Page 51 - Dated Brent News Today

China independent refiners slash crude runs as high oil prices squeeze margins China’s independent refiners are poised to slash their run rates as rising outright oil prices continue to threaten the fuel producers’ domestic refining and sales margins, setting the stage for a sharp decline in the sector’s crude imports in September, market and industry sources said. Crude throughputs at China’s independent refineries in eastern Shandong province in June had recovered by 8.2% month on mon...

Emmanuel Addeh in Abuja with agency report The global oil market needs much more crude than what the Organisation of Petroleum Exporting Countries (OPEC) along with its allies, OPEC+ is planning to add by the end of this year, the world’s biggest independent oil traders, Vitol, has said. The OPEC+ coalition was set to agree last week to boost collective crude output by 400,000 b/d each month from August to December and extend their supply management agreement through the end of 2022. But t...

OPEC discussing deal to raise oil production by 2 million b/d by December: sources OPEC and its allies appear in striking distance of a deal on production quotas, discussing proposals that call for an output increase of about 2 million b/d from August to December to meet recovering global oil demand, three sources told S&P Global Platts. If agreed, the OPEC+ alliance’s collective production cuts would shrink by about one-third by the end of the year to about 3.76 million b/d, from July’s 5....

Nigerian crudes struggle for buyers as India cuts purchases – Report The Punch Published 15 June 2021 Nigerian crude variants are now seeking other buyers in Asia and Europe as India’s COVID-19 situation remains shrouded in uncertainty amid stringent regional lockdowns and weak domestic consumption. S&P Global Platts reported that most Nigerian crudes were trading at close to 12-month lows. The country’s flagship grade, Bonny Light was last assessed at Dated Brent minus $...

An August-loading cargo of Hibernia crude traded during the Platts Market on Close assessment process June 3, the first ever trade of Eastern Canadian crude in the MOC, amid stable production following technical setbacks in 2019 and slack demand in 2020. Equinor offered the 675,000-barrel cargo of Hibernia loading between Aug. 1-5 on an FOB ...

Reports Net Income of $9.9 Million, or $0.17 per Diluted Share...

Strong Asian LNG demand soaks up India cargo diversions amid COVID-19 crisis Strong Asian LNG demand for summer and tight supply amid maintenance and outages at multiple terminals have helped the market absorb the spot LNG cargoes rejected by India due to its COVID-19 related lockdowns, according to traders and market participants. This has muted the market impact of the diversions and enabled Indian gas importers and their suppliers to find alternate destinations for contracted LNG volumes wit...

India to look to OPEC once oil demand recovers after Covid second wave The relationship between India and OPEC is more important now than ever. Any lingering ill-feelings between India and Saudi Arabia from their spat over the price of crude earlier this year should be quickly cast aside, to focus on each other’s growing importance as consumer and supplier. If OPEC needed a sobering reminder of India’s importance as a customer, it received it in the worst possible way: the resurgence of the...

The relationship between India and OPEC is more important now than ever. Any lingering ill-feelings between India and Saudi Arabia from their spat over the price of crude earlier this year should be quickly cast aside, to focus on each other’s growing importance as consumer and supplier. If OPEC needed a sobering reminder of India’s importance as a customer, it received it in the worst possible way: the resurgence of the coronavirus pandemic in the world’s third biggest oil importer. I...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Irans President Hassan Rouhani said May 20 that a "main agreement" has been reached, with the US broadly committing to lifting its sanctions targeting Irans oil, petrochemical, shipping, insurance and banking sectors, though final details have yet to be settled. US officials have been more circumspect, saying only that the four rounds of discussions so far have "crystalized" what s...