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COVID-19 - News digest as of 10.08.2021

August 10/2021

1. Saudi Aramco Q2 profit surges almost 4 times

MOSCOW (MRC) -- Saudi Aramco, the world's largest oil company, said Aug. 8 that its hydrocarbons production fell 8% to 11.7 million boe/d in the second quarter from the year-earlier period due to OPEC+ cuts, but its profit surged almost four times thanks to higher oil prices and a recovery in worldwide demand, reported S&P Global. Net income soared to USD25.5 billion in the second quarter from USD6.6 billion a year earlier, the company said in an earnings statement. Aramco's total hydrocarbon production, which averaged 12.7 million boe/d in the second quarter of 2020, fell mainly due to OPEC+ cuts this year, CEO Amin Nasser said in a media call with journalists.

2. China fuel demand is on track to hit record highs in 2021 despite COVID cloud

MOSCOW (MRC) -- China's fuel demand is on track to hit record highs this year on a rebound in car sales and booming domestic air travel, even as a resurgence of COVID cases slows movement in some cities in the near term, reported Reuters with reference to analysts. Despite slowing growth for diesel, the main industrial fuel, overall consumption of gasoline, diesel and aviation fuel in the world's top crude oil importer is expected to grow by 7% to 11% in 2021 to a record between 8.4 million and 8.9 million barrels per day, analysts at consultancy SIA Energy, IHS Markit and Energy Aspects estimated. By comparison, the International Energy Agency (IEA) in March forecast China's demand for gasoline, jet fuel and diesel would rise by 6.5% to 8.2 million bpd in 2021.

3.Crude oil futures up in Asia on bargain hunting, but rising COVID-19 case numbers continue to sap market sentiment

MOSCOW (MRC) -- Crude oil futures ticked higher during mid-morning trade in Asia Aug. 10 on bargain hunting following an overnight plunge, but rising COVID-19 case numbers continued to sap market sentiment, reported S&P Global. At 11:18 am Singapore time (0318 GMT), the ICE October Brent futures contract was up 18 cents/b (0.26%) from the previous close at USD69.22/b, while the NYMEX September light sweet crude contract was 36 cents/b (0.54%) higher at USD66.84/b. The markers had settled 2.35% and 2.63% lower Aug. 10 as the rapid spread of the delta variant of the coronavirus raised fears of further demand destruction. An uptrend in COVID-19 infection numbers in oil-consuming behemoths China and the US were of particular concern to the market. China is battling its biggest outbreak of the coronavirus since it emerged in Wuhan in 2019.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, petrochemistry, Saudi Aramco, COVID-19, China, Saudi Arabia, USA.
Category:General News
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