Although several forecasts estimated that the oil demand will drop due to the coronavirus outbreak, oil prices ended up higher about 1%, for 3rd straight session, while investors expected that the oil producers would cut more output.
In his 2020 State of the Union Address, the U.S. President Donald Trump highlighted the success of the oil and gas industry.
APM Terminals shake hands with Brasco, a Wilson Sons Group company and inked an agreement in order to boost oil exploration operations. Specifically, Brasco as an offshore security support company, will further secure oil explorations located at Pecém Industrial and Port Complex.
The Tanker Research & Consulting department at Poten & Partners recently informed on the potential impact of the Coronavirus outbreak on the tanker market. In fact, Poten & Partners highlight that it is highly uncertain at this point how the virus outbreak, which started in the city of Wuhan in China and has spread across several countries in Asia and the world, will further develop and what the implications will be on the Chinese as well as the global economy.
Despite the fact that certain ports in India have experienced lack of low-sulphur compliant fuel oil, India’s oil industry in general is estimated to grow during 2020. According to Wood Mackenzie, due to the increased demand of India’s oil products by about 220 kb/d, India will face a beneficial year.
The US Energy Information Administration’s (EIA) published its January Short-Term Energy Outlook (STEO), forecasting that the Brent crude oil spot price will average $65 per barrel (b) in 2020 and $68/b in 2021 and that the West Texas Intermediate (WTI) spot price will average $59/b in 2020 and $62/b in 2021.
Following the theories that Haftar’s Libyan National Army (LNA) and the Petroleum Facilities Guard (PFG) ordered to cut the oil exports in the central and eastern regions, several major oil companies had no choice but to stop their operations.
Reuters reports that oil prices hit high on Friday, January 17, but were little changed during the week as the sluggish economic growth in the world’s biggest crude importer, China, raised concerns over fuel demand and countered optimism from the signing of the China-U.S. trade deal.
The U.S. Energy Information Administration’s (EIA) U.S. Crude Oil and Natural Gas Proved Reserves, Year-End 2018 report, informs that U.S. oil and natural gas proved reserves had another record-breaking year. Specifically, in 2018, U.S. crude oil and lease condensate production increased 583 million barrels (17%) from 2017’s production level, and imports of crude oil decreased 73 million barrels (-3%) from 2017’s import level. U.S. natural gas production increased 12% (3.7 Tcf) in 2018, and natural gas imports decreased 5% (144 Bcf) from the 2017 level.
Reuters reports that Iran is unlikely to block the Strait of Hormuz, the world’s busiest oil-shipping channel, in retaliation for the killing of Qassem Soleimani, due to fear of aggravating its Gulf allies as well as China.
