Oil Daily | Apache to Exit UK North Sea by 2030 Amid Windfall Tax; Iran's Exports Threatened by Tensions

【Oil-Producing Countries Dynamics】

U.S. oil producer Apache will cease production in the UK North Sea by 2030 due to the windfall tax, finding it uneconomical. UK North Sea operators face a higher windfall tax of 38% from November 2024, expiring in 2030, causing companies to reconsider their operations in the region.

The Iraqi Parliament will discuss a new oil export bill, seeking agreement between the federal government and Kurdistan. Kurdistan's oil production has been halted due to a legal dispute over revenues and export rights. The International Chamber of Commerce ruling favors Iraq, impacting oil exports from Kurdistan.

Donald Trump plans to renew the 'maximum pressure' campaign against Iran, threatening to stifle Iranian oil exports. This policy could raise oil prices but also slow global economic growth. Iran's oil exports to China might be affected, as China is a major customer of Iranian crude.

【Industry News】

The Angola LNG project, commissioned over a decade ago with $12 billion investment, is considering expansion with a new processing unit. The consortium, including Chevron and TotalEnergies, plans to ramp up gas supply. The project aims to meet demand in Asia and Europe and operate at full capacity.

【Others】

Iranian oil exports fell in October due to regional tensions and anticipation of Israeli retaliation, dropping by 200,000 to 350,000 barrels per day. Analysts note Iran has offered crude to China's independent refiners at narrower discounts, with China being Iran's main oil customer, purchasing over 90% of its exports.