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COVID-19 - News digest as of 13.10.2021

October 13/2021

1. OMV raises its refinery utilisation by 6% in Q3 on downstream recovery

MOSCOW (MRC) -- Austrian oil and gas group OMV saw its indicative refining margins double and raised its refinery utilisation by 6% to 91% in the third quarter, as upstream production volumes weakened compared with the second quarter, reported S&P Global with reference to the company"s statement on Oct. 8. In a trading statement, the Central European company put its European refining margin indicator for the quarter at USD4.43/b compared with USD2.21/b in the second quarter and just 87 cents/b in the third quarter of 2020. Its sales of fuel and other oil products were up 16% on the quarter at 4.66 million mt. The company"s upstream production, of both liquids and gas, fell back slightly compared with the second quarter, to 198,000 b/d of oil equivalent and 272,000 boe/d respectively. Its gas production, a significant portion derived from Russia, was also down 3% on the year, however, its oil output was up 20% compared with a year earlier.

2. OPEC+ deal remains key to stabilize oil market from consequences of COVID-19 - Putin

MOSCOW (MRC) -- The alliance of OPEC and non-OPEC countries remains key to stabilizing the oil market which is still volatile from the consequences of COVID-19 and Russia expects the deal to last until the end of 2022, reported S&P Global with reference to President Vladimir Putin"s statement Oct. 13. Speaking at the Russian Energy Week in Moscow, he noted how the OPEC+ agreement on historic oil production cuts reached in April 2020 was crucial to ensuring stability during the pandemic and falling oil demand, as well as keep up investment activity.

3. Crude oil futures drop in Asia as market awaits US stocks data for fresh pricing cues

MOSCOW (MRC) -- Crude oil futures were lower in mid-morning trade in Asia Oct. 13 as investors awaited the release of weekly US stocks data for fresh pricing cues, reported S&P Global. At 10:30 am Singapore time (0230 GMT), the ICE December Brent futures contract was down 61 cents/b (0.73%) from the previous close at USD82.81/b, while the NYMEX November light sweet crude contract was 58 cents/b (0.72%) lower at USD80.06/b. The pause in the recent sustained rally could prompt profit taking, but that may also prompt buying on the dips by market participants anticipating more upside to emerge in the coming week.
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, gas processing, petrochemistry, OMV, COVID-19, USA.
Category:General News
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