Tuesday3 Sep 2024 16:01
Tuesday, September 03, 2024
Libya’s upstream segment has gone almost completely haywire with 60% of production shut in because of a nationwide oil blockade, but that story has by now been overshadowed by wild speculation over OPEC+ policy. The eight leading OPEC+ producers are expected to start unwinding voluntary output curbs with a 180,000 b/d boost in October, sending oil prices tumbling with Bent plunging toward the $73 handle.
Chinese Crude Imports Recover After July Debacle. According to Kpler, China’s crude imports averaged 10.5 million b/d in August, up almost 1 million b/d compared to the 18-month low of July, however they remain well below any monthly average in February-June.
Libya Restart Unclear in Summer Fog of War. According to several sources, Libya’s Sarir, Mesla and Nafoura oil fields have received instructions to resume production amidst an ongoing oil blockade by Field Marshal Haftar, however, only to feed local power plans and small refineries in the east.
Houthis Strike Again, Almost Hitting Saudi Tanker. Houthi militias have almost hit the Saudi-flagged tanker Amjad operated by the state-owned shipping firm Bahri (TADAWUL:4030) as they attacked the Blue Lagoon I vessel that was sailing next to it, carrying fuel oil from Russia.
North Sea Tax Hikes to Drain UK of Revenue. According to industry group Offshore Energies UK, the Labour government’s windfall tax hikes on North Sea oil and gas producers would lead to a $16 billion drop in state revenue in between 2025 and 2029, whilst also accelerating the UK’s production declines.
Power Blackouts Return to Venezuela. Venezuela experienced a nationwide blackout on Friday, blaming the disruptions in power supply on a cyberattack on the Guri hydropower dam, with operations at the José export terminal as well as crude upgraders disrupted for one day.
Teck Revamps Corporate Structure After Glencore Deal. Canadian mining giant Teck Resources (NYSE:TECK) will restructure its assets into two regional business units in North and Latin America after its $7 billion divestment of metallurgical coal assets to Swiss-based trader Glencore.
Nigeria’s Megarefinery Starts Gasoline Production. Nigeria’s 650,000 b/d Dangote refinery has started producing gasoline after several months of commissioning works, with the plant’s declared goal of ending the African country’s costly dependence on fuel imports now being within reach.
Qatar Doubles Down on Fertilizers. QatarEnergy has announced its 2030 target of doubling the production of urea, a key component in fertilizers, from 6 million tonnes annually to 12.4 mtpa, finding additional ways of refining natural gas into higher-value products.
India Mulls Building a New Refinery. India’s state-controlled refiner Bharat Petroleum (NSE:BPCL) and upstream firm ONGC are jointly exploring building a new refinery as the country’s demand continues to rise strongly and refining capacity is set to reach 9
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