Update3 Jan 2025 15:11
The gradual return of oil market participants from the New Year’s Eve holidays has been marked with tacit optimism as US stock draws tightened product availability just as cold snaps are threatening both Europe and the US. Meanwhile, China’s vows to be more proactive with stimulus measures have lifted the spirits of those who gave up on more robust policy coming from Beijing, even if temporarily, pushing ICE Brent futures closer to $76 per barrel.
Biden to Ban Some US Offshore Drilling. Outgoing US President Joe Biden is reportedly preparing to issue a decree that would permanently ban offshore drilling in US coastal waters that are to be considered biodiversity-sensitive, under the 1953 Outer Continental Shelf Lands Act.
Key African LNG Project Starts Up. The Greater Tortue Ahmeyim liquefaction terminal offshore Senegal and Mauritania achieved first gas this week, with the BP(NYSE:BP) operated 2.7 mtpa project expected to load its first cargo at some point in the first quarter of this year.
Norway’s LNG Hampered by Equipment Failure. Norway’s state oil firm Equinor (NYSE:EQNR) expects its 4.7 mtpa Hammerfest LNG export terminal to be shut down at least until January 9 following the failure of a key compressor this week, halting flows from the country’s only LNG facility.
Beijing Eyes Further Curbs on Battery Technology. China’s Ministry of Commerce proposed additional export restrictions on battery and critical mineral processing technologies, with a particular focus on lithium processing in a move that could also hinder the overseas expansion of CATL or Gotion.
Indonesia Botches Biofuels Transition. Indonesian authorities have mandated a 40% mix of palm oil-based fuel in diesel sales starting January 1, but Jakarta has halted the nationwide rollout of the new biodiesel because there’s still no government regulation specifying the pace of its roll-out.
Nigeria Tightens Upstream Mandates. Nigeria will from now on require that applicants for exploration blocks show evidence of lowering carbon emissions and embracing renewable energy in line with the country’s 2060 net zero emissions target, with enforcements starting from January 1, 2025.
China’s EV Champion Posts Record Numbers. Sales of new energy vehicles from China’s largest EV carmaker BYD (SHE:002594) reached all-time highs in 2024, rising by 41% year-over-year to 4.304 million units and accounting for exactly one-third of the country’s total electric vehicle sales.
European Major Boosts Libyan Exploration. Spain’s oil major Repsol (BME:REP) has resumed oil exploration in Libya after a 10-year hiatus, drilling an exploration well in the Murzuq basin across the country’s southwest regions, following in the footsteps of ENI and BP that resumed drilling in 2024.
Diamond King Builds Up Huge Inventory. De Beers, the world’s largest producer and distributor of diamonds, has reportedly built up its largest stockpile of diamonds since
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