The Biggest Problem For The Aramco IPO

From almost the very moment in 2016 when Saudi Arabia first announced that it was to float its state-owned oil and gas behemoth, Saudi Aramco, in a dual domestic and international listing, the pool of possibilities for the foreign side of the initial public offering (IPO) has steadily reduced. This has been a result of a simple equation: the more ...

Source: Oilprice.com

Trump’s Big Biofuel Package Has No Teeth

Last Friday, the news out of the White House was that Trump administration was about to announce a major biofuel boost to support United States farmers. The move was to be a key development after weeks of intense debate over how to respond to harsh criticism coming from biofuels’ backers and months of bureaucratic back and forth about highly contentious ...

Source: Oilprice.com

Replacement Rate Hits 20-Year Low: Oil Industry Only Replace 1 In 6 Barrels

Oil and gas companies have discovered 7.7 billion barrels of oil equivalent (boe) year-to-date, according to Rystad Energy’s latest global discoveries report. “The industry is well on track to repeat the feat achieved in 2018 when around 10 billion boe of recoverable resources were discovered,” says Palzor Shenga, senior analyst on Rystad Energy’s upstream team.  (Click to enlarge) ...

Source: Oilprice.com

Russia's Putin says global oil inventories need cutting to 'reasonable level' – Arabiya

Russian President Vladimir Putin said in remarks aired on Sunday that global oil inventories need cutting to "reasonable levels" and that Russia would work with Saudi Arabia and other partners to "reduce to zero" attempts to destabilise oil markets. Putin was speaking in an interview with Arab broadcasters including Al Arabiya TV ahead of a [Read more]

Source: BOE Report

PSPS Update: More than 99.5 Percent of Customers Impacted by Safety Shutoffs Have Been Restored System-Wide

All Bay Area Customers Restored Remaining 2,500 Customers Expected to be Restored Today SAN FRANCISCO–(BUSINESS WIRE)–Pacific Gas and Electric Company (PG&E) said Saturday that more than 99.5 percent of customers impacted by the Public Safety Power Shutoff (PSPS) that began on Wednesday now have their power restored. Less than 2,500 customers remain without power due [Read more]

Source: BOE Report

Solar Storms Can Devastate Entire Civilizations

Climate has inarguably become a hot topic of discussion in developed economies over the last decade, and it is getting hotter by the day as study after study warn we are close to doomed if we don’t change our ways urgently. Yet climate on Earth is not the only problem that humankind faces. There is another climate we need to ...

Source: Oilprice.com

PSPS Update: 97 Percent of Customers Have Been Restored System-Wide

Essentially All Customers Restored in Alameda, Colusa, Contra Costa, Glenn, Humboldt, Marin, Mariposa, Merced, Siskiyou, Solano, Stanislaus, Trinity and Yolo Counties 99 Percent of Customers in the Bay Area Are Now Restored SAN FRANCISCO–(BUSINESS WIRE)–Pacific Gas and Electric Company reported Friday evening that 97 percent of customers impacted by Public Safety Power Shutoff (PSPS) have [Read more]

Source: BOE Report

Huge Independent Refiner Prepares For Revolution In Markets

One of the world’s largest independent oil traders, Gunvor Group, plans to revamp its refinery in Rotterdam to adapt it to produce low-sulfur fuel oil that would be compliant with the new regulations on shipping fuel, Gunvor’s chief executive Torbjörn Törnqvist told Reuters.  Gunvor plans to reconfigure its 88,000 barrels per day refinery in Rotterdam, in the Netherlands, in ...

Source: Oilprice.com

Heavy discount widens after volatile week

The discount on Canadian heavy crude widened versus U.S. benchmark West Texas Intermediate (WTI) crude on Friday to round off a week of volatile trading: * Western Canada Select (WCS) heavy blend crude for November delivery in Hardisty, Alberta, traded at $16.35 per barrel below WTI, according to Net Energy Exchange. On Thursday November WCS [Read more]

Source: BOE Report

A Worrying Sign For Oil Markets

Market Movers - OPEC has once again revised downward its estimate for global oil demand growth for 2019. In its fourth downward revision in five months, OPEC now estimates that demand for oil will grow by 980,000 bpd - a 40,000 barrel adjustment. Its projections for 2020 remain unchanged at 1.08 million bpd. OPEC blames souring demand growth prospects ...

Source: Oilprice.com