Crude oil
China says will eventually allow private companies to invest in oil storage
BEIJING (Reuters) — China will eventually allow private companies to invest in the country's oil and gas storage, the government said in a blueprint document for its energy sector that mainly underscored earlier pledges on reforming heavily monopolized oil and gas industries.
EIA: OPEC net oil revenues in 2016 were the lowest since 2004
Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 B in net oil export revenues in 2016, the lowest since 2004. In real dollar terms, the 2016 revenue represents a 15% decline from the $509 B earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports.
Full tanks and tankers: a stubborn oil glut despite OPEC cuts
NEW YORK/LONDON/SINGAPORE (Reuters) -- After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks.
Flotilla of US crude heads to Asia as OPEC weighs extending cuts
HOUSTON/NEW YORK (Reuters) -- Oil tankers carrying around 10 MMbbl of US crude are en route to Asia, according to shipping data and trade sources, as US producers take advantage of favorable prices to ship to the region while OPEC ponders further supply cuts next week.
China resumes light cycle oil imports amid tax uncertainty
SINGAPORE (Reuters) -- China has resumed imports of light cycle oil (LCO) after buyers cancelled shipments in April, as a planned Chinese consumption tax has not been announced, four industry sources said this week.
Nigeria's NNPC finalizing $6 B worth of oil-for-product swaps
LONDON (Reuters) -- Nigeria's state oil company is in the final stage of signing $6 B worth of deals to exchange more than 300,000 bpd of crude oil for imported gasoline and diesel, sources with direct knowledge of the process told Reuters.
Rosneft eyes joint oil supplies to Egypt with Italy's Eni
SOCHI, Russia (Reuters) -- Russia's largest oil producer Rosneft and Italian energy company Eni have signed an agreement to broaden cooperation, including in possible joint oil product supplies to Egypt, Rosneft said on Wednesday.
Uganda selects firms for refinery talks, ready to sign exploration deals
KAMPALA (Reuters) -- Uganda's energy ministry said on Wednesday it would award three exploration licences next month and also said it had selected two firms with whom it would start negotiations for a possible agreement to develop a planned crude refinery.
Iraq replaces Saudi as top oil supplier to India in April
NEW DELHI (Reuters) -- Iraq replaced Saudi Arabia as top crude supplier to India in April as refiners moved to boost their processing margins by purchasing the cheaper Basra Heavy oil grade, ship tracking and Thomson Reuters trade flow data showed.
EIA: Oil-fired power plants provide 3% of US electricity capacity, 1% generation
Roughly 70% of petroleum-fired electric generating capacity that still exists today was constructed prior to 1980. Utility-scale generators that reported petroleum as their primary fuel comprised only 3% of total electric generating capacity at the end of 2016 and produced less than 1% of total electricity generation during 2016.
- EnerMech awarded pre-commissioning scope from Bechtel for Woodside’s Pluto LNG 2 facility 12/9
- Borouge and Borealis launch Recleo™, a global brand for cost-effective mechanically recycled solutions 12/9
- Topsoe and Carbon Neutral Fuels partner to advance e-SAF with SOEC electrolyzer technology 12/9
- IATA: SAF production growth rate is slowing 12/9
- HyOrc secures 10-yr offtake commitment for green methanol pilot 12/9
- ProSep to supply annular injection mixers technology to Saudi Arabian plant 12/9
