Russia to Decrease July Oil Exports After Rise in Domestic Demand
Russia is set to further reduce its overseas supply of Urals Crude oil in July due to an unexpected spike in domestic demand as COVID-19 restrictions ease.
News / International
Nigeria Under Producing to Make up for Poor Compliance
Nigeria’s State-owned Nigerian National Petroleum Company (NNPC) chief, Mele Kyari, has announced in an online conference that current daily oil production over complies with its promised cuts in the OPEC+ agreement.
CNOOC Starts Production of Qinhuangdao 33-1S Oilfield
China National Offshore Oil Corporation (CNOOC) has announced the commencement of the phase 1 project at the Qinhuangdao 33-1S oilfield in Bohai Bay, symbolizing a start up of production.
Sonatrach Signs $400 MM Contract with Maire Tecnimont
Algerian State-run oil company, Sonatrach, and Italy’s Maire Tecnimont have signed an Engineering, Procurement & Construction (EPC) contract worth $400 million for the completion of the Bir Seba Phase II and Mouiat Outlad Messaoud Field Development in Algeria.
Libya’s Mellitah Oil Field Returns to Normal
Italy’s Eni has announced that Libya's Mellitah oil and gas terminal has returned to normal after operations were briefly halted by an armed group.
US Crude Stockpiles Climb to Record High, Exports Slump
US crude oil stockpiles have unexpectedly risen to an all time high after refiners boosted imports, especially from Saudi Arabia, whilst oil exports slumped to their lowest levels since November 2019.
Iran’s First Well in Sivand Oil Field to Turn Operational
Iranian Offshore Oil Company (IOOC) has completed drilling operations for the first well at the Sivand offshore oilfield and the well is expected to become operational in the not so distant future.
China to Shut Down Smaller Refineries, Build Giant Complex
China’s Shandong will go ahead with plans to shut down smaller, independent oil refineries with a combined capacity of 500,000 barrels per day (bbl/d) to make way for a giant complex that should aid economic recovery from the coronavirus crisis.
Kazakhstan to Compensate for May Overproduction
Kazakshtan’s Energy Minister, Nurlan Nogayev, has confirmed that Kazakhstan will offset overproduction in May by lowering output in August and September.
ADIPEC Dialogue Reveals Manufacturing Crucial For Oil Market Recovery
The latest ADIPEC Energy Dialogue maintains that manufacturing is key to the mid-term revival of the oil and gas markets as consumer demand is expected to lag.
