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...China relies on Iran for about a tenth of its oil imports but processes the oil not through its state-owned oil and gas companies but through smaller, private, refineries....
..., which said on Thursday that it expected oil demand to rise by 2.2mn b/d this year and 1.8mn b/d in 2025....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...The company produced an average of 10.7mn b/d of crude oil and other liquids last year, down from 11.5mn b/d in 2022....
...Mindful of the risk that fresh sanctions on Venezuela might push up oil prices in a US election year, Washington will allow US major Chevron to continue a joint venture with Venezuela’s national oil company...
...The outlook for oil demand this year remains unclear. The IEA predicts oil demand will grow by 1.2mn b/d, about half the pace of 2023, while Opec believes demand growth will be higher at 2.2mn b/d....
...The revision comes after the company pledged to devote a higher proportion of spending to oil and gas last year, and other oil groups such as BP have slowed their retreat from oil....
...An oil price range of $80 to $100 per barrel “feels like a sensible range”, the chief executive of Dutch oil trading company Vitol told the FT’s Commodities Summit on Tuesday, as global oil prices traded...
...company....
...US production rose by roughly 1.5mn b/d to a record 13.5mn b/d in 2023 while that of Iran increased to an average of roughly 3.9mn b/d from about 3mn b/d a year earlier, said Claudio Galimberti, North America...
...Should companies be punished for handing money back to shareholders? The Department of Justice seems to think so....
...That means the company has 3mn b/d of spare capacity that it could bring online to meet any sudden rise in demand, reducing the immediate need to increase its maximum output further, said the person familiar...
...The Opec+ oil cartel has agreed a deal to cut an extra 1mn barrels a day of oil production while Saudi Arabia will extend a voluntary cut of a similar amount, two people familiar with the decision said on...
...Companies whose R&D claims have been rejected unexpectedly have been forced to change their business plans....
...Van Beurden spent 39 years at the oil major. Daniel Berenbaum joins US fuel cell company Bloom Energy as chief financial officer, succeeding Greg Cameron....
...Saudi Arabia’s energy ministry on Tuesday asked the state oil company Saudi Aramco to halt a planned 1mn barrels per day expansion in oil production to 13mn b/d. This had been due by 2027....
...The IEA report contrasts with Opec’s analysis, which predicts that oil demand will continue to grow steadily, by about 2.3mn b/d this year, before falling to a still “robust” 1.8mn b/d in 2025....
...Looking at it another way, here are some stats (courtesy of Wood Mackenzie): Ten companies will now control more than 6.4mn barrels of oil equivalent a day of the Permian’s 12.1mn boe/d of overall output...
...In a heavy-bottomed, oven-safe pan, brown the pieces of jointed rabbit in the olive oil. Keep adjusting the heat to make sure the oil doesn’t burn. Take the rabbit out and leave it to the side....
...The second, on oil and gas producers, unsurprisingly finds that companies in the sector are “severely misaligned”, with an average implied temperature rise of 4.2 degrees....
...Yet the pace of oil production growth is set to slow in the coming years, as prime acreage runs low and Wall Street insists on shareholder returns over new drilling campaigns from energy companies....
...But inside the company, D’Amaro is seen as a more natural communicator than Chapek, who some dismissively labelled as “a parks guy”....
...One: it doesn’t look like much but you’d miss it if it went. Two: it does a vital thing (decreasingly well, but it still does it)....
...The west’s energy watchdog has predicted that Opec+ members will keep their voluntary production cuts for the whole of 2024, generating a “slight deficit” in oil compared with its previous forecast of a...
...I’d be happy to share our output if it would be helpful. WhatsApp to WesPete: Of course, we’d be thrilled to have you any time....
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