U.S. natural gas production will rise to a record high in 2023, while demand will fall, the U.S. Energy Information Administration (EIA) said in its Short Term Energy Outlook (STEO). EIA projected dry gas production will rise to 100.27 billion cubic feet per day (bcfd) in 2023 and 101.68 bcfd in...
https://www.hellenicshippingnews.com/u-s-natgas-output-to-hit-record-high-in-2023-demand-to-fall/
Asia is set to witness the highest crude distillation unit (CDU) capacity additions globally, contributing about 52% of the total global CDU capacity additions by 2027, says GlobalData, a leading data and analytics company. GlobalData’s report, “Refineries Capacity and Capital Expenditure (CapEx)...
Oil prices were steady on Thursday, as optimism over recovering Chinese demand was offset by U.S. oil inventories hitting their highest in months and signs the U.S. Federal Reserve could keep raising interest rates. Brent crude futures gained 30 cents to $85.39 a barrel by 0856 GMT, while U.S. West...
https://www.hellenicshippingnews.com/oil-prices-steady-after-u-s-stockpile-swell/
The West’s five largest oil companies raked in combined profits of nearly $200 billion in 2022, intensifying calls for governments to impose tougher windfall taxes. French oil giant TotalEnergies on Wednesday reported full-year profit of $36.2 billion, doubling last year’s total, as fossil fuel...
Equinor on Wednesday posted a record $74.9 billion adjusted operating profit for 2022, more than double its previous high, as gas prices soared and fourth-quarter results beat expectations, boosting its share price by 7%. The Norwegian oil and gas producer’s adjusted earnings before tax and...
https://www.hellenicshippingnews.com/equinor-shares-soar-on-record-2022-profit-q4-beat/
French oil major TotalEnergies TTEF.PA posted a record adjusted net profit of $36.2 billion in 2022, double the level of a year earlier, joining in the sector’s bumper earnings due to higher oil and gas prices since Russia invaded Ukraine. TotalEnergies’ fourth-quarter adjusted net income was $7.6...
https://www.hellenicshippingnews.com/totalenergies-posts-record-net-profits-of-36-2-bln-in-2022/
State-run Oil India Ltd. is exploring potential international partnerships in its quest to expand domestic exploration as a recovery in oil and gas prices has improved the upstream investment climate, the company’sChairman and Managing Director Ranjit Rath told S&P Global Commodity Insights in an...
Aramco Trading’s chief executive on Tuesday said the company was currently trading 6 million barrels per day of crude and products. Saudi Aramco 2222.SE and other Middle East oil producers stepped up their trading efforts as a way to boost income after the 2014 collapse in oil prices. They have...
Middle East crude benchmarks Oman, Dubai and Murban continued to rise on Wednesday, supported by expectations of a demand revival in China and a supply disruption at Turkey’s Ceyhan oil terminal. While Iraqi crude flows and exports have resumed, exports of Azeri crude were still stopped. The Azeri...
https://www.hellenicshippingnews.com/benchmarks-extend-gains-iraq-qatar-set-march-osps/
Energy giant BP has reported record annual profits as it scaled back plans to reduce the amount of oil and gas it produces by 2030. The company’s profits more than doubled to $27.7bn (£23bn) in 2022, as energy prices soared after Russia invaded Ukraine. Other energy firms have seen similar rises,...
https://www.hellenicshippingnews.com/bp-scales-back-climate-targets-as-profits-hit-record/