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COVID-19 - News digest as of 23.06.2021

June 23/2021

1. BP aims to stick with oil and gas to benefit from rising oil prices

MOSCOW (MRC) -- BP will continue producing hydrocarbons for decades to come and will benefit from rising oil prices even as it reduces output as part of its shift to low-carbon energy, Chief Executive Bernard Looney told Reuters. The recent rally in crude prices, which climbed on Tuesday to a more than two-year high above USD75 a barrel, is likely to continue, Looney said in an interview at the Reuters Events: Global Energy Transition conference. "There's a very strong possibility that these prices will sustain over the coming years, and if they do, that's very good for our strategy." Higher oil prices mean BP will be able to raise more cash from selling assets that will go towards building its renewables and low-carbon business, as well as returning money to shareholders via share buybacks, he said. The 50-year old Irishman brushed aside investor concerns that BP might miss out on the rally because of its plan to slash oil output by 40% and grow its renewables output 20 fold by 2030 as part of its energy transition.

2. China again draws on crude oil inventories in May

MOSCOW (MRC) -- China drew on its stockpiles of crude oil for a second consecutive month in May, a further sign that the world's biggest oil importer is prepared to draw on its massive inventories when it deems prices to be too high, reported Reuters. China's refiners processed about 589,000 barrels per day (bpd) more crude than what was available from imports and domestic output, according to calculations based on official data. The country doesn't disclose the volumes of crude flowing into strategic and commercial stockpiles. But an estimate can be made by deducting the total amount of crude available from imports and domestic output from the amount of crude processed.

3. Oil futures up in Asia on API crude inventories data as market awaits OPEC+ meeting

MOSCOW (MRC) -- Crude oil futures ticked higher in mid-morning trade in Asia June 23 after the American Petroleum Institute (API) reported a large draw in US crude inventories as the market awaited the July 1 OPEC+ meeting, according to S&P Global. At 10:35 am Singapore time (0235 GMT), the ICE August Brent futures contract was up 38 cents/b (0.51%) from the previous settle at USD75.19/b, while the NYMEX August light sweet crude contract was 29 cents/b (0.4%) higher at USD73.14/b. The uptick in prices comes after the API late June 22 reported a 7.2 million-barrel draw in US crude inventories in the week ended June 18. Downstream product inventories in contrast continued to trend higher, with the API reporting a 959,000-barrel rise in US gasoline inventories in the week, and a 992,000-barrel rise in distillate inventories.
Author:Margaret Volkova
Tags:Asia, Europe, crude and gaz condensate, gas processing, medicine, BP Plc, COVID-19, China, USA.
Category:General News
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