Articles
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Aug 28, 2024 |
bloomberg.com | Grant Smith |Sherry Su |Sharon Cho
Oil watchers remain divided over whether OPEC+ will go ahead with a planned production revival next quarter, as demand fears continue to pressure prices. Twelve respondents in a Bloomberg survey of traders, refiners and analysts predicted the cartel will proceed, while 11 expect it will postpone the hike. Another five forecast the increase will either be partial, or contingent on a lasting output shutdown in Libya.
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Aug 28, 2024 |
bnnbloomberg.ca | Grant Smith |Sherry Su |Sharon Cho
(Bloomberg) -- Oil watchers remain divided over whether OPEC+ will go ahead with a planned production revival next quarter, as demand fears continue to pressure prices. Twelve respondents in a Bloomberg survey of traders, refiners and analysts predicted the cartel will proceed, while 11 expect it will postpone the hike. Another five forecast the increase will either be partial, or contingent on a lasting output shutdown in Libya.
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Aug 27, 2024 |
bloomberg.com | Sharon Cho
A spread that shows the difference in oil prices in Europe and Asia surged to the widest in 10 months on concern that swaths of supply from Libya are about to get halted. The premium of Brent oil futures to Dubai crude swaps, also known as Brent-Dubai exchange of futures for swaps, expanded to about $3 a barrel on Tuesday, according to PVM Oil Associates data. That’s the widest since early October.
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Jul 9, 2024 |
ajot.com | Sharon Cho
The cost of shipping crude oil along key routes to Asia is slumping as supertankers take shorter trips and demand softens in China. Freight rates for a Very Large Crude Carrier from the US to the key Asian market tumbled more than 20% since late May, while earnings on the benchmark Middle East-to-China route sank 57% in the same period, Baltic Exchange data show. Each vessel can haul a cargo totaling about 2 million barrels.
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Jul 9, 2024 |
finance.yahoo.com | Sharon Cho
(Bloomberg) -- The cost of shipping crude oil along key routes to Asia is slumping as supertankers take shorter trips and demand softens in China.
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Reliance will have to undergo STS transfers of four smaller Aframax onto 1 VLCC to get ~2m bbls of Canada's heavy crude Access Western Blend delivered by July. That comes as heavier barrels, including Venezuelan crude, remain squeezed. #OOTT
A dearth of heavy crude is forcing one of the world’s biggest buyers, Reliance, to go the extra mile to get the barrels it needs https://t.co/GsgiztVHxp
RT @alexlongley1: A cap on the price of Russian oil is becoming increasingly unenforceable, an organization at the heart of the global mari…
In Asia, a sharp drop in returns from making diesel is prompting some refiners to make modest reductions in operating rates, which could crimp regional oil imports. A major S. Korean refiner cut activity from this month, with another mulling a reduction in July. #OOTT #Oil https://t.co/0aqpFSuakn