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...Now the US produces almost 20mn b/d of petroleum, roughly on par with consumption. Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
...The plans mark a bet by the Gulf state that strong demand for the fuel will continue, with Asian economies switching from coal as part of efforts to cut carbon dioxide emissions....
...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....
...Almost all of that is tanked to China from the Gulf through the Strait of Hormuz....
...Saudi Arabia’s decision “appears to be a huge rethink of strategy and will have wide ramifications to Aramco capital spending, the Gulf supply chain and of course Opec+ oil policy”, Syme said....
...Exports equivalent to 11.8bn cu ft/d in 2023 should rise to 12.4bn cu ft/d in 2024 and 14.4bn cu ft/d in 2025....
...He added: “If I was a BHP shareholder and I was still capable of doing a cartwheel I’d do two if I got it at this price.”...
...Chevron has warned that its $53bn acquisition of Hess could be thwarted by rival oil groups ExxonMobil and China National Offshore Oil Corporation, which are asserting their right to pre-empt its purchase...
...But an ill-timed move into oil ultimately led to its bankruptcy when the Covid-19 pandemic crushed fuel demand in 2020....
...If you’d like to see your insights featured in the newsletter — or simply give us a piece of your mind — drop us a line at moralmoneyreply@ft.com. — Patrick Temple-West The Moral Money Summit Europe is...
...figures in the Gulf....
...Western powers are protecting the Gulf with such assets as the US aircraft carrier Dwight D. Eisenhower....
...cut by 211,000 b/d and 135,000 b/d respectively....
...While a 1973-style oil embargo has been ruled out, people close to the thinking of ministers in the Gulf said that anger over the Israel-Gaza conflict was feeding into a desire to send a signal: yes, the...
...South Africa’s Public Investment Corporation, a manager of government employee pension assets that is Anglo’s largest shareholder, said it would assess any offers presented to shareholders....
...Can petrostates transition their economies away form oil?...
...Five more projects will add another 9.7bn cf/d. Dozens other LNG projects have been proposed, most of them for them around the Texas-Louisiana border....
...The next four crude cargoes will be supplied by the state-owned oil company the Nigerian National Petroleum Corporation (NNPC) in “two to three weeks” and ExxonMobil will supply the last of the initial six...
...At new wells in the Permian, average oil production per drilling rig has increased to 1,319 b/d. A decade ago the figure was about 183 b/d....
...You’d have been great. But good news you feel able to come into the London office more often. WhatsApp to Stephen: How much does Cameron want? That’s ridiculous....
...But 18 other big companies attending COP28 got a grade of “D-minus” or worse....
...The latest announcement means Saudi Arabia’s oil output is likely to remain at 9mn b/d until the end of December, 25 per cent lower than its maximum capacity of 12mn b/d....
...until the end of September, while Russia will cut oil exports next month by 300,000 b/d....
...LNG produces 50 per cent less carbon dioxide than coal for the same amount of energy when burnt, and 30 per cent less than oil....
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