October 2, 2023 – Oil & Gas 360

U.S. to lose 2.5M BPD in refining capacity this maintenance season

October 2, 2023

Oil Price Fall refinery maintenance in the United States will see almost 2.5 million barrels per day of capacity taken offline, Bloomberg reports, with more capacity cuts possibly coming early next year. In what Bloomberg describes as the “heaviest” maintenance season since before the COVID-19 pandemic, between September and December this year, the U.S. will lose nearly 2.5 million bpd of refining

U.S. bp executive resigns weeks after “abrupt” resignation of CEO Bernard Looney

October 2, 2023

World Oil (Bloomberg) – bp Plc.’s U.S. President David Lawler is leaving the British oil giant, becoming the second top executive to quit this month after Chief Executive Officer Bernard Looney abruptly resigned. Lawler, who had been with bp for nine years, “has notified us of his intent to pursue new career opportunities outside of bp,” according to a memo to

OPEC+ on alert as World Bank slashes China’s growth forecasts

October 2, 2023

Oil Price OPEC+ continues to work to balance oil markets, cautiously eyeing China growth, the UAE Minister of Energy told a conference just two days ahead of the alliance’s October 4 ministerial panel meeting. “Many dynamics are moving on and we hope that the growth in China picks up … because the whole world economy is dependent on China,” UAE

Eni makes massive natural gas discovery offshore Indonesia

October 2, 2023

World Oil (WO) – Eni announced a significant natural gas discovery from the Geng North-1 exploration well drilled in North Ganal PSC, about 85 km offshore East Kalimantan in Indonesia. Preliminary estimates indicate a total structure discovered volume of 5 trillion cubic feet (Tcf) of natural gas in place with a content of condensate estimated up to 400 MMbbl. The

Oil investors turn cautious away from Cushing squeeze: Kemp

October 2, 2023

Nasdaq LONDON – Portfolio investors appear to have finished their petroleum buying as benchmark crude prices climbed towards $100 per barrel, prompting concerns about the trade becoming crowded and some profit-taking. Hedge funds and other money managers sold the equivalent of 25 million barrels in the six most important petroleum futures and options contracts over the seven days ending

Challenges escalate for the wind energy industry

October 2, 2023

Oil Price Europe and the United States risk missing their ambitious wind power installation targets as soaring costs, supply chain delays, and low electricity prices at auctions hamper development and lead to a cancelation of offshore wind projects. Government targets were very ambitious even before the perfect storm in the wind power industry this year. Now, those targets could be

U.S. oil production approaches record as Permian output reaches “all-time” high

October 2, 2023

World Oil (Bloomberg) – U.S. crude oil production reached the second-highest level on record in July as output from Texas’s Permian basin soared to an all-time high. The nation’s production rose to 12.991 MMbpd, the highest since a peak of 13 MMbpd in November 2019, according to data from the Energy Information Administration. Most of the gain came from Texas, where

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