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Asian Buyers Can't Get Enough Of U.S. Sweet Crude Oil
Nov. 20, 2021
Source: Oil Price

Asian Buyers Can't Get Enough Of U.S. Sweet Crude Oil

Sweet crude grades from the U.S. Gulf Coast have seen increased interest from Asian buyers in recent weeks, as many refiners in the world’s largest oil-importing region are purchasing more of the sweeter crude varieties, energy analytics firm Vortexa says. Asian refiners are looking for more crude of the sweeter variety as high energy costs are making sour crude processing more expensive. The high cost of hydrogen, which is used to remove the sulfur from the sour grades in diesel hydrocrackers, has risen in recent months amid the natural gas crunch in Europe and Asia.

GlobalData expects 118 oil and gas project starts in Australia by 2025
May 5, 2021
Source: Oil & Gas

GlobalData expects 118 oil and gas project starts in Australia by 2025

Australia is expected to witness the commencement of 118 oil and gas projects’ operations across value chain during the period 2021-2025, accounting for 6% of the total project starts in the Asia-Pacific (APAC) region. ‘Asia Pacific Oil and Gas Projects Outlook to 2025 - Development Stage, Capacity, Capex and Contractor Details of All New Build and Expansion Projects’, reveals that of the 118 projects during the outlook period, upstream projects would be 53, midstream projects would be the highest with 56 projects and petrochemicals at nine.

Saudi oil giant Aramco to scale back spending after 2020 profit slump
March 22, 2021
Source: Reuters

Saudi oil giant Aramco to scale back spending after 2020 profit slump

Saudi Arabian state oil giant Aramco is betting on an Asian-led rebound in energy demand this year after it reported a steep slide in net profit for 2020 on Sunday and scaled back its spending plans.The world’s largest oil exporter said net profit fell 44.4% to 183.76 billion riyals ($49 billion) for the year ended Dec. 31, from 330.69 billion riyals a year earlier.

Saudis raise U.S. and Asian crude prices for April delivery
March 8, 2021
Source: world oil

Saudis raise U.S. and Asian crude prices for April delivery

Saudi Arabia raised pricing for its crude for shipment to Asia and the U.S. next month after OPEC+ extended oil supply constraints, pointing to a tightening physical market. State oil producer Saudi Aramco increased pricing for Arab Light crude for Asia, its largest regional market, by 40 cents a barrel to $1.40 more than the benchmark. Aramco raised all other pricing to Asia, except for its Heavy crude which remained unchanged.

Iran taps old Asian oil customers while eying return of exports
March 4, 2021
Source: Livemint

Iran taps old Asian oil customers while eying return of exports

Iran is reaching out to its old customers in Asia to gauge interest in its crude as the Persian Gulf oil producer ramps up diplomacy in a bid to get US sanctions lifted. Iran’s crude shipments dwindled to a trickle after sanctions by the former US administration in 2018 and the end of waivers for some countries in 2019, although a number of Chinese refiners continued to take some oil.

U.S. oil exports to Asia hit new record in January
Feb. 3, 2021
Source: World oil

U.S. oil exports to Asia hit new record in January

American oil exports from Louisiana’s offshore supertanker port jumped to record as Asian buyers are stocking up U.S. crude for a post-pandemic rebound in fuel consumption. Eight vessels carrying nearly 15million barrels of crude transported to South Korea, China and India, according to ship-tracking data. Total U.S. Gulf crude outflows to Asia rose to nearly 51 million barrels in January.

Forum secured a South East Asia project
Nov. 5, 2020
Source: worldoil.com

Forum secured a South East Asia project

Forum Energy Technologies have bagged a contract to supply specialist subsea equipment for a cable maintenance project in South East Asia. The Equipment purposes to support telecommunication contracts between South East Asia and the Indian Ocean. Under the project, the Forum will be manufacturing and then installing the vehicle on the client's vessel by early 2021. Additional to this Forum will also be providing some operational and maintenance training to the client's personnel.

LNG buyers cancel US cargoes as natgas becomes most expensive
May 7, 2020

LNG buyers cancel US cargoes as natgas becomes most expensive

With the US natural gas prices topping the prices chart in Europe and Asia, the buyers have started cancelling the cargos. The buyers of the two continents have already cancelled the loading of around 20 cargoes from the United States in June. Henry Hub benchmark in Louisiana settled over both the Japan/Korea Marker (JKM) according to the most recent price data.

'Zero price' clause added by oil sellers
April 30, 2020

'Zero price' clause added by oil sellers

After the US crude futures collapsed into negative territory, the suppliers have become very cautious. According to the sources, crude and condensate sellers to Asia have added 'zero price' clause in their contracts. This will prevent the prices of their crude to go down below $0 and protect their interests. The new clause has been appreciated by Asian buyers.

S&P Platts begins world’s first hydrogen price assessment
Dec. 20, 2019

S&P Platts begins world’s first hydrogen price assessment

S&P Global Platts yesterday informed about publishing the first-to-market suite of hydrogen price assessments. Platts’ hydrogen price assessments will indicate the value of hydrogen produced at hubs in the significant regions of consumption across the US and Europe. Platts is also looking to assess other additional prices in other geographies, including Asia. S&P Platts is an independent provider of information and benchmark prices for the commodities and energy markets.

McDermott hires Aqualis Offshore for Asia Pacific projects
Dec. 6, 2018
Source: World Oil

McDermott hires Aqualis Offshore for Asia Pacific projects

EPC giant, McDermott Asia Pacific Sdn Bhd has signed up Aqualis Offshore for its engineering reviews and marine warranty services. Aqualis will stay associated with McDermott for five years on the contract, supporting McDermott’s offshore operations in the Asia Pacific region. Under the scope of the agreement, Aqualis Offshore will provide engineering reviews and approvals, vessel surveys, towage approvals and marine warranty services for McDermott’s projects.

Oil prices remain steady on small market jump
Oct. 29, 2018
Source: Reuters

Oil prices remain steady on small market jump

Oil prices held fast today amidst early jump in Asian stocks. International Benchmark Brent crude oil futures climbed 0.2%, to $77.77 a barrel. US West Texas Intermediate (WTI) crude futures rose by 0.4%, at $67.89 a barrel. Analysts however believe that sentiments remain cautious after financial markets plunged last week over concerns of slowing global growth.

Asia looks for crude alternatives
Oct. 3, 2018
Source: World Oil

Asia looks for crude alternatives

Ongoing trade war with the US has forced Asia's refiners to look for alternatives. China has bought 1.71 MMbpd from West Africa for October, which is the highest since August 2011. Also, the nation has decided to increase its crude imports from West Africa. Further, the overall crude import of Asia from West Africa will climb to 2.44 MMbpd in October, which is the highest in seven year.

Santos’ assets sale reduces its debt
Sept. 8, 2018
Source: World Oil

Santos’ assets sale reduces its debt

Santos has completed its sale of interests in the Sampang PSC and Madura Offshore PSC in Indonesia, and Vietnam Block 12W PSC. It follows the company’s announcement in May 2018 when Santos decided to sell its non-core Asian portfolio to Ophir Energy plc. Santos received a cash proceed of $144 million after the completion. It will help the company reduce its debt which was $2.2 billion till Aug. 31, 2018.

Slow economic growth affects oil prices
Aug. 1, 2018
Source: Reuters

Slow economic growth affects oil prices

As a result of the surge in the crude stockpiles of U.S. and slow economic growth, mainly in Asia, oil prices slipped on Wednesday. Brent futures fell down by 0.4%, at $73.91 a barrel and WTI dropped down by 0.6% and was traded at $68.38 a barrel. The signs that the supply in the Bab al-Mandeb Strait will be resumed soon also affected the oil prices.

Oil prices stabilize
July 30, 2018
Source: Platts

Oil prices stabilize

Oil prices, in wait of fresh fundamental drivers, stabilized today with a marginal rise. Brent crude prices remain untouched from last week’s settle at $74.29 per barrel, while the NYMEX September light sweet crude contract was 0.28% higher, traded at $68.88 per barrel. Last week, the market was mostly driven by Saudi’s oil halt and other factors.

Schlumberger releases Q2 report
July 21, 2018
Source: Financial Post

Schlumberger releases Q2 report

Leading oilfield services company, Houston-based Schlumberger yesterday announced second quarterly earnings, reporting a profit for the company. Schlumberger CEO, Paal Kibsgaard regarded the second quarter as both busy and exciting. Schlumberger reported second-quarter revenue in North America to be around $2.5 billion, which is an increase of 12% sequentially. In the international markets of $4.4 billion, profits for the company grew by 6%.

Asian LNG prices scale new highs
June 6, 2018
Source: Energy World

Asian LNG prices scale new highs

Typically peaking during winter and summers, the LNG demand in Asia has already increased to such levels that the prices have increased by 32 percent. Since mid-April, the gas prices have soared up to $9.60/million British thermal units (Btu) and are edging to $10/million Btu. Lower domestic gas production, industrial demand, and early stock building to prepare for the coming winter are some reasons attributed to the current scenario.

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