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Share to Twitter Share to Linkedin My hypothesis is that US majors underinvest both in renewables and in oil and gas needed to get us through the energy transition. Perhaps, the right question, addressed to both the anti and pro ESG wings, should be: how to get more investment in both oil and gas (if needed) and in renewables, which is clearly needed? Now that the House of Representatives had turned over to the Republicans, the rhetoric around claims of “woke” capitalism have grown louder. One of the major beefs of the anti-ESG wing of the Republican party is that ESG is responsible for the cut in US investment in oil and gas production . At the same time, the International Energy Agency (IEA), by no means a liberal mouthpiece, calculated that “ in 2020, clean energy investments by the oil and gas industry accounted for only around 1% of total capital expenditure .” That proportion was expected to go up to around 4% in 2021. These claims, when … [Read more...] about What If Both Sides Of The ESG Debate Are Right About US Majors’ Oil And Gas Investments, But For The Wrong Reasons?

(Representative image: Reuters) Russia is expected to retain the position of top supplier of crude oil to India in the medium term, according to energy experts. Energy tracker Vortexa said Russia was the top exporter of crude oil to the country in December, supplying 1.17 million barrels per day (bpd) during the month, surpassing Saudi Arabia and Iraq. Due to multiple sanctions imposed on Russia by the European Union and the West, Moscow has been exporting its crude oil to countries including India and China at discounted rates. According to the experts, this trend will continue as far as India is concerned unless it faces some regulatory pressure. “India will probably continue to import as much as it can from Russia because there are very few export destinations that Russia has with the price cap and other restrictions imposed on free trade of Russian oil in the market. Unless there is regulatory pressure, it is likely that India would continue to import as much as … [Read more...] about Russia expected to remain top crude oil supplier to India in medium term: Experts

India imported just 36,255 bpd of crude from Russia in Dec 2021 (Representative image/Reuters) India, the world's third-largest importer of crude, bought around 1.2 million barrels per day of oil from the sanctions-hit Russia in December 2022, as per the data shared by energy cargo tracker Vortexa. The numbers mark a jump of 33 times as against the year-ago period. As compared to November, India's Russia oil imports climbed by 29 percent in December. Moscow, months earlier, emerged as the biggest source of India's oil imports, overtaking traditional suppliers like Saudi Arabia and Iraq. Indian refiners have been lapping up cheap Russian crude since the invasion of Ukraine caused many buyers to shun the shipments. The sharp increase in December is possibly the result of deepening discounts due to additional sanctions from the G-7 and European Union including a $60-a-barrel price cap. Also Read | India saved over Rs 35,000 crore with discounted Russian crude, may continue … [Read more...] about India’s Russian oil imports jump 33 times in December compared to year-ago, tops 1 million bpd

Share to Twitter Share to Linkedin The pandemic of 2020-2021, the recovery in 2021, and the Russian war on Ukraine in 2022, have destabilized the oil and gas industry tremendously. Out of this chaos, what will 2023 bring? One thoughtful answer has been given by Shauna Noonan of Occidental. The answer is comforting to the industry but distressing to proponents of climate change. These predictions were offered by Shauna Noonan, Fellow and Senior Director International and Gulf of Mexico Supply Chain XCN2 Management, Occidental Petroleum OXY in a webinar conducted weekly by NSI . One prediction was for prices of oil and gas in 2023. A second was for global CapEx (long-term capital spending by oil and gas industry). A third prediction was global energy demand by fuel type that includes projections through 2045. This shows how much fossil energies are declining relative to renewables, and has a couple surprises. Price of oil and gas … [Read more...] about Investment In Oil And Gas: Occidental Presentation Implies Strong Years Coming For Energy Security.

Representative Image Oil fell sharply on Wednesday after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China's rising COVID cases. Brent futures fell $1.88 to $80.22 a barrel, a 2.3% loss, by 1032 GMT. U.S. crude dropped $1.68, or 2.2%, to $75.25 per barrel. Both benchmarks plunged more than 4% on Tuesday, with Brent suffering its biggest one-day loss in more than three months. "Worries about the state of the global economy are front and centre of traders’ minds and will remain so for the foreseeable future," PVM Oil analyst Stephen Brennock said. The Chinese government also increased export quotas for refined oil products in the first batch for 2023, signalling expectations of poor domestic demand. Top oil exporter Saudi Arabia may further cut the prices for its flagship Arab Light crude grade to Asia in February, after they were set at a 10-month low for this month, as concerns of oversupply … [Read more...] about Oil falls again as concerns grow over global economy, China COVID cases

Oil India's import of crude oil from Russia increased further in December 2022, topping 1 million barrels per day for the first time ever as Moscow remained its top oil supper for the third month in a row, according to data from energy cargo tracker Vortexa. Russia, which made up for just 0.2 per cent of all crude oil India imported in the year to March 31, 2022, supplied 1.19 million bpd in December. This was higher than 909,403 bpd crude oil India imported from Russia in November and 935,556 bpd in October 2022. The previous record for most crude oil imports from Russia was in June 2022 when India bought 942,694 bpd, according to Vortexa. Russia, which in October 2022 for the first time surpassed traditional sellers Iraq and Saudi Arabia to take the No.1 spot, now makes up for 25 per cent of all oil imported by India. The imports peaked as a price cap was agreed upon by the EU on Russian seaborne oil. Russian oil is available at much lower than USD 60 per barrel cap … [Read more...] about India’s Russian oil imports top 1 million barrels a day in December

LONDON  – The lifting of COVID-19 restrictions in China is set to boost global oil demand this year to a new record high, the International Energy Agency ( IEA ) said on Wednesday, while price cap sanctions on Russia could dent supply. “Two wild cards dominate the 2023 oil market outlook: Russia and China,” the Paris-based energy watchdog said in its monthly oil report. “Russian supply slows under the full impact of sanctions (while) China will drive nearly half this global demand growth even as the shape and speed of its reopening remains uncertain.” Weak industrial activity and mild weather helped cut oil demand by nearly a million barrels per day in the OECD developed countries in the last quarter of 2022. But despite possible but likely mild recessions in Europe and the United States, China’s expected reopening is set to fuel rebounds in nearby Asian economies and see it take the lead from India as the world’s leader in oil demand growth. “The preeminent driver of 2023 … [Read more...] about China’s COVID-19 reopening set to push 2023 oil demand to new high -IEA

Oil prices edged marginally higher on Friday, extending for a second session on strong U.S. economic data and strengthening hope that the reopening of the Chinese economy would boost demand. Brent futures gained 30 cents, or 0.3 percent, to $87.66 a barrel by 0113 GMT, while U.S. crude rose 21 cents to $81.22 per barrel, a 0.3 percent gain. Both benchmarks had gained more than 1 percent on Thursday. Brent was on track to post its second weekly rise if gains held. Improving gross domestic product and inflation data in the United States provided hope that the U.S. Federal Reserve could slow its pace of interest rate hikes, reducing fear of curtailment in economic activity and consequent oil demand. Meanwhile, critically ill COVID-19 cases in China are down 72 percent from a peak early this month while daily deaths among COVID-19 patients in hospitals have dropped 79 percent from their peak, the Center for Disease Control and Prevention said earlier this week. The figures point … [Read more...] about Oil prices edge up on strong U.S. economic data, Chinese demand hope

NEW DELHI  – Russia became the third-largest oil supplier to India in 2022, making up about 15 percent of total purchases, dragging down OPEC’s share to the lowest in more than a decade, data obtained from industry sources show. Refiners in India, the world’s third-biggest oil consumer and importer, have been gorging on Russian oil sold at a discount after some Western companies shunned buying from Moscow following its invasion of Ukraine last February. In 2021, Russia was at the 17th spot, supplying about 1 percent of India’s overall imports. Last month India’s oil imports from Russia surged to an all-time high of 1.25 million barrels per day (bpd), about a quarter of overall 4.9 million bpd purchase, the data showed. India’s December oil imports were the highest in seven months as refiners were drawn to Russian oil due to the deeper discounts offered ahead of a Dec. 5 embargo by Europe and a price cap by the European Union and G7 nations to cut Moscow’s oil revenue. Members … [Read more...] about India’s Russian oil binge drags down OPEC’s share to lowest in 2022

(Representative image) State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) are likely to see weak earnings in current fiscal year despite fall in oil prices mainly because of losses they incurred on holding prices in the first half, Moody's Investors Service said on Tuesday. "As international oil prices cool on economic slowdown concerns, marketing losses will ease for the three state-owned refining and marketing companies, IOC, BPCL and HPCL. "Still, overall earnings for fiscal 2023 ending on March 31, 2023 will be weak because of marketing losses in the first half, when net realized prices did not increase as much as international prices because of fuel price caps," it said. The three oil marketing companies (OMCs) did not change prices beginning April 6 despite cost of raw material rising. This led to the three booking a combined loss of Rs 21,000 crore during April-September 2022. The … [Read more...] about Recovery in marketing margins, lower oil prices to restore OMC profitability in FY24: Moody’s