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COVID-19 - News digest as of 15.10.2021

October 15/2021

1. US Government asks oil-and-gas companies to help lower fuel costs

MOSCOW (MRC) -- The White House has been speaking with U.S. oil and gas producers in recent days about helping to bring down rising fuel costs, according to two sources familiar with the matter, said Hydrocarbonprocessing. Energy costs are rising worldwide, in some cases leading to shortages in major economies like China and India. In the United States, the average retail cost of a gallon of gas is at a seven-year high, and winter fuel costs are expected to surge, according to the U.S. Energy Department. Oil-and-gas production remains below the nation"s peak reached in 2019.

2. Gazprom Neft may raise its oil output by 10% in 2022

MOSCOW (MRC) -- Gazprom Neft could increase oil production in 2020 by 10% year on year, reported S&P Global with reference to CEO Alexander Dyukov"s statement on Oct. 14. Dyukov previously said the company was seeking to push hydrocarbons output to 100 million mt in 2021 even if oil production limitations under the OPEC+ pact remained in place, from 96.1 million mt in 2020. "Considering that next year demand for oil may continue to grow, next year we could increase production by 10%, maybe more, but it will depend on quotas set by the ministry," Dyukov said during the Russian Energy Week conference in Moscow.

3. Oil prices rose after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply

MOSCOW (MRC) -- Oil prices rose on Thursday after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators, said Hydrocarbonprocessing. The market trimmed gains after U.S. crude inventories rose more than anticipated as refiners cut production in a generally slower period for those facilities. Brent crude futures gained 62 cents, or 0.75%, to USD83.80 a barrel by 12:57 p.m. EDT (16:57 GMT) after hitting a session high of USD84.50 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 55 cents to USD80.99. U.S. crude stocks rose by a surprising 6 MM barrels, much higher than the modest 702,000-barrel increase analysts had expected. Production edged higher, reaching 11.4 MM barrels per day (bpd). "The continued rise in domestic U.S. oil production pulls the market back down a bit. It should relieve some of the pressure building in the market," said John Kilduff, partner at Again Capital LLC in New York.

4. Chinese energy futures surge to multi-year and record highs amid global oil gains and domestic power crunch

MOSCOW (MRC) -- Chinese energy and petrochemicals futures prices surged to multi-year and record highs on Monday, driven by gains in global oil prices and a domestic power shortage as the world"s top coal consumer is facing tight supplies, reported Reuters. "In the near term, the supply shortage in coal pushed up the demand in crude oil and LPG, which are substitutes for coal, for power generation," said Huang Liunan, a Guotai Junan Futures analyst, referring to the global market including China. The November crude oil contract on the Shanghai International Energy Exchange (INE) and fuel oil on the Shanghai Futures Exchange both gained by a fifth since September, reaching their highest since November 2018.
Author:Margaret Volkova
Tags:Asia, crude and gaz condensate, gas processing, petrochemistry, Gazprom neft, COVID-19, China, Russia, Saudi Arabia, USA.
Category:General News
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