Page 23 - Platts Analytics News Today

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...

Advertisement Figures from the Nigerian Bureau of Statistics fourth quarter (Q4) 2020 report on ‘Foreign Trade in Goods and Statistics’, show that India is Nigeria’s top export destination accounting for 17.12 percent of exports during the period. Crude oil also accounts for 79 percent of Nigeria’s export in the quarter. India has continued to witness a spike in coronavirus infections, with figures on Thursday putting total active cases at 3.12million, according to data from MOHFW(India...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The US Energy Information Administration is expected to report a 67 Bcf injection for the week-ended May 14, according to a survey of analysts by S&P Global Platts. Responses to the survey ranged from a 63 Bcf to 78 Bcf injection. A 67 Bcf injection would prove less than the five-year average of 86 Bcf build and last years 84 Bcf addition. It would expand stocks to 2.096 Tcf. US st...

Refinery news roundup: Some refineries in Africa remain offline In South Africa, both the Engen and Cape Town refineries remain offline, whereas Zambia’s Indeni is not expected to restart after a maintenance until later this year. Overall refining output in Africa remains low as many refineries remain closed or are operating intermittently, according to Africa-focused oil consultancy CITAC. In South Africa alone, refinery output fell 28% last year as all refineries were closed in April and Ma...

Production slumps to four-year low in 2020 COVID-19 threw Nigeria’s oil industry into turmoil Sector anxiously awaits passage of PIB in 2021 Nigeria’s oil industry looks set for a difficult 2021 as a delay in implementing key legislative reforms compounds problems for a sector still reeling under the weight of OPEC+ output cuts and the impact of the coronavirus. Oil and gas remain the mainstay of the Nigerian economy. However, analysts say Nigeria has not been able to draw on its huge gas r...

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now Storage inventories increased to 2.029 Tcf for the week ended May 7, the US Energy Information Administration reported May 13. The build measured less than the five-year average of 82 Bcf and the 104 Bcf addition reported in 2020. Storage volumes now stand 378 Bcf, or 15.7%, less than the year-ago level of 2.407 Tcf and 72 Bcf, or 3.4%, less than the five-year average of 2.101 Tcf....

WAF crude sellers scramble for buyers as Indian refiners step back West African crude sellers have been dealt a big blow by key buyer India slowing down its purchases as the COVID-19 pandemic continues to ravage the world’s third-largest oil consumer. India’s state-owned refiners typically issue tenders for a large proportion of their crude requirements, but with the latest wave of COVID-19 infections in the country still raging, no new tenders have been issued since late April, according t...

West African crude sellers have been dealt a big blow by key buyer India slowing down its purchases as the COVID 19 pandemic continues to ravage the world s third largest oil consumer.

Not registered? Receive daily email alerts, subscriber notes & personalize your experience. Register Now The countrys soybean imports forecast for 2020-21 marketing year (October-September) has been revised up 2 million mt on April estimate to an all-time high 100.4 million mt, the Chinese Supply and Demand Estimates report said May 12. While 2021-22 demand is projected at an unprecedented 102 million mt, the report said. Since China accounts for over 60% of global soybean trade, any ...

Libya pumped 1.168 million b/d of crude in April, the North African producer revealed to OPEC in the producer group’s latest monthly oil market report. April crude production slid by 115,000 b/d compared to the 1.283 million b/d it reported for March, the report released on May 11 showed. According to the monthly S&P Global ...