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Refining capacity in Russia that was offline due to drone attacks was estimated by Reuters in mid-April at around 660,000 barrels per day (bpd), compared to 907,000 bpd offline at the end of March.

Russia said in early April it can repair all damaged units within two months.

Russia’s Energy Minister Nikolai Shulginov said that all damaged refineries in the country would be restarted by the beginning of June.

“Repairs are underway at the refineries. We plan to re-launch a number of refineries after repairs in April-May, possibly before the beginning of June,” Russian news agency Interfax quoted Shulginov as saying.

“All facilities that were damaged will be re-commissioned,” the minister added.

Just as Russia had started to bring back some refinery capacity damaged by Ukrainian drone attacks earlier this year, a new wave of drone attacks hit a major refinery owned by Rosneft, for a second time.

Rosneft’s Ryazan refinery southeast of Moscow caught fire after the overnight drone attack, an anonymous Ukrainian military source with knowledge of the situation told Bloomberg News on Wednesday.

The refinery in the region of Ryazan, whose main city of the same name is some 120 miles southeast of Moscow, was first attacked by drones in the middle of March. The first attack also led to a fire.

This year, Ukraine has stepped up attacks on oil refineries in Russia, which have reduced Russian refining capacity, and, reportedly, have the White House concerned about rising international prices.

The United States has repeatedly urged Ukraine to halt its drone attacks on Russian oil refineries due to Washington’s assessment that the strikes could lead to Russian retaliation and push up global oil prices, the Financial Times reported in March, citing sources familiar with the exchange.

As of mid-April, Russia had brought back online some oil refining units, reducing the capacity taken offline by Ukrainian drone hits to around 10%, from 14% at the end of March.

The refining capacity in Russia that was offline due to drone attacks was estimated by Reuters in mid-April at around 660,000 barrels per day (bpd), compared to 907,000 bpd offline at the end of March

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Good morning meoryou:))))))

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meoryou excellent news

Https://www.livecharts.co.uk/MarketCharts/brent.php

Julianne Geiger

JULIANNE GEIGER

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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OPEC+ Overproducers Present Plans For Cutting More Oil Production

By Julianne Geiger - Apr 30, 2024, 11:30 AM CDT

As part of their commitment to compensate for exceeding production quotas, certain OPEC+ members have submitted detailed plans outlining how they intend to implement these compensatory cuts.

Both Iraq and Kazakhstan, nations that had surpassed their agreed-upon oil production targets by several hundred thousand barrels per day in the first quarter of the year, have submitted their respective plans to the alliance. Kazakhstan's Energy Ministry confirmed via email that it has finalized its schedule for compensatory cuts. Iraq has also submitted its proposal, an anonymous official familiar with the matter told Bloomberg.

However, the Iraqi Oil Ministry has yet to provide official comments on the matter.

The OPEC+ coalition, spearheaded by the largest producers in the group, Saudi Arabia and Russia, had initiated additional production cuts at the beginning of 2024 to mitigate the risk of a global oil surplus. Despite apprehensions regarding economic growth in key consuming nations, this intervention has proven somewhat effective and helped to maintain Brent crude futures around $90 per barrel.

Both Iraq and Kazakhstan—and others—have struggled to adhere strictly to their OPEC+ production quotas. Iraq, aiming to rebuild its economy following years of turmoil, often prioritizes revenue generation, while Kazakhstan is in the process of ramping up new production capacities.

The upcoming OPEC+ meeting scheduled for June 1 will serve as a pivotal moment to decide on the future course of action regarding output curbs for the second half of the year.

Earlier this week, OPEC Secretary General Haitham Al Ghais called on oil industry participants and analysts to be careful about their predictions

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Out for the day

Onwards and Upwards:)))

So far this year, the global upstream oil and gas market has seen more than $64 billion in mergers and acquisitions, and the year could still see more mega-deals, according to the latest report from Rystad Energy on Monday.

While recent deals have focused on the Permian Basin, Rystad says it is looking to other American shale patch venues for the next big deals amid an ongoing trend of consolidation.

The $64 billion in global M&A value booked so far this year is the best Q1 performance the industry has seen since 2019. The $64 billion also represents a 145% jump in M&A dealmaking in the industry compared to the same quarter of last year. North American upstream M&A accounted for almost $54 billion this year, representing around 83% or the total value of deals so far this year, Rystad said, as reported by Reuters.

According to Rystad, North American upstream deals for the first quarter of this year came in at $54 in value, and $80 billion in North American oil and gas assets remain up for sale. Rystad estimates that the American shale patch will account for the bulk of new M&A activity.

“The Permian has been the focal point for M&A activity in recent times, but that focus is waning as available assets in the basin become scarce. But with appetite still strong, deal-hungry players are looking outside the basin for acquisitions. A power shift could be on the cards, with non-Permian assets taking center stage in the future North American deals pipeline,” Rystad Energy’s Atul Raina, Vice President of Upstream Research, said in a report.

Attention will now shift to Bakken, Marcellus and Haynesville assets, with key companies still looking to divest non-core assets, including Chevron, which is seeking to divest up to $15 billion in assets by 2028

I am here :))))))))))

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Saudi Arabia has warned the war between Israel and Hamas could have repercussions for the whole region and the world unless brought to a quicker end.

The kingdom called for regional stability on Sunday, at the start of talks organized by the World Economic Forum, taking place in Riyadh.

"I think cool-headed countries and leaders and people need to prevail, and you need to make sure that you actually de-escalate," Saudi Finance Minister Mohammed al-Jadaan said, as quoted by the New Arab.

A top concern within the context of the Israel-Hamas war is the security of oil supply, of course, with prices jumping every time there is news about a potential escalation of the conflict, and deflating once the danger passes.

Right now, bullish factors have the upper hand, with signs that both sides are ready to talk about a ceasefire this week. The news has weighed on oil prices, helped by the latest U.S. inflation report.

“The world is today walking a tightrope right now, trying to balance security and prosperity,” Saudi Arabia’s planning minister, Faisal al-Ibrahim told media at the event. “We meet at a moment when one misjudgment or one miscalculation or one miscommunication will further exacerbate our challenges.”

World Economic Forum president Borge Brende, however, sounded a positive note, saying that there was “some new momentum now in the talks around the hostages, and also for... a possible way out of the impasse we are faced with in Gaza”.

Reuters reported Sunday that a Hamas delegation will be traveling to Cairo today for ceasefire talks. The report came hours before the news broke that Israeli forces had attacked Rafah, killing at least 13 people. Before that, the media had reported Israel had agreed to address U.S. concerns about the humanitarian implications of such a strike

What’s good for markets is not necessarily good for all markets because the prospect of continued elevated interest rates is normally taken as bearish for oil because higher rates make the U.S. dollar more expensive and most global oil is traded in dollars. These close ties between U.S. monetary policy and oil prices have traders acting promptly, as evidenced by the fact that every time a delay in rate cuts is announced prices decline.

On the Middle Eastern front, Reuters reported on a statement by Hamas that they would be attending ceasefire talks in Cairo today, rekindling hopes for an end to the conflict. If that happens, oil will have further down to go as the risk of supply disruption would end with the fighting.

Bloomberg, for its part, quoted ING’s head of commodity strategy, Warren Patterson, as saying that “Geopolitical risks have eased considerably.” The Dutch bank still expects a substantial deficit in the oil market in the current quarter but “the outlook for the second half of the year is less clear with it largely depending on OPEC+ policy,” Patterson said.

Crude oil prices began the week with a loss, reversing the climb from last week after the latest U.S. inflation data suggested there will not be any rate cuts anytime soon.

Signals from Israel that a ceasefire with Hamas is still a possibility also helped bring oil down, with Brent crude slipping below $89 per barrel in midmorning Asian trading and West Texas Intermediate at a bit over $83.

On Friday, the Commerce Department reported an inflation rate of 2.7% for March in personal consumption expenditures, up from an annual rate of 2.5% in February.

"Markets should breathe a sigh of relief this morning," Chris Zaccarelli, chief investment officer at Independent Advisor Alliance, told Reuters in comments on the figures. "Given the elevated levels of inflation, and this is the new normal for 2024, the market is going to need to get over hopes for Fed rate cuts."

What’s good for markets is not necessarily good for all markets because the prospect of continued elevated interest rates is normally taken as bearish for oil because higher rates make the U.S. dollar more expensive and most global oil is traded in dollars. These close ties between U.S. monetary policy and oil prices have

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Hi Mark

Love your posts.Always very very informative

I am always positive especially when it comes to Bp

Looking forward to the coming weeks

Have a great weekend:)))))))

Yet more, such as the Royal Mail parent International Distributions Services and the music royalties company Hipgnosis Songs Fund, are in receipt of serious takeover approaches.

While frenetic periods of mergers and acquisitions are far from uncommon, bankers and investors point to a dearth of attractive new opportunities to deploy capital because the flow of initial public offerings has been so slow.

Many of the companies that London would have hoped to attract, including the private equity firm CVC Capital Partners and the chip designer ARM Holdings, opted to list in Amsterdam and New York respectively.

The perception of London's decline is being heightened by the decisions of boards to move their existing UK listings to other international exchanges, with TUI Travel and Flutter Entertainment, the gambling group behind Paddy Power, among those to relegate their London market presence.

Bosses of companies as large as Shell, the oil behemoth, have also begun to acknowledge publicly their frustration at what they perceive to be a gulf between their intrinsic valuation and that which the public markets are attaching to them.

Jeremy Hunt is convening a summit aimed at enticing more companies to London's stock market amid an accelerating exodus of businesses being picked off by overseas and financial predators.

Sky News has learnt that the Treasury has invited the bosses of some of Britain's most prominent private companies to attend a meeting next month at Dorneywood, the chancellor's weekend country residence.

Sources said the day-long event on 16 May would target entrepreneurs behind potential flotation candidates from the fintech and biotech sectors.

Bim Afolami, the City minister, and Lord Petitgas, the prime minister's chief business adviser, will also be present, alongside key government officials and executives from the London Stock Exchange, the sources added.

In the invitation, a copy of which has been seen by Sky News, the Treasury said attendees and the chancellor would "discuss the UK's capital markets and how they can support innovative, high-growth companies such as yours to achieve your growth ambitions".

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"The UK's capital markets play a key role in our economy: driving growth, creating jobs and facilitating investment.

"The government is committed to ensuring that the UK remains the best place for companies to grow, and is already taking forward an ambitious programme of reforms to improve the competitiveness of the UK."

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Dozens of companies, including the likes of digital banks Monzo and Starling Bank, are understood to have been on the invitation list.

The Dorneywood summit has been planned for several months, according to officials, who denied that it was being staged in response to a glut of companies which have announced in recent weeks that they are in receipt of takeover bids or that they would unilaterally delist from the London market.

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Chancellor Jeremy Hunt. Pic: PA

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Chancellor Jeremy Hunt. Pic: PA

Approaches this week for Anglo American, the £30bn mining giant, and Darktrace, the cybersecurity company, have exacerbated the impression of a growing 'de-equitisation' of the UK stock market.

Although neither of those deals have yet to be formally agreed, a string of others have, including International Paper's bid for DS Smith, the FTSE-100 paper and packaging group, which was revealed by Sky News last month.

Other companies which have agreed deals with suitors include Virgin Money, which is set to be bought by Nationwide in a £3bn deal.

Yet more, such as the Royal Mail parent International Distributions Services and the music royalties c

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A very good morning dicklaw68:)))))))