OIL PRICES WILL UP
Oil prices will increase by the end of this year but won't rebound to levels reached in 2013 and 2014, according to Amin H. Nasser, president and chief executive officer of Saudi Arabian Oil Co.
Prices will gain as "the gap between supply and demand in the oil market is shrinking," Nasser said at an event in Beijing on Monday. Oil exceeded $100 a barrel in 2013 and 2014 before dropping amid a global glut. Benchmark Brent crude was trading on Monday at $40.21 a barrel in London.
The world's largest crude oil-producing company, known as Saudi Aramco, is looking to boost investments in the Chinese energy industry, he said.
"We furnish 20 percent of China's crude oil imports – about one million barrels a day. But there's a significant gap in what we are doing now, and what we can offer," Nasser said. "Our investments in China's entire oil value chain – integrating supply, refining, chemicals, lubes, distribution and marketing – don't match our supply."
Aramco plans to invest in Asian refineries to ensure the state-run company can expand sales in the fastest-growing region for fuel demand. It's adding India to the list of Asian countries where the company intends to build refineries as part of a plan to almost double its global processing capacity, Nasser told Bloomberg in Jubail, Saudi Arabia, on March 9. Aramco is also considering plants in Indonesia, Malaysia and Vietnam.
The company already owns a stake in a refinery in China's Fujian province along with Exxon Mobil Corp. and China Petroleum & Chemical Corp. It's still in talks with another partner, China National Petroleum Corp., to build a joint-venture refinery.
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REUTERS - India’s natural gas consumption is expected to rise to 70 billion cubic metres (bcm) by 2022 and 100 bcm by 2030, according to a government think tank and the Oxford Institute of Energy Studies, up from 50 bcm now. India burns just 7 percent of what top user the United States consumes in a year with about a quarter of India’s population.
Norway, which relies on oil and gas for about a fifth of economic output, would be less vulnerable to declining crude prices without its fund investing in the industry, the central bank said Thursday. The divestment would mark the second major step in scrubbing the world’s biggest wealth fund of climate risk, after it sold most of its coal stocks.
WSJ - Light, sweet crude for December delivery rose $1.41, or 2.6%, to $56.55 a barrel on the New York Mercantile Exchange, snapping a three-session losing streak. Brent, the global benchmark, advanced $1.36, or 2.2%, to $62.72 a barrel.
U.S. Rig Count is up 327 rigs from last year's count of 588, with oil rigs up 267, gas rigs up 61, and miscellaneous rigs down 1 to 1. Canada Rig Count is up 24 rigs from last year's count of 184, with oil rigs up 9 and gas rigs up 15.