Oil Daily | Rosneft-Reliance Deal Boosts Russian Oil Exports as Canada Increases Output Amid Challenges
Friday, Dec 13, 2024 7:00 am ET
2min read 【Latest Oil Policies】
The UK government is contemplating limiting community protests against wind and solar power projects. The proposal restricts opponents to one judicial review per project, aiming to expedite planning and reduce infrastructure development delays, aligning with domestic and international legal obligations for a net-zero energy grid by 2030.
Norway's ruling and opposition parties plan to campaign for cutting off an interconnector with Denmark and renegotiating electricity interconnections with the EU and the UK. This move is a response to soaring Norwegian power prices, driven by EU power price spikes despite Norway's reliance on abundant hydro resources.
The European Commission maintains stringent vehicle emission regulations despite pressure from the European People's Party to ease them. The regulations, set to phase out sales of CO2-emitting cars by 2035, face criticism from the auto industry regarding the 2025 emission reduction targets, with no plans to weaken the rules.
The largest U.S. solar industry association has aligned its priorities with Trump’s promises for American energy dominance and job creation. The Solar Energy Industries Association's agenda emphasizes energy freedom and manufacturing while omitting climate change references, reflecting a strategic shift under the upcoming administration.
【Oil-Producing Countries Dynamics】
Canadian oil producers plan to increase output despite political challenges and a proposed federal cap on oil production by 2030. Major players like Cenovus, Imperial Oil, and Suncor are boosting production and capital expenditure, relying on expanded Trans Mountain pipeline capacity amid U.S. tariff threats.
Russia's state oil firm Rosneft has signed a significant 10-year crude supply deal with India's Reliance Industries, marking the largest such agreement between the countries. This move follows India becoming the leading importer of Russian oil, driven by discounted prices amid ongoing Middle East instability.
Saudi Arabia plans to ship the highest amount of crude oil to China in January for three months, prompted by two months of price cuts and increased demand from Chinese refiners. The Kingdom's decision reflects market adjustments following weakened demand and price reductions for Middle Eastern crude.
【Industry News】
Brazil's Petrobras has signed a $2.8 billion agreement to build and charter 12 new support vessels for its offshore platforms, as part of its strategic modernization plan through 2029, involving $111 billion in investments and robust dividend commitments to shareholders.
【Others】
As Donald Trump’s potential presidency looms, Canada is considering export taxes on key commodities like uranium, oil, and potash, affecting U.S. industries reliant on these resources. The move, criticized by Canada's Western provinces, highlights political tensions as Canada navigates its reliance on the U.S. and rising Chinese influence.
Diesel prices are expected to rise next year due to planned closures of refineries in the U.S. and Europe. This reduction in refining capacity could support diesel margins in 2025, driven by demand recovery and structural shifts in global fuel needs amid increasing electric vehicle adoption.
The UK government is contemplating limiting community protests against wind and solar power projects. The proposal restricts opponents to one judicial review per project, aiming to expedite planning and reduce infrastructure development delays, aligning with domestic and international legal obligations for a net-zero energy grid by 2030.
Norway's ruling and opposition parties plan to campaign for cutting off an interconnector with Denmark and renegotiating electricity interconnections with the EU and the UK. This move is a response to soaring Norwegian power prices, driven by EU power price spikes despite Norway's reliance on abundant hydro resources.
The European Commission maintains stringent vehicle emission regulations despite pressure from the European People's Party to ease them. The regulations, set to phase out sales of CO2-emitting cars by 2035, face criticism from the auto industry regarding the 2025 emission reduction targets, with no plans to weaken the rules.
The largest U.S. solar industry association has aligned its priorities with Trump’s promises for American energy dominance and job creation. The Solar Energy Industries Association's agenda emphasizes energy freedom and manufacturing while omitting climate change references, reflecting a strategic shift under the upcoming administration.
【Oil-Producing Countries Dynamics】
Canadian oil producers plan to increase output despite political challenges and a proposed federal cap on oil production by 2030. Major players like Cenovus, Imperial Oil, and Suncor are boosting production and capital expenditure, relying on expanded Trans Mountain pipeline capacity amid U.S. tariff threats.
Russia's state oil firm Rosneft has signed a significant 10-year crude supply deal with India's Reliance Industries, marking the largest such agreement between the countries. This move follows India becoming the leading importer of Russian oil, driven by discounted prices amid ongoing Middle East instability.
Saudi Arabia plans to ship the highest amount of crude oil to China in January for three months, prompted by two months of price cuts and increased demand from Chinese refiners. The Kingdom's decision reflects market adjustments following weakened demand and price reductions for Middle Eastern crude.
【Industry News】
Brazil's Petrobras has signed a $2.8 billion agreement to build and charter 12 new support vessels for its offshore platforms, as part of its strategic modernization plan through 2029, involving $111 billion in investments and robust dividend commitments to shareholders.
【Others】
As Donald Trump’s potential presidency looms, Canada is considering export taxes on key commodities like uranium, oil, and potash, affecting U.S. industries reliant on these resources. The move, criticized by Canada's Western provinces, highlights political tensions as Canada navigates its reliance on the U.S. and rising Chinese influence.
Diesel prices are expected to rise next year due to planned closures of refineries in the U.S. and Europe. This reduction in refining capacity could support diesel margins in 2025, driven by demand recovery and structural shifts in global fuel needs amid increasing electric vehicle adoption.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.
