Oil Daily | Saudi Arabia Boosts Oil Supply to China Amid Price Cuts; Libya Faces Export Challenges
Friday, Sep 13, 2024 8:00 am ET
1min read 【Latest Oil Policies】
EU electricity exports to Ukraine surged post-Russian grid strikes, causing Southeastern Europe’s prices to rise, noted Greece’s PM in a letter. Mitsotakis called for better market oversight, citing price increase from 60 to 130 euro per MWh. Contributing factors include low rainfall and outages. Mario Draghi also highlighted electricity costs impacting EU business competitiveness.
The U.S. Federal Energy Regulatory Commission extended Eagle LNG Partners' deadline by five years for a small-scale LNG export facility in Jacksonville, Florida, due to supply chain issues and pandemic impacts. The project faces delays without a final investment decision, reflecting broader regulatory challenges in larger LNG projects.
【Industry News】
Refineries impacted by Hurricane Francine, including Exxon and Shell, are resuming operations with minimal damage. Marathon Petroleum's Garyville refinery status remains unclear amid power outages. Oil ports like Port of Corpus Christi are reopening, lifting hurricane-related restrictions. The season saw fewer storms than expected, challenging forecasters.
【Company News】
Scotland’s Grangemouth refinery will close in 2025 due to competition with new complexes in Asia and the Middle East. Owner Petroineos announced the site’s conversion to a fuel import terminal, affecting 400 jobs. The move aligns with trends of converting refineries for biofuels production, as seen with Shell and Eni in Europe.
【Oil-Producing Countries Dynamics】
Libya's crude exports may drop by 300,000 bpd in September, despite production recovery. Force majeure impacts the El Sharara and El Feel fields. Rising eastern exports offer little offset as political tensions threaten sector stability, with ongoing oil field shutdowns linked to banking disputes.
Saudi Arabia is set to increase oil supply to China in October after reducing prices for Asia due to weaker refining margins. The Kingdom plans to ship 46 million barrels, up from 43 million. Lower prices are anticipated to boost Chinese purchases amid lower global oil prices.
【Others】
Two private astronauts from a SpaceX capsule completed the first private spacewalk, highlighting the growing private space sector. SpaceX also launched satellites for methane tracking, emphasizing environmental monitoring. U.S. oil and gas methane emissions exceed targets, according to the Environmental Defense Fund, revealing climate challenges.
Gasoline prices in the U.S. are predicted to drop below $3 per gallon by October due to decreased demand, lower crude prices, and cheaper winter gasoline. This decline, especially in swing states, may positively influence the upcoming presidential election, benefiting Democratic candidate Kamala Harris.
China restricts EV technology export, urging domestic production of key parts before global assembly, reflecting concerns over technology outflow. Chinese EV makers are expanding abroad, driven by domestic market saturation. Despite European protectionism, Chinese EV sales soared, contrasting with Europe’s declining trend.
EU electricity exports to Ukraine surged post-Russian grid strikes, causing Southeastern Europe’s prices to rise, noted Greece’s PM in a letter. Mitsotakis called for better market oversight, citing price increase from 60 to 130 euro per MWh. Contributing factors include low rainfall and outages. Mario Draghi also highlighted electricity costs impacting EU business competitiveness.
The U.S. Federal Energy Regulatory Commission extended Eagle LNG Partners' deadline by five years for a small-scale LNG export facility in Jacksonville, Florida, due to supply chain issues and pandemic impacts. The project faces delays without a final investment decision, reflecting broader regulatory challenges in larger LNG projects.
【Industry News】
Refineries impacted by Hurricane Francine, including Exxon and Shell, are resuming operations with minimal damage. Marathon Petroleum's Garyville refinery status remains unclear amid power outages. Oil ports like Port of Corpus Christi are reopening, lifting hurricane-related restrictions. The season saw fewer storms than expected, challenging forecasters.
【Company News】
Scotland’s Grangemouth refinery will close in 2025 due to competition with new complexes in Asia and the Middle East. Owner Petroineos announced the site’s conversion to a fuel import terminal, affecting 400 jobs. The move aligns with trends of converting refineries for biofuels production, as seen with Shell and Eni in Europe.
【Oil-Producing Countries Dynamics】
Libya's crude exports may drop by 300,000 bpd in September, despite production recovery. Force majeure impacts the El Sharara and El Feel fields. Rising eastern exports offer little offset as political tensions threaten sector stability, with ongoing oil field shutdowns linked to banking disputes.
Saudi Arabia is set to increase oil supply to China in October after reducing prices for Asia due to weaker refining margins. The Kingdom plans to ship 46 million barrels, up from 43 million. Lower prices are anticipated to boost Chinese purchases amid lower global oil prices.
【Others】
Two private astronauts from a SpaceX capsule completed the first private spacewalk, highlighting the growing private space sector. SpaceX also launched satellites for methane tracking, emphasizing environmental monitoring. U.S. oil and gas methane emissions exceed targets, according to the Environmental Defense Fund, revealing climate challenges.
Gasoline prices in the U.S. are predicted to drop below $3 per gallon by October due to decreased demand, lower crude prices, and cheaper winter gasoline. This decline, especially in swing states, may positively influence the upcoming presidential election, benefiting Democratic candidate Kamala Harris.
China restricts EV technology export, urging domestic production of key parts before global assembly, reflecting concerns over technology outflow. Chinese EV makers are expanding abroad, driven by domestic market saturation. Despite European protectionism, Chinese EV sales soared, contrasting with Europe’s declining trend.
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