Middle East
OPEC December oil output rises by 70,000 bpd
OPEC and allies, known as OPEC+, agreed to cut their output target by 2 million barrels per day from November 2022 through 2023. As part of this, the 10 OPEC members bound by the deal had a target to produce 25.416 million bpd.
China's Rongsheng, Saudi Aramco in talks to buy stake in each other's units
Chinese privately-controlled refiner Rongsheng Petrochemical and Saudi Aramco are in talks for the Chinese company to buy a 50% stake in the Saudi company's refining unit SASREF.
Oil climbs as supply concerns deepen with Libyan oilfield disruption
Oil benchmark Brent rose by around a $1 a barrel, after reports of a disruption to Libya's top oilfield added to supply concerns emanating from tensions in the Red Sea.
India turns to Saudi as purchases of Russian oil fall in December
India increased imports of Saudi oil in December as payment problems drove its Russian oil buys to an 11-month low, with at least five cargoes of the sweet Sokol variant heading to other locations, data from vessel tracking agencies showed.
Europe-bound diesel, jet fuel cargoes divert from Red Sea
At least four tankers transporting diesel and jet fuel from the Middle East and India to Europe are taking the longer route around Africa to avoid the Red Sea, ship tracking data show.
Asian refiners face diesel supply glut in 2024
Diesel supply in Asia is set to jump in 2024 fueled by new refineries in the Middle East and robust exports from China, and is likely to outpace the region's world-leading demand growth.
Brazil's Petrobras mulls Mubadala refining partnership
Brazilian state-run oil company Petrobras said it will analyze a proposal from Abu Dhabi sovereign investor Mubadala on creating a strategic refining and biorefining partnership in the northeastern state of Bahia.
Disruptions in Red Sea unlikely to have large effects on oil, LNG
The disruption to energy flows in the Red Sea is unlikely to have large effects on crude oil and LNG prices as vessel redirection opportunities imply that production should not be directly affected.
Nextchem awarded new project in the UAE for the transformation of solid waste into SAF
Maire announces that Nextchem, through its subsidiary MyRechemical, has been awarded a feasibility study for the integration of its proprietary Waste-to-Syngas technology in a large-scale conversion plant that would transform solid municipal waste into SAF.
ADNOC to acquire OCI’s stake in Fertiglobe
Abu Dhabi National Oil Company P.J.S.C. and OCI Global, announced that they have entered into a sale and purchase agreement for the acquisition by ADNOC of OCI’s entire majority shareholding in Fertiglobe plc.
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- Clean Hydrogen Works awards McDermott FEED contract for Ascension Clean Energy (ACE) project 11/21
