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☆ Investors are 'dramatically overestimating' an oil glut, Carlyle's Jeff Currie says
▼ + stars: | 2024-09-10 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +2 min

SINGAPORE — Global markets are severely overplaying an oil supply glut, said Jeff Currie, chief strategy officer of energy pathways at private equity giant Carlyle. China's crude oil imports in 2023 had notched a record high. China's oil demand has been declining on the back of a slump in industrial inputs, according the International Energy Agency. On the supply side, black oil production in the U.S., one of the world's top crude oil producers, has been "flat" this year, Currie said. Black oils include crude oil, fuel oil, furnace oil, asphalt and tar.

Persons: Currie, Jeff Currie, Carlyle, I've, Energean Organizations: Asia Pacific Petroleum Conference, SINGAPORE —, International Energy Agency, Reuters Locations: Stanton , Texas, Singapore, SINGAPORE, APPEC, U.S, Egypt, Italy, Croatia

☆ China slowdown, oil output cuts in focus at key energy industry events
▼ + stars: | 2023-08-31 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Oil, miniatures of oil barrels and U.S. dollar banknote are seen in this illustration taken, June 6, 2023. China's sluggish post-COVID growth, which has curbed fuel and petrochemical demand, will loom large over both events, while concerns about LNG supplies ahead of the northern hemisphere winter are set to dominate talks at Gastech. Russian oil exports have continued despite prices rising above price caps as the West is keen to maintain global supplies and keep prices down. Meanwhile, U.S. sanctions on Venezuela look poised to ease, improving global supply while abundant and cheap Iranian oil heads for China. While the balance in global LNG markets remains delicate, the longer term demand outlook is uncertain as big importers including Japan and Europe aim to reduce the use of fossil fuels.

Persons: Dado Ruvic, Alexander Novak, Moscow, Amrita Sen, Sen, Saul Kavonic, Florence Tan, Miral Organizations: REUTERS, Rights, Asia Pacific Petroleum Conference, OPEC, U.S, United, United Arab Emirates dirham, Thomson Locations: Saudi Arabia, Singapore, Asia, Gastech, India, China, Ukraine, United Arab, Venezuela, Japan, Thailand, Bangladesh, Europe

LAUNCESTON, Australia, Sept 29 - If there is one thing the oil and coal industries can agree upon, it's that the solution to the current global energy crisis is more fossil fuels. The Russian invasion of Ukraine on Feb. 24 has been the catalyst for players in the global energy industry to re-think priorities. For the oil, gas, and coal sectors what they see as the problem is perennial under-investment in new oil and gas fields and new mines. In other words, the solution to the current fossil fuel crisis is more fossil fuels, but this time just from more reliable countries and not Russia. But the point is the money is likely to flow at a faster rate into alternatives to fossil fuels.

Shell Aviation President Jan Toschka poses during an interview with Reuters on the sidelines of the Asia Pacific Petroleum Conference (APPEC) 2022 conference, in Singapore, September 27, 2022. REUTERS/Isabel KuaSINGAPORE, Sept 27 (Reuters) - Global aviation fuel demand is expected to fully recover to pre-pandemic levels of 300 million tonnes per year in the next one to two years, the head of aviation at Shell (SHEL.L) said on Tuesday. SUSTAINABLE AVIATION FUELShell is considering building two more sustainable aviation fuel (SAF) plants in the United States, as it aims for renewable fuel to account for 10% of its global jet sales by 2030, Toschka said. "We will be having more than 2 million tonnes of SAF annually by 2030," he added. Aviation, accounting for 3% of the world's carbon emissions, is one of the most difficult forms of transportation to decarbonise.

REUTERS/Denis BalibouseSINGAPORE, Sept 27 (Reuters) - Global oil prices may stay under $100 a barrel for the rest of the year as rate hikes from central banks have tightened credit and reduced investments in risk assets such as commodities, commodities trading major Trafigura said on Tuesday. "The balance of risks and what we know today suggests that it would take quite a few changes in the market for oil to trade well above $100," Rahim said. Oil demand could rebound next year if China lifts COVID-19 restrictions and if the U.S. Federal Reserve pauses or cuts interest rates to support growth, he added. These factors, underpinned by underinvestment in the oil sector and low global oil inventories, could eventually push Brent back above $100 a barrel, Rahim said. The oil market is also watching out for possible supply responses from the Organization of the Petroleum Exporting Countries amid lower prices.

SINGAPORE, Sept 26 (Reuters) - Russian oil is expected to come to Asia and the Middle East, while refined fuel produced in these regions will flow to the West as the global oil trade is disrupted by sanctions, Vitol's Chief Executive Officer Russell Hardy said on Monday. The Russia-Ukraine war has made energy security the top issues for governments as they grapple with inflation, and with bans on Russian oil looming and Moscow slashing gas supplies to Europe, policymakers are setting aside sustainability concerns for now. The EU is set to ban Russian crude oil from December in a move to strip the Kremlin of revenue, following Moscow's invasion of Ukraine. Russian crude oil imports into the EU and UK last fell to 1.7 million barrels per day (bpd) in August from 2.6 million bpd in January, according to data from the IEA, though the EU was still the biggest market for Russian crude. Global gas prices rose to record levels this year, as Russia cut supplies to Europe while oil prices touched multi-year highs in March.

☆ APPEC: Vitol expects Russian fuel to come to Asia and Mideast
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Sept 26 (Reuters) - Russian fuel is expected to come to Asia and the Middle East, while fuels produced there are expected to flow to the West, Vitol's Chief Executive Officer Russell Hardy said on Monday. Register now for FREE unlimited access to Reuters.com Register"You're beginning to see that with fuel coming East that would otherwise have stayed in Europe, and fuel in the East going to the West to cover the shortfall." The EU is set to ban Russian crude oil from December in a move to strip the Kremlin of revenue, following Moscow's invasion of Ukraine. Russian crude oil imports into the EU and UK last fell to 1.7 million barrels per day (bpd) in August from 2.6 million bpd in January, according to data from the IEA, though the EU was still the biggest market for Russian crude. read moreThe IEA also forecasted that the United States could soon overtake Russia as the main crude supplier to the EU and the UK combined.

☆ APPEC: Vitol CEO says Russian fuel to come to Asia and Mideast
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterVitol CEO Russell Hardy speaks during the 20th Asia Oil & Gas Conference in Kuala Lumpur, Malaysia June 24, 2019. REUTERS/Lai Seng SinSept 26 (Reuters) - Russian fuel is expected to come to Asia and the Middle East and fuels produced there are expected to flow to the West, said Russell Hardy, chief executive officer of Vitol, at the 38th Annual Asia Pacific Petroleum Conference (APPEC) 2022. More than a million barrels per day of U.S. crude is expected to go to Europe to fill the gap in Russian supplies, he said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chen Aizhu and Jeslyn Lerh; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

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