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...China is the biggest market for Saudi crude and increasingly important for Aramco’s ambitions to convert 4mn barrels a day of its oil production — approximately 40 per cent of its current output — into petrochemicals...
...The days of handing out bribes to secure commodity contracts are over, the heads of the world’s biggest trading companies said, after a series of US bribery scandals put the sector under intense scrutiny...
...Richard Holtum, head of gas, power and renewables at Trafigura, said his team “uploads several billion discrete bits of data into the cloud” every day....
...If I’m on TV, I ask for all the make-up they’ve got, but on a day-to-day basis, I can’t be bothered. What drives you on?...
...“Jose has played a pivotal role in driving Trafigura’s growth and success from the company’s earliest days to today,” he said....
...Ben Hoff, global head of commodity strategy at Société Générale, previously warned that the possibility of Saudi Arabia quickly bringing in some 3mn barrels a day hung over the market “like the sword of...
...The volume of oil and refined petroleum products that the group traded remained roughly flat at 7.3mn barrels per day....
...The series of cuts, which began in November 2022 in the face of vehement US opposition, has crimped production of crude by some 5.3mn barrels a day, or about 5 per cent of global supply....
...So what would be the driver at the end of the day?” he added, at the FT’s Commodities Summit in Lausanne....
...Last year it traded the equivalent of the combined oil demand of the UK, France and Germany — an average of 5.5mn barrels a day....
...I’m joined now by Tom Wilson who covers energy for the FT. Hi, Tom. Tom Wilson Hi, Marc....
...Since the latest voluntary cuts came into effect in January they have lowered the combined production targets of members by about 2.2mn barrels a day....
...Marc Filippino Tom Wilson is the FT’s natural resources editor. Thanks, Tom. Tom Wilson Thanks very much....
...For decades plasma physicists have argued that fusion reactions will one day provide a safe and potentially inexhaustible source of low-carbon energy....
...Energy Source is written and edited by Jamie Smyth, Myles McCormick, Amanda Chu and Tom Wilson, with support from the FT’s global team of reporters....
...producer, responsible for 10 per cent of global supply, said it had been asked by the energy ministry to abandon a plan to increase the Kingdom’s maximum sustainable production capacity from 12mn barrels per day...
...Nasser said oil demand had been strong in 2023, reaching record levels of 102.4mn barrels a day “despite geopolitical headwinds” and forecast demand to continue to grow this year....
...However, he also emphasised the company’s continued investment in fossil fuel projects, which will add at least 200,000 barrels of oil equivalent a day to Shell’s production capacity....
...BP is the only group committed to cut oil and gas production in the sector, meaning it will produce about 2mn barrels of oil equivalent a day at the end of the decade....
...tom.wilson@ft.com...
...Saudi Aramco accounts for about 10 per cent of the 100mn barrels of oil the world consumes every day....
...The combined company will produce 816,000 barrels of oil equivalent a day, making it one of the biggest participants in the US shale energy industry....
...Energy Source is written and edited by Jamie Smyth, Myles McCormick, Amanda Chu, Tom Wilson and David Sheppard, with support from the FT’s global team of reporters....
...The company explained in both the internal memo and its public statement on Wednesday that as much as 87 per cent of the £32.4mn Looney would forfeit had been lost the day he resigned, in line with BP’s...
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