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COVID-19 - News digest as of 12.05.2020

May 12/2020

1. Transition to low-carbon energy may accelerate after crisis: Shell

MOSCOW (MRC) -- The ongoing transition to low-carbon energy sources may accelerate as economies recover from the impact of the coronavirus crisis, reported Reuters with reference to the head of oil and gas company Royal Dutch Shell's statement. Chief Executive Ben van Beurden said while Shell was not ringfencing its low-carbon Integrated Gas and New Energies division from spending cuts to weather the crisis, those businesses would be shielded from the worst of the reductions.

2. Westlake Chemical Q1 earnings up

MOSCOW (MRC) --Westlake Chemical Corporations first-quarter sales fell by nearly 5%, year on year on the back of lower selling prices, said the company. Net profit, however, doubled on the back of a tax benefit related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed in March to alleviate the coronavirus pandemic aftermath, while earnings before interest, tax, depreciation and amortisation (EBITDA) rose.

3. Mexico gives oil firms more time to get permits due to coronavirus

MOSCOW (MRC) -- Mexicos oil regulator will extend the time companies have to secure needed permits and plan approvals through the end of this month because of the coronavirus pandemic, it said in a statement, reported Reuters. Deadlines will be suspended until at least May 31, according to the regulator known as the National Hydrocarbons Commission.

4. Saudi Arabian oil exports to drop in May as demand slides

MOSCOW (MRC) -- Saudi Arabias crude oil exports in May are expected to drop to about 6 million barrels per day (bpd), the lowest in almost a decade, and domestic refining output is likely to fall as the coronavirus crisis hits demand, reported Reuters with reference to industry sources and analysts. The worlds top oil exporter will cut crude production by 23% to about 8.5 million bpd in May and June, under a supply reduction pact with OPEC+ alliance to shore up prices hammered by demand destruction due to the coronavirus-related lockdowns.

5. HollyFrontier cuts production at refineries by 30%: company

MOSCOW (MRC) -- HollyFrontier has cut production at the independent U.S. refiners five refineries, with a combined crude oil throughput of 457,000 barrels per day (bpd), by an average 30% because of low demand amid the coronavirus crisis, a top executive said, said Hydrocarbonprocessing. The company plans to operate its refineries at that level of production, which is in a range between 300,000 to 340,000 bpd, for the rest of the quarter, Senior Vice President Thomas Creery said. U.S. refiners are cutting output, especially of gasoline, amid sharply lower demand for fuels due to travel and business restrictions due to the virus. On Tuesday, Marathon Petroleum Corp, the largest U.S. refiner by capacity, said it plans to run its 15-refinery network about 32% below its 3.02 million-bpd capacity. Marathon has idled two smaller refineries in California and New Mexico.

6. Oil rises above USD31 as lockdown easings counter supply glut

MOSCOW (MRC) -- Oil rose above USD31 a barrel on Wednesday as hopes for a recovery in demand as some countries ease coronavirus lockdowns offset a report showing a higher-than-expected rise in US inventories, reported Reuters. Brent crude has almost doubled since hitting a 21-year low reached on April 22, supported by expectations demand will recover and by a record supply cut led by the Organization of the Petroleum Exporting Countries.

7. Three Indian refiners cut Mideast oil imports in May

MOSCOW (MRC) -- At least three Indian refiners have curbed oil imports from Middle East producers, including Saudi Arabia, for May because of storage constraints as local fuel demand slumped following the coronavirus outbreak, reported Reuters with reference to company officials' statement. This is the second consecutive month that Indian refiners have cut their long-term crude imports as space to store excess oil is running out because companies are cutting their processing as stay-home measures to curb the spread of the virus have slashed fuel demand.
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, Saudi Aramco, Shell, Westlake Chemical, COVID-19, India, Mexico, Saudi Arabia, USA.
Category:General News
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