Oil Daily | China Boosts 2025 Crude Import Quotas; Senegal Oil Project Spurs 8.9% GDP Growth
Tuesday, Dec 31, 2024 7:01 am ET
1min read 【Global Oil Supply and Demand】
Northwest Europe is preparing for the coldest winter period, coinciding with the expiration of the Russian gas transit deal via Ukraine. The cold spell is anticipated to increase gas demand, while European gas storage is depleting rapidly. The UK and Germany have issued weather warnings, and tensions are high over unresolved transit agreements.
Senegal's GDP surged by 8.9% in Q3 2024, following the launch of its first oil project, the Sangomar Field. The field's deepwater project includes a production facility capable of 100,000 bpd. Another boost is expected in early 2025 with the first LNG shipment from the Greater Tortue Ahmeyim project operated by BP.
China has issued a second batch of crude oil import quotas for 2025 to independent refiners, totaling 152.49 million metric tons. This move could spur purchases in 2025, especially if oil prices remain low. China's crude imports rose in November after months of weak demand due to economic factors.
【Oil-Producing Countries Dynamics】
Ukraine has refused to extend its gas transit deal with Russia, potentially affecting gas supplies to Central Europe. With the deal expiring on December 31, tensions escalate as Slovakia threatened to suspend electricity deliveries to Ukraine in response to its decision.
Turkey is addressing Syria's energy supply shortages and is planning to provide electricity and explore energy cooperation, including oil and natural gas resources utilization. Turkey has signaled interest in reviving Syria's oil and gas production and is considering new pipeline projects between the two countries.
【Company News】
Cheniere Energy's Corpus Christi Stage 3 Liquefaction Project has started LNG production from its first train, achieving 76% overall project completion. The project is anticipated to be substantially complete by the first quarter of 2025, with a capacity of over 10 million mtpa of LNG.
Eni has begun Phase 2 production at the Baleine field offshore Cote d'Ivoire, increasing output to 60,000 bpd and 70 million cubic feet of gas. Eni plans further expansion with Phase 3, potentially boosting production to 150,000 bpd and 200 million cubic feet of gas, consolidating Cote d'Ivoire's role as a regional energy hub.
【Others】
The U.S. Energy Department warned that unrestricted LNG exports could lead to increased domestic energy prices. The report highlights the risk of global price volatility impacting U.S. consumers and manufacturers, especially with current rising natural gas prices and increased export plant activity.
Northwest Europe is preparing for the coldest winter period, coinciding with the expiration of the Russian gas transit deal via Ukraine. The cold spell is anticipated to increase gas demand, while European gas storage is depleting rapidly. The UK and Germany have issued weather warnings, and tensions are high over unresolved transit agreements.
Senegal's GDP surged by 8.9% in Q3 2024, following the launch of its first oil project, the Sangomar Field. The field's deepwater project includes a production facility capable of 100,000 bpd. Another boost is expected in early 2025 with the first LNG shipment from the Greater Tortue Ahmeyim project operated by BP.
China has issued a second batch of crude oil import quotas for 2025 to independent refiners, totaling 152.49 million metric tons. This move could spur purchases in 2025, especially if oil prices remain low. China's crude imports rose in November after months of weak demand due to economic factors.
【Oil-Producing Countries Dynamics】
Ukraine has refused to extend its gas transit deal with Russia, potentially affecting gas supplies to Central Europe. With the deal expiring on December 31, tensions escalate as Slovakia threatened to suspend electricity deliveries to Ukraine in response to its decision.
Turkey is addressing Syria's energy supply shortages and is planning to provide electricity and explore energy cooperation, including oil and natural gas resources utilization. Turkey has signaled interest in reviving Syria's oil and gas production and is considering new pipeline projects between the two countries.
【Company News】
Cheniere Energy's Corpus Christi Stage 3 Liquefaction Project has started LNG production from its first train, achieving 76% overall project completion. The project is anticipated to be substantially complete by the first quarter of 2025, with a capacity of over 10 million mtpa of LNG.
Eni has begun Phase 2 production at the Baleine field offshore Cote d'Ivoire, increasing output to 60,000 bpd and 70 million cubic feet of gas. Eni plans further expansion with Phase 3, potentially boosting production to 150,000 bpd and 200 million cubic feet of gas, consolidating Cote d'Ivoire's role as a regional energy hub.
【Others】
The U.S. Energy Department warned that unrestricted LNG exports could lead to increased domestic energy prices. The report highlights the risk of global price volatility impacting U.S. consumers and manufacturers, especially with current rising natural gas prices and increased export plant activity.
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