London, 29 April 2024, (Oilandgaspress): –OPEC Secretary General, HE Haitham Al Ghais, wrote an opinion piece for the media platform Middle East Economic Survey (MEES) entitled “It’s about reducing emissions, not oil demand”, in which he challenged recent narratives alluding to “the end of oil”.
The Secretary General also noted that such assertions lack credible evidence and may jeopardize global energy security. Read More
Exports of South Sudan’s Dar blend, a heavy sweet crude grade for VLSFO blending, slowed to a halt in March, after a force majeure was declared in February due to damage to a pipeline connecting South Sudan to Sudan. In the global crude market, the share of heavy crude loadings fell from 15.5% last October to 13.9% in March this year, the lowest since at least 2016. Conversely, the share of light crude loadings increased from 30.4% to 32.2% in the same period. The supply landscape has shifted towards lighter grades as US producers have been increasing output amidst cutback of heavy-sour barrels from OPEC+ producers.
Overall, the combination of tighter heavy crude and fuel oil supplies, as well as seasonal rise in power generation demand is expected to push up fuel oil cracks in the weeks ahead. Read More
Saudi Aramco could raise later this week the price of Arab Light for Asia in June by $0.70-$0.90 to nearly a $3.00 a barrel premium over the Oman/Dubai average, the benchmark off which Middle Eastern crude going to Asia is priced, according to the survey. This would be the third consecutive month of rising official selling prices (OSPs) from the Saudis and the highest premium of Arab Light to Oman/Dubai since January this year.. Read More
Dana Gas has suspended operations at its Khor Mor gas field in Iraq’s Kurdistan region following a drone attack on its site on April 26, according to a company statement on Monday on the Abu Dhabi Stock Exchange. On Friday, a drone attack hit its condensate storage tank at it Khor Mor site, resulting in four fatalities, along with eight employees of its contractors suffering “minor injuries” while repairing the tank, the statement read. “Although there was very minor damage to the facilities, for the safety of all our staff and the facilities, we have temporarily suspended production and instituted specific procedural changes,” Dana Gas further stated on April 29. The company said it was “fully engaged” with the Kurdistan Regional Government and the Federal Government of Iraq to bring those responsible to justice, while looking at enhancing security and defence measures to allow the resumption of production at the Khor Mor gas facility. Read More
The US imposed new sanctions on Iran’s oil sector as part of the $95-billion foreign aid package passed by the House and Senate and signed by President Biden on Apr. 24. The sanctions aim to reduce Iran’s oil trade with China, which has grown in the past year. The broadened sanctions target Chinese banks that conduct transactions involving Iranian crude and products. They also now include foreign refineries, vessels, and ports that knowingly process, transfer, or ship crude oil in violation of existing sanctions. Ships that violate the ban would be barred from US ports for 2 years. The new law requires the Biden administration to conduct an annual assessment of Iran’s oil exports. Read More
Unifly, a key player in the Unmanned Aircraft System Traffic Management (UTM) technology landscape, is proud to announce its collaboration with Terra Drone Corporation and Aloft Technologies Inc. in the development of a global UAS Traffic Management (UTM) infrastructure that kickstarts the Advanced Air Mobility (AAM) industry worldwide. This partnership marks the first collaboration among multiple UTM leaders, pooling together expertise from Unifly, Aloft and Terra Drone. Anchored by Terra Drone’s strategic investments in Unifly and Aloft, this partnership represents a significant milestone in the evolution of UTM for AAM, bringing together leading expertise from multiple industry leaders. As a group, the three companies are driven by a shared vision: to ensure the safe and efficient coexistence of aircraft, drones, and electric vertical take-off and landing (eVTOL) aircraft in daily life. Central to the common mission is the recognition of the indispensable role of UTM. By leveraging their profound expertise and extensive track records in UTM across diverse regions, this alliance represents a unified effort to establish a global standard for UTM in AAM worldwide. The announcement unveiled at the prestigious XPONENTIAL 2024 expo in San Diego, showcases the commitment of the three companies to advancing UTM technologies for the future of aerial transportation. Read More
SPARX Group Co., Ltd. announced that its subsidiary SPARX Asset Management Co., Ltd. (SAM) established the Space Frontiers Second Fund. Seven companies have decided to back the Fund as limited partners: Toyota Motor Corporation; MUFG Bank, Ltd.; Sumitomo Mitsui Banking Corporation; Mizuho Bank, Ltd.; Mitsubishi Heavy Industries, Ltd.; Sumitomo Mitsui Trust Bank; and Development Bank of Japan Inc. Following the model the Space Frontiers Fund launched in June 2020, the Second Fund aims to support human resources and technology development in space-related industries, foster globally competitive Japanese space companies, and contribute to technological innovation throughout Japan. An outline of the new Fund Read More
UNESCO, the Moroccan government, and Huawei just launched a new initiative in Morocco to boost the digital skills of 10,000 literacy teachers by 2025. Although digital skills are a key to literacy teaching in the twenty-first century, many literacy educators have limited ability to use technology for impact in their teaching. This is what the new initiative aims to address. The new program, launched on 23 April 2024, combines the efforts of the UNESCO Institute for Lifelong Learning (UIL), the UNESCO Regional Office for the Maghreb, and the Moroccan National Agency for the Fight against Illiteracy (ANLCA), with support from Huawei.. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $82.98 | Down |
| Crude Oil (Brent) | USD/bbl | $88.50 | Down |
| Bonny Light | USD/bbl | $90.15 | Up |
| Saharan Blend | USD/bbl | $89.62 | Up |
| Natural Gas | USD/MMBtu | $2.01 | Up |
| Murban Crude | USD/bbl | $88.65 | Down |
| OPEC basket 26/04/24 | USD/bbl | $89.19 | Up |
Baker Hughes Rig Count: : U.S. -6 to 613 Canada -9 to 118
U.S. Rig Count is down 6 from last week to 613 with oil rigs down 5 to 506, gas rigs down 1 to 105 and miscellaneous rigs unchanged at 2
Canada Rig Count is down 9 from last week to 118, with oil rigs down 4 to 56, and gas rigs down 5 to 62.
International Rig Count is up 13 rigs from last month to 971 with land rigs up 1 to 736, offshore rigs up 12 to 235.
The Worldwide Rig Count for March was 1,793, down 20 from the 1,813 counted in February 2024, and down 86,from the 1,878 counted in March 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 26 April 2024 | 613 | -6 |
| Canada | 26 April 2024 | 118 | -9 |
| International | March 2024 | 971. | +13 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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