Market Insights
IEA raises forecasts for 2023, 2024 global refinery runs
The International Energy Agency has raised its 2023 and 2024 forecasts by around 160,000-170,000 b/d in its latest report Nov. 14. It now expects global crude runs to rise by 1.9 million b/d in 2023 and by 1 million b/d in 2024, to average 82.6 million b/d and 83.6 million...
Read more...Wintershall Dea joins UK Poseidon CCS project
German oil and gas producer Wintershall Dea has joined the Poseidon carbon capture and storage project in the UK, the company said in a statement Nov. 14. The project, which it is estimated will store 1 billion mt of CO2, is the second CCS development for the company in the...
Read more...China independent refineries see govt raising fuel oil import quota: sources
China's small independent refineries expect the government to raise the fuel oil import allowance for 2023 to allow them to bring in more barrels as an alternative feedstock for the remainder of the year, refining sources told S&P Global Commodity Insights Nov. 14. There has been widespread talk that the...
Read more...IEA raises 2023 oil demand and supply growth estimates
The International Energy Agency on Nov. 14 raised its estimates for oil demand and supply growth in 2023 by 100,000 b/d and 200,000 b/d respectively, citing Chinese demand on the one hand and "outperforming" production in the US and Brazil on the other. In its monthly oil market report, the...
Read more...South Korea's Hyundai Oilbank to export gasoline, diesel to the US
South Korea's smallest oil refiner Hyundai Oilbank will export more than 3.6 million barrels of gasoline and diesel to the US next year, extending a term contract with US petroleum product distributer, Sunoco, the company said Nov. 14. The refiner said that under the contract, it cannot provide a breakdown...
Read more...India's ONGC says new projects to reverse declining oil output from matured fields
India's state-run Oil and National Gas Corp said it witnessed a drop in oil and gas output in July-September due to lower volumes from matured fields and weather-related disruptions, but production from new projects in coming quarters would more than offset that decline. According to ONGC, its crude output fell...
Read more...Johan Sverdrup crude demand slips in European market adjustment
Norway's Johan Sverdrup crude, the rising star of the European market in recent months, may be losing some of its status as the go-to replacement for Russia's Urals, as markets adjust and Equinor considers the field's possible decline. The rise of Johan Sverdrup crude production proved a life-saver for European...
Read more...EU carbon allowances could equal 50% of fuel cost: Yara
The cost of fuel in shipping's energy transition will rise alongside the costs of compliance and the price implications of EU carbon emissions could be equivalent to 50% of fuel costs, an official at Yara Marine Technologies said. The EU Emissions Trading System is scheduled to be extended to cover...
Read more...OPEC says recent market slump 'overblown', with oil demand still robust
Oil market fundamentals are still strong, with healthy demand ahead, OPEC said in its latest outlook Nov. 13, blaming the recent slump in crude prices on speculators and their "exaggerated negative sentiments." OPEC pointed to sturdy economic growth in the US and China, and slightly revised up its demand growth...
Read more...Negative PA margins could contribute to sharp drop in US imports from Italy
US imports of phthalic anhydride from Italy through September dropped by 86% on the year, International Trade Commission data showed, and negative production margins could be contributing to the drop. Volumes from Italy from January through September dropped to 1,375 mt from 10,052 mt in the corresponding period a year...
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