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COVID-19 - News digest as of 21.01.2021

January 21/2021

1. Repsol upstream production slips 8% at 648,000 boe/d in 2020

MOSCOW (MRC) -- Spanish integrated energy group Repsol reported Jan. 19 that its estimated upstream oil and gas production in 2020 decreased 8% year on year at 648,000 b/d of oil equivalent - its lowest annual total since the 2015 purchase of Talisman - with Libyan interruptions and the oil price impact from the pandemic weighing on volume, according to S&P Global. The full-year total was nonetheless in line with the company's postpandemic revised target of 650,000 boe/d, which it sees through to 2030. By region, Europe and Africa showed the largest production decline in 2020, falling 29% year on year to 86,000 boe/d. Repsol's share in the Libyan El Sharara field can supply up to 39,000 boe/d net to Repsol, but output suffered interruptions throughout the year following a shutdown at the field in January 2020 and a blockade of oil terminals.

2. Industry welcomes President Biden, US reentry into Paris accord

MOSCOW (MRC) -- Industry groups welcomed President Joe Biden on his first day in office, vowing to work together with the administration on its stated goals to address the COVID-19 pandemic and climate change in its early days. The American Chemistry Council particularly praised Biden for following through on his "Day One" promise of signing an executive order rejoining the Paris Agreement and committing the United States to lower carbon emissions, reported Chemweek. (ACC) and its members welcome President Bidens executive decision to rejoin the Paris Agreement, ACC said in a statement. Americas chemical and plastics manufacturers - a primary driver of the American economy, American innovation and the creation of emissions-reducing technologies - support meaningful efforts to reduce emissions for the health of our planet and future generations. The Paris Agreement seeks to limit GHG concentrations to a level consistent with a global warming of well below 2 degrees Celsius above pre-industrial levels. It was signed in 2015 at the Sustainable Innovation Forum COP21 and ratified by 189 countries. Former President Trump withdrew the US from the Paris accord in 2017, a move that only became effective in November of last year.

3. Oil above USD56 on US stimulus hopes ahead of Biden inauguration

MOSCOW (MRC) -- Oil rose above USD56 a barrel on Wednesday, supported by expectations that the new US administration will deliver massive stimulus spending that would lift demand, as well as by OPEC curbs and forecasts for a drop in US crude inventories, reported Reuters. US Treasury Secretary nominee Janet Yellen on Tuesday urged lawmakers to "act big" on pandemic relief spending. A fall in the dollar after the comments helped oil to rally, analysts said. "This provided a good backdrop for oil and other risk assets," said Stephen Brennock of broker PVM. "While the near-term demand environment continues to be gripped by weakness and uncertainty, the future is brightening."
Author:Margaret Volkova
Tags:Europe, PP, crude and gaz condensate, propylene, ethylene, petrochemistry, Repsol, COVID-19, Spain, USA.
Category:General News
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