🇸🇦 #Saudi @Aramco CFO al-Murshed says no slowdown at development of the Marjan and Zuluf projects - projects that were part of the road to 13mn b/d capacity, but will now help consolidate the 12mn b/d.

Marjan to add 300k b/d to output in 2025
Zuluf to add 600k b/d in 2026. #oott

Shell agrees to sell 500,000 b/d Singapore refinery and petchem assets to Glencore and Indonesia's Chandra Asri: Reuters

Russia's Novak: There are no discussions about oil output increases at OPEC+ energyexch.com/news/1282624-r… #OOTT

Qatar is making a fortune on LNG

Now Saudi Arabia wants some of the action

#API Inv
#Crude : +0.509M
#Cushing : +1.339M
#Gasoline : +1.460M
#Diesel : +1.713M

#OOTT Lets see what EIA's have to say. Building products normal this time of year. oh wait. maybe it's not. Horb liquidation up front. Both cracks could be under pressure if we continue to build

Join Tracy (𝒞𝒽𝒾 ) to discuss Pac-Asia energy with special guests Velina Tchakarova Tarric Brooker aka Avid Commentator 🇦🇺 Tony Nash and Vandana Hari twitter.com/i/spaces/1OwxW…

Japan's 6th Strategic Energy Plan aims to boost non-fossil fuel sources, including nuclear, to 59% of its energy mix by 2030, up from 31% in 2022.
Fossil fuel generation is expected to drop from 69% to 41%. #EnergyTransition #Japan2030
⁦EIA⁩ eia.gov/todayinenergy/…

$OXY Occidental eyes over $1bn from Permian basin assets sale

Occidental Petroleum is exploring a sale of its assets in the Permian basin’s Barilla Draw region, which could garner over $1bn, reported Reuters, citing sources.

The sale is part of the company’s wider strategy to…

Oil production at #Kazakhstan 's Tengiz down by a quarter in early May, source says
#oott

marketscreener.com/quote/stock/CH….

Aramco’s Q1 results are out: Net income is at $27.27 billion, down from $31.88 billion in Q1 2023. #OOTT #Aramco

🇷🇺RUSSIA TO WEST: IF YOU SEND TROOPS TO UKRAINE, IT’S WAR

Dmitry Medvedev, deputy chair of the Russian Security Council, issued the stark warning after Macron said he would consider sending troops to Ukraine “if the Russians were to break through the front lines, if there were a…

US services activity fell into contraction territory in April for the first time in over a year.

The ISM services PMI index fell to 49.4 in April from 51.4 in March, way below expectations of 52.0.

Excluding December 2022, this is the lowest print since the 2020 pandemic crash.…

$XOM “Guyana arbitration likely to run into 2025” “We are not interested in buying $HES we are confirming our rights to the (Stabroek) asset” #EFT $CVX

To Safely Transit the Red Sea, Shadow a Chinese Ship

AND the winner for the worst strategy to get ships through the #RedSea and past the #Houthis has to be this idea.

sgq.io/VZStMwS

While anecdotal, this fits our data on Chinese consumption.

The slowdown is real so be careful with certain commodity import data as they can send false signals about consumers or end-users’ confidence.

Instead they tell the story of a planning economy in which CEOs try to…

EU proposes first sanctions on #Russia ’s LNG sector

Until now, the EU hasn’t targeted Moscow’s lucrative gas sector. The proposed sanctions would hit about a quarter of Russia’s LNG revenues

politico.eu/article/eu-pro…

Global LNG market could remain tight through 2025, delaying an expected supply glut by at least a year

🚧 Worker shortage risk US project delays
🚢 Egypt & Indonesia face falling output and higher domestic demand
📈 Demand recovery in parts of Asia/Europe
bloomberg.com/news/newslette…

🚨 Robusta coffee prices at a 45-year high 🚨

📈 Wholesale prices +17% during April to the strongest since 1979 (luckily this might be the peak)
🇻🇳 Vietnam, the world’s top robusta producer, “continues to face supply difficulties” after poor harvests

bloomberg.com/news/articles/…

Aramco raising its June OSPs to Asia / Europe #OOTT

Occidental explores sale of Permian assets worth over $1 billion, sources say #oott reuters.com/markets/deals/…