Page 56 - Dated Brent News Today

WAF crude exporters in quandary amid fading Chinese demand China, the world’s largest crude importer, has started to reduce its reliance on West African oil, smitten by the lure of cheaper Iranian oil amid a backdrop of swollen inventories and higher flat prices. This is a huge setback for Angola and Republic of Congo, which are heavily reliant on Chinese demand, for its foreign oil revenues, trading sources said this week. “It is almost as if China took a look at $70/b oil and the state of...

The OPEC+ alliance’s conservativeness in maintaining tight control over oil supply has been “proven right,” Saudi energy minister Prince Abdulaziz bin Salman said April 1, urging his counterparts to stay disciplined in their mission to bring the market back to its pre-pandemic health. “Until the evidence of recovery is undeniable, we should maintain this cautious ...

(March 13): How do you measure the value of the world’s most important commodity? It’s a conundrum that brought uproar in the oil market over the past few weeks after S&P Global Platts, the company that publishes the world’s key crude price, announced on Feb 22 that it was going to radically change the very nature of that benchmark, known as Dated Brent. Just nine days after announcing its ambitious overhaul, which had been meant to begin in June 2022, Platts was forced to apologize to th...

Saudi Arabia and Russia pledged to continue cooperation on the OPEC+ production cut agreement, as Saudi foreign minister Prince Faisal bin Farhan said March 10 the group is aiming for a “fair” price for crude oil. “I would like to assure that we and Russia would like a oil price which is fair to consumers ...

S&P Global Platts Opens Further Consultation on Brent Benchmarks Transition S&P Global Platts (“Platts”), the leading independent provider of information and benchmark prices for the commodities and energy markets, announced that it is opening a further consultation on the transition Dated Brent and its related components. This reflects extensive feedback following its announcement on 22 February that the basket would reflect WTI Midland and be amended to a CIF delivered Rotterdam basis fro...

1 The Company achieved the netbacks above on sold barrels of oil equivalent for the year ended December 31, 2020 and December 31, 2019 (these figures do not include TransGlobes Egypt entitlement crude oil held as inventory at December 31, 2020). 2 Royalties and taxes are settled at the time of production. Fluctuations in royalty and tax costs per bbl are due to timing differences between the production and sale of the Companys entitlement crude oil. Netback per barrel in Egypt decreased by 46% ...

Physical crude markets are treading carefully after the OPEC+ alliance decided to keep supply tight in April, even as crude futures rallied sharply. Despite a much tighter picture that has pushed oil prices to a 14-month high, oil demand is still short of reaching pre-pandemic levels of 100 million b/d. But trading sources and analysts ...

Sullia, Mar 11: A speeding pickup vehicle rammed into four youths that were waiting for bus at Paraje in Sullia taluk of Dakshina Kannada last night. One among the four lost his life while three others suffered injuries.

Platts Changes Course on Change to Dated Brent Crude Benchmark by Ship & Bunker News Team Thursday March 11, 2021 Price reporting agency Dated Brent crude oil benchmark after criticism over the impact it might have. The company had previously announced plans to convert the benchmark into an assessment of crude deliveries in Rotterdam from North Sea terminals. Platts is now inviting further consultation on the plan, it said in a statement on its website on Wednesday. "Since changes to th...

AND FULL YEAR 2020 RESULTS AND RESERVES UPDATE   HOUSTON - March 10, 2021 - VAALCO Energy, Inc. (NYSE/LSE: EGY) ("VAALCO or the "Company") today reported operational and financial results for the fourth quarter and full year of 2020.   · Closed the transformational acquisition of Sasols working interest in the Etame field; o Nearly doubles VAALCOs total net production and reserves; o Estimated acquisition cost per NRI ba...