OPEC Oil Output in September Hits Highest Since 2020: Survey
OPEC has pumped 29.81 million bbl/d of oil this month, the survey found, up 210,000 bbl/d from August and the highest since April 2020.
LNG Markets May Tighten Further in 2023, IEA’s Birol Says
“We may well see that the LNG markets in 2023 will be rather tight, maybe tighter than this year,” said Fatih Birol in remarks at the LNG Producer-Consumer Conference in Japan.
US Imposes New Sanctions on Iran Oil Exports
The U.S. Treasury Department also slapped sanctions on a network of companies involved in what it said was the sale of hundreds of millions of dollars worth of Iranian petrochemical and petroleum products to users in South and East Asia.
Oil Prices Near $90 as OPEC+ Considers Output Cut
Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters.
Afghan Taliban Sign Deal for Russian Oil Products, Gas
Acting Afghan Commerce and Industry Minister Haji Nooruddin Azizi said the deal would involve Russia supplying around one million tonnes of gasoline, one million tonnes of diesel, 500,000 tonnes of LPG and two million tonnes of wheat annually.
Energy Crunch Threatens to Shatter European Unity
The energy crisis in Europe will last well into 2023 given stagnant global supply and the likelihood of increased competition for LNG, which Fatih Birol, the head of the International Energy Agency, warns could unleash a “wild west scenario.”
US Senators Want Secondary Sanctions on Russian Oil
The secondary sanctions would target financial institutions involved in trade finance, insurance, reinsurance and brokerage of Russian oil and petroleum products sold at prices exceeding the cap.
Russia’s Surging Oil Exports to China Fail to Keep Saudis Down
China’s oil purchases from Russia have climbed to reap the benefits of a plunge in European buying as the Ukraine crisis pushes Moscow in search of alternative markets.
US Refiners Eye Canadian Oil Once SPR Turns Off Taps
The coming end of SPR oil releases by the Biden administration could shift market dynamics again in a year of high volatility following Russia’s invasion of Ukraine in February.
US to Sell Oil from Current SPR Release for November Delivery
President Joe Biden’s plan announced in March of the largest release of oil from SPR in history had aimed to sell 180 million barrels by the end of October. So far, only 155 million barrels have been sold.