Oil Daily | US Court Delays Citgo Auction Decision, Moscow Extends Gasoline Export Ban, Sarawak Gains Gas Control
Thursday, Aug 1, 2024 8:00 am ET
1min read BP --
HES --
SHEL --
**Oil-Producing Countries Dynamics**
The U.S. court overseeing the auction of Venezuela's PDV Holding, the parent company of Citgo Petroleum, has requested an additional three weeks to evaluate bids, pushing the decision deadline to August 22. The auction aims to compensate creditors and claimants for asset nationalization and debts.
Moscow has announced it will extend its ban on gasoline exports from August to October to offset domestic demand growth. Russian seaborne oil exports have declined, affecting buyers like China and India but are expected to rebound slightly in September.
Sarawak, Malaysia's largest state, is set to take control of its natural gas assets, seeking more autonomy from the federal government and its oil giant Petronas. This move could lead to additional discussions regarding revenue sharing and operations control.
**Latest Oil Policies**
The European Union’s Energy Poverty Alleviation Framework needs swift implementation to aid vulnerable communities. The framework aims to reduce energy use and transition away from oil and gas, redefining energy poverty in the process.
**Industry News**
Commodity trading major Gunvor has acquired 50% of a biofuels project in the Netherlands as it pushes for diversification despite weakening demand for biofuels. This contrasts with the recent pullback by Shell and BP from biofuels due to demand trends.
German energy giant Uniper has raised its earnings outlook for 2024 after reporting stronger-than-expected financial figures for the first half of the year, despite having been bailed out by the German government in 2022.
**Company News**
Hess Corp. reported impressive second-quarter earnings, largely due to its stake in the Guyana oilfield. The company saw a 27.6% increase in production and a significant rise in net income, though it expects a fall in current-quarter production due to planned downtime.
The U.S. Oil & Gas sector is producing eight times the volume of methane many operators pledged to achieve by 2030, according to a study by the Environmental Defense Fund. This has raised concerns about methane’s potent greenhouse gas effects.
Indian Oil Corporation saw its net profit for the first quarter of the 2024/2025 fiscal year plummet by 81% due to lower refining and marketing margins. State-held refiners Hindustan Petroleum and Bharat Petroleum also reported significant drops in profits.
The U.S. court overseeing the auction of Venezuela's PDV Holding, the parent company of Citgo Petroleum, has requested an additional three weeks to evaluate bids, pushing the decision deadline to August 22. The auction aims to compensate creditors and claimants for asset nationalization and debts.
Moscow has announced it will extend its ban on gasoline exports from August to October to offset domestic demand growth. Russian seaborne oil exports have declined, affecting buyers like China and India but are expected to rebound slightly in September.
Sarawak, Malaysia's largest state, is set to take control of its natural gas assets, seeking more autonomy from the federal government and its oil giant Petronas. This move could lead to additional discussions regarding revenue sharing and operations control.
**Latest Oil Policies**
The European Union’s Energy Poverty Alleviation Framework needs swift implementation to aid vulnerable communities. The framework aims to reduce energy use and transition away from oil and gas, redefining energy poverty in the process.
**Industry News**
Commodity trading major Gunvor has acquired 50% of a biofuels project in the Netherlands as it pushes for diversification despite weakening demand for biofuels. This contrasts with the recent pullback by Shell and BP from biofuels due to demand trends.
German energy giant Uniper has raised its earnings outlook for 2024 after reporting stronger-than-expected financial figures for the first half of the year, despite having been bailed out by the German government in 2022.
**Company News**
Hess Corp. reported impressive second-quarter earnings, largely due to its stake in the Guyana oilfield. The company saw a 27.6% increase in production and a significant rise in net income, though it expects a fall in current-quarter production due to planned downtime.
The U.S. Oil & Gas sector is producing eight times the volume of methane many operators pledged to achieve by 2030, according to a study by the Environmental Defense Fund. This has raised concerns about methane’s potent greenhouse gas effects.
Indian Oil Corporation saw its net profit for the first quarter of the 2024/2025 fiscal year plummet by 81% due to lower refining and marketing margins. State-held refiners Hindustan Petroleum and Bharat Petroleum also reported significant drops in profits.