On the occasion of the state visit in Paris of His Highness Sheikh, Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, TotalEnergies and Abu Dhabi National Oil Company (ADNOC) have signed a strategic partnership agreement that aims to jointly evaluate new growth opportunities in the following areas:
On the sidelines of UAE President His Highness Sheikh Mohamed Bin Zayed Al Nahyan’s visit to Paris, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Catherine Colonna, Minister for Europe and Foreign Affairs witnessed the signing of an agreement to establish a new joint company between National Petroleum Construction Company, a subsidiary of National Marine Dredging Company (The Group), and Technip Energies.
Frontline and rival Euronav have signed an all-stock merger deal to create a market-leading oil tanker group with 146 vessels including 68 very large crude carriers (VLCCs), the companies said on Monday.
Crude Oil Price Movements
Crude oil spot prices rose in June, extending the previous month’s increase. Higher futures prices and strong physical crude market fundamentals drove the increase, amid higher crude demand from refiners and several supply disruptions. The OPEC Reference Basket rose $3.85, or 3.4%, to settle at $117.72/b. The ICE Brent front month increased by $5.54, or 4.9%, in June to average $117.50/b and NYMEX WTI rose by $5.08, or 4.6%, to average $114.34/b. The Brent/WTI futures spread widened by 46¢ to an average of $3.16/b. The
market structure of all three major crude benchmarks – ICE Brent, NYMEX WTI and DME Oman – strengthened further in June and prompt time spreads moved into deeper backwardation. Hedge funds and other money managers cut net long positions by nearly 11% in the two major futures contracts.
Oil product inventories at the UAE’s Port of Fujairah climbed to a one-year high as of July 4 with gains across the board, according to Fujairah Oil Industry Zone data shared exclusively with S&P Global Commodity Insights on July 6.
UK regulator gave oil firm clearance to drop thousands of tonnes of pipes and cables after drilling finished
Saudi Arabia and the UAE have starring roles to play in the oil market this summer, as the only producers in the world holding any significant spare output capacity.
The total world crude oil production increased in 2021 by 0.52 million barrels/day (m b/d) or 0.8 percent, as compared to 2020, for an average of 69.64m b/d, according to the Annual Statistical Bulletin (ASB), one of the flagship publications of the Organisation of the Petroleum Exporting Countries (OPEC).
Equinor has agreed to sell to Shell 51% of its interest in the North Platte deep water development project in the US Gulf of Mexico.
China has issued 52.66 million tonnes of crude oil import quotas to non-state refiners in a second batch of allotments for 2022, up 49% from the same slot last year, four people with knowledge of the matter said.
Schlumberger sees “very robust” oil and gas drilling activity in second-half 2022, underpinned by the need for energy security and “urgency” to provide more varied and reliable oil and gas supply sources, the global oilfield services provider’s top executive said July 22.
Healthy demand for Abu Dhabi’s light crude grade Murban in July has hurt values for its sister grades, such as light sour Umm Lulu and Das Blend, sources told S&P Global Commodity Insights.
Kuwait’s new 615,000 b/d Al-Zour refinery is slated to bring volumes of 0.5% sulfur marine fuel online that rival the entire output of the Mediterranean, at a time of tight supply.
On the sidelines of UAE President His Highness Sheikh Mohamed Bin Zayed Al Nahyan’s visit to Paris, H.H. Sheikh Abdullah bin Zayed Al Nahyan, Minister of Foreign Affairs and International Cooperation and Catherine Colonna, Minister for Europe and Foreign Affairs witnessed the signing of an agreement to establish a new joint company between National Petroleum Construction Company, a subsidiary of National Marine Dredging Company (The Group), and Technip Energies.
On the occasion of the state visit in Paris of His Highness Sheikh, Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, TotalEnergies and Abu Dhabi National Oil Company (ADNOC) have signed a strategic partnership agreement that aims to jointly evaluate new growth opportunities in the following areas:
Frontline and rival Euronav have signed an all-stock merger deal to create a market-leading oil tanker group with 146 vessels including 68 very large crude carriers (VLCCs), the companies said on Monday.
Crude Oil Price Movements
Crude oil spot prices rose in June, extending the previous month’s increase. Higher futures prices and strong physical crude market fundamentals drove the increase, amid higher crude demand from refiners and several supply disruptions. The OPEC Reference Basket rose $3.85, or 3.4%, to settle at $117.72/b. The ICE Brent front month increased by $5.54, or 4.9%, in June to average $117.50/b and NYMEX WTI rose by $5.08, or 4.6%, to average $114.34/b. The Brent/WTI futures spread widened by 46¢ to an average of $3.16/b. The
market structure of all three major crude benchmarks – ICE Brent, NYMEX WTI and DME Oman – strengthened further in June and prompt time spreads moved into deeper backwardation. Hedge funds and other money managers cut net long positions by nearly 11% in the two major futures contracts.
