Oil prices halted losses on Thursday after the Swiss Central Bank stepped in to rescue Credit Suisse and the energy ministers of Russia and Saudi Arabia signaled a willingness to intervene if the collapse continued. However, the prices once again declined on Friday morning.
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Friday, March 17, 2023
In one of the most turbulent weeks in recent years for the oil markets, oil prices are expected to fall by more than 10%. Falling oil prices brought a sigh of relief on Thursday as the Swiss National Bank stepped in to rescue Credit Suisse while Saudi Arabia and Russia signaled a willingness to intervene. It’s hard to shake the bearish sentiment, however, as prices continued to slide on Friday morning.
Australia eyes LNG diversion as winter looms. Australian officials can Compelled LNG exporters on the country’s east coast are raising the risk of gas shortages between 2023 and 2026 amid dwindling natural gas production to divert excess gas supplies to domestic consumers.
The final US refining edition will start soon. The 250,000 b/d capacity Blade Project, the last large-scale refining project to be commissioned in the US ExxonMobil (NYSE: XOM) The refinery in Beaumont, TX, is scheduled to start up in the coming weeks, operating on Permian crude and increasing supplies of naphtha and gasoline to the US Gulf Coast.
Canada calls for a national tailings remediation plan. The federal government of Canada and Albertan authorities will establish A working group that will seek to accelerate the remediation of oil sand tailings ponds after a 10-month-long spill Imperial Oil (TSX:IMO) The curl project was not reported properly.
The White House delayed the SPR return dates. The Biden administration has amended two exchange contracts it signed with shell (lon: shell) Covering 3.6 million barrels of US SPR crude, delaying their return until 2025, despite assurances from the US Department of Energy that it would accelerate buybacks.
IAEA says tons of uranium missing in Libya. United Nations nuclear agency inspector discovered About 2.5 tonnes of uranium have gone missing from a Libyan site controlled by the rival Benghazi government, although eastern Libyan forces reportedly found the missing uranium the next day.
Close to Iraq and Kurdistan deal. potential Chief In a resolution to a long-running legal battle, the Iraqi federal government and regional Kurdish authorities have agreed that oil revenues from Kurdistan will be transferred to a bank account overseen by the federal government.
Exxon remains unsatisfied with the prospects of Italian LNG. american oil major ExxonMobil (NYSE: XOM) Is Allegedly It is looking to sell its majority stake in the 9 bcm per annum capacity Rovigo LNG terminal as part of a larger disinvestment drive to sell non-core assets.
Canada’s East Coast terminal is not happening. spanish oil firm Repsol (BME: REP) Is put an end to Plans to build an LNG terminal on Canada’s east coast are being shelved, citing exorbitant transportation costs to deliver the gas to St. John’s, NB, and a lack of buyers who would commit to 15- to 20-year offtake agreements for the gas. Will be
Credit Suisse crisis Greek shippers. Plagued by financial losses and corruption scandals, the Swiss bank’s recession Credit Suisse (SWX: CSGN) also bad news for Greek shipping companies as CS was the largest lender For Greek shipping with an active portfolio of at least $5.2 billion.
Chinese buying has intensified due to fall in LNG prices. As spot LNG prices continue to decline for the fourth consecutive month and are currently trading around $13 per mmBtu, China stepping Arrivals rose to 5.4 million tonnes in March, a 9% month-on-month increase, according to Kepler data.
Guinea Iron prospects buoyed by success. One of the world’s largest iron ore reserves, Simandou mine in Guinea to open soon restart output after operator Rio Tinto (NYSE: RIO) New terms were agreed to for the joint venture operating the project, with the government guaranteed to take 15%.
Kuwait also wants to do trading. Kuwaiti national oil company KPC is considering setting up an oil trading arm, reportedly by the end of 2023, seeking to replicate the success of Saudi Aramco, which already has operations in Dhahran, Fujairah, Singapore, Houston and London. Has business offices.
Venezuela tests the waters on Colombia gas exports. With Colombia’s leftist President Gustavo Petro’s growing cooperation with Venezuela, both countries are seeking to reactivate the 224 km Antonio Ricorte gas pipeline and export about 25 MMCf/day of Venezuelan gas to their western neighbor.
Shell divested non-operating stake in Malaysia. UK-based energy major shell (lon: shell) sold Its non-operating stake in two offshore fields in Malaysia is owned by local firm Petroleum Sarawak, which leaves it with 19 production-sharing agreements, including the most recently launched Rosemary-Mazoram project.
By Michael Kern for Oilprice.com
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