oilprices
broke the psychological $100/bbl mark with the
#Russia
military action in
#Ukraine
, but $120 could be within sight. See our analysis with this free report download >
Saudi Arabia's voluntary cut of 1 million barrels per day boosted overall compliance with
#Opec
-plus production cuts to 113% last month, sources tell Energy Intelligence. Read the full story (free):
#OOTT
#oil
After nearly a year of selling off strategic crude stocks to try and keep a lid on oil prices, the Biden administration is setting the groundwork for a price floor. Read more (free):
Saudi Arabia's energy minister has issued another warning to speculators who bet on lower oil prices by taking short positions in the futures market, advising them to "watch out."
#oilmarkets
#oilprice
#opec
#opecplus
Russia has confirmed it is ready to participate in a broader
#oil
production curb pact among the
#OPEC
-plus alliance and other leading producers, including the US. Read the full story for free here:
#OOTT
#OilPriceWar
Western uranium converters and enrichers are facing an explosion of demand from nuclear fuel buyers preparing for a possible cut-off from Russian nuclear fuel, but new production capacity buildouts are not yet a sure thing. Read more (free):
We have also started a weekly webinar series that is normally reserved for clients but has been made free to the public during this unprecedented time in the industry
#Opec
#OOTT
#Oil
Decline in Russia's Oil Output Accelerates The anticipated decline in oil production started to gain real traction during the first two weeks of April, while refinery throughput has stabilized after plummeting in March.
Russia could support an extension of the current
#Opec
-plus pact beyond 2022 as an effective mechanism for market stability, according to the head of one of the country's top
#oil
producers.
#OOTT
Read more (free):
#Opec
-plus prepares to meet for the first time since output cuts came into force May 1 -- but the group is still working to resolve issues before the upcoming video conference takes place. Energy Intelligence addresses key questions here (free):
#OOTT
#oil
China's apparent
#oil
demand rose to a robust 14.16 million barrels per day in July, up 16.7% from the same month of last year, as the country's
#economy
continues to recover, Energy Intelligence calculates. Read the full story (free):
Energy Intel's
@Amena__Bakr
Reports: Saudi Arabia’s Prince Abdelaziz - "Each of the 23 countries represented here must be on guard for any signs of backsliding from their commitments. The JMMC will be monitoring the market situation in monthly meetings until the end of the year.”
Texas regulators could be key to reaching a deal between the US, Russia and Saudi Arabia to curb global
#oil
supply but its not clear they will embrace a return to market management after 50 years of laissez faire
#OOTT
#OPEC
The massive price spike on the European benchmark Dutch TTF hub has thrust the continent into a rare premium position over Asia for spot LNG volumes. This has resulted in a wave of cargo diversions from Asia back toward Europe. Read more (free):
Saudi Arabia plans to quadruple the volume of oil that it allocates to petrochemicals production to 4 million barrels per day by 2030 in order to add value to its hydrocarbon sales, according to energy ministry data.
Read more >>
#SaudiArabia
#Oil
The United Arab Emirates and Saudi Arabia on Wednesday appear to have resolved a dispute over a demand by the UAE to raise its production quota. Read the full story (free):
#OOTT
#oil
The
#Opec
Secretariat has sent out revised
#oil
market projections to member states that show dire consequences unless they agree to collaborate on an unprecedented 10 million barrels per day of production cuts. Read the free full story here:
#OOTT
President Joe Biden's proposed restrictions on federal
#upstream
activity could severely choke off
#gas
development across the western US, and not just on federal lands. Read the full story (free):
Saudi Arabia and Russia are putting heavy pressure on
#Opec
-plus members that are not fully complying with production cuts in force since May 1, in a move that has complicated the timing of the alliance's upcoming meeting. Full story here:
Refiners in the US are gradually increasing throughputs as demand for
#gasoline
recovers, but they have an Achilles' heel: jet fuel. Read the free full story:
#OOTT
#oil
Russia's Oil Exports Keep Falling
Energy Intelligence now estimates that Russia’s combined exports of crude oil and refined products have fallen by about 3 million barrels per day. Read more (free).
While
#Opec
members and their allies mull reconvening later this week for crude curtailment talks, some US
#oil
producers are beginning to reverse course on shutting in production. Read the free story:
#OOTT
The Biden administration on Wednesday unveiled fresh US sanctions aimed at Russia’s future energy production and export capacity, targeting entities involved in the Arctic LNG 2 project that already faces setbacks from previous sanctions. Read more
Brent's move to around $80 per barrel and narrower discounts for Russian crude may put the G7 price cap to its first serious test and force Moscow to reconsider its sales options. To date, Urals — Russia's flagship export grade... Read more (free)