Oil Daily | Czech Republic to Cut Russian Oil Imports by 2025; Russia May Lift Gasoline Export Ban
Saturday, Nov 23, 2024 7:00 am ET
1min read 【Oil-Producing Countries Dynamics】
The Czech Republic plans to eliminate Russian oil imports by July 2025, contingent on a $60 million upgrade to the Trans Alpine TAL pipeline. This shift aligns with the EU's effort to decrease reliance on Russian energy, albeit challenges include the need for private sector investment and existing exemptions. The Druzhba pipeline remains as a backup.
Russia is considering lifting its gasoline export ban earlier than the end of the year due to stable domestic fuel prices, said Deputy Prime Minister Alexander Novak. The government initially extended the ban to ensure domestic supply stability amid scheduled refinery repairs, but now believes the market can support lifting restrictions.
OPEC plans to hold its December meeting online to discuss production levels. The group has already postponed adding oil supply until January 2025 due to weaker-than-expected demand. Analysts anticipate a potential delay in supply additions, as deepening cuts to support prices remains unpopular among producers, despite rising non-OPEC supply.
【Company News】
Texas Pacific Land will replace Marathon Oil in the S&P 500 index on November 26 as Marathon Oil is being acquired by ConocoPhillips. Texas Pacific, a major landowner in Texas, reported rising revenues from oil and gas royalties. Meanwhile, ConocoPhillips aims to close the Marathon acquisition and exceed synergy targets.
Petrobras aims to distribute $45 billion-$55 billion in dividends by 2029, supported by robust cash flow. The plan includes $111 billion in total investments through 2029, focusing on profitable assets and boosting natural gas supply. Petrobras will continue its commitment to shareholder remuneration while maintaining financial sustainability.
The Czech Republic plans to eliminate Russian oil imports by July 2025, contingent on a $60 million upgrade to the Trans Alpine TAL pipeline. This shift aligns with the EU's effort to decrease reliance on Russian energy, albeit challenges include the need for private sector investment and existing exemptions. The Druzhba pipeline remains as a backup.
Russia is considering lifting its gasoline export ban earlier than the end of the year due to stable domestic fuel prices, said Deputy Prime Minister Alexander Novak. The government initially extended the ban to ensure domestic supply stability amid scheduled refinery repairs, but now believes the market can support lifting restrictions.
OPEC plans to hold its December meeting online to discuss production levels. The group has already postponed adding oil supply until January 2025 due to weaker-than-expected demand. Analysts anticipate a potential delay in supply additions, as deepening cuts to support prices remains unpopular among producers, despite rising non-OPEC supply.
【Company News】
Texas Pacific Land will replace Marathon Oil in the S&P 500 index on November 26 as Marathon Oil is being acquired by ConocoPhillips. Texas Pacific, a major landowner in Texas, reported rising revenues from oil and gas royalties. Meanwhile, ConocoPhillips aims to close the Marathon acquisition and exceed synergy targets.
Petrobras aims to distribute $45 billion-$55 billion in dividends by 2029, supported by robust cash flow. The plan includes $111 billion in total investments through 2029, focusing on profitable assets and boosting natural gas supply. Petrobras will continue its commitment to shareholder remuneration while maintaining financial sustainability.
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