October 30, 2020

Market and Financial News Aggregator

Saudi Oil Volumes to US Could Stay Low

2 min read

This article was first published on Rigzone here

Less crude oil produced in Saudi Arabia appears to be reaching the United States, and the trend shows no sign of abating. That was one of the key themes popular among Rigzone’s downstream readership this past week. Read on for more about this and other hot topics in the downstream.

Saudi Cutting Oil Deliveries to US

Based on cargo data from last week, Saudi oil shipments to the United States are at their lowest point in decades, Bloomberg reported. According to the news agency, the latest development conveys the message to the oil market that Saudi Arabia is working to tighten crude supply. Bloomberg also stated that recent oil tanker loading trends in the Kingdom suggest that lower Saudi oil imports to the U.S. will continue.

Exxon Faces Greater Demands from Papua New Guinea

Papua New Guinea (PNG) Prime Minister James Marape is taking a hard line on increasing his country’s share of benefits from multinational energy and mining companies. One such firm on the receiving end of Marape’s demands is Exxon Mobil Corp., a partner in the PNG LNG project.  The prime minister contends the state should receive 60 to 65 percent of revenue from future projects – compared to 40 percent from recent petroleum ventures.

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Africa’s Riches Man Bets on Oil Refinery

Nigerian billionaire Alike Dangote aims to help his country, an OPEC member, achieve something it has sought for decades: becoming self-sufficient in producing motor fuels. Under his plan to build what would rank among the world’s largest refineries by processing capacity, Dangote could help his country to wean itself off importing $7 billion of fuels per year, this article from Bloomberg states. Although the facility could mark a dramatic shift for Nigeria’s role in Africa’s fuel market, the project has experienced considerable delays and faces formidable market challenges, the news agency stated.

To contact the author, email mveazey@rigzone.com.

 

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2020-09-06 06:32:43


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