Saturday, July 13, 2024
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RIYADH: Oil prices edged higher on Tuesday, spurred by worries about political instability in Russia, possible supply disruptions and hopes of US demand ahead of the summer driving season. Brent crude futures climbed 67 cents to $74.85 a barrel at 9:13 a.m. Saudi time. US West Texas Intermediate futures rose 73 cents to $70.10 a barrel. 

On Monday, Brent climbed 0.5 per cent and the WTI 0.3 per cent. A clash between Moscow and Russian mercenary group Wagner was averted on Saturday after the heavily armed mercenaries withdrew from the southern city of Rostov under a deal that halted their rapid advance on the capital. Oil fell about 3.6 per cent last week on worries that further interest rate hikes by the US Federal Reserve could sap demand as China’s economic recovery disappointed investors.

Petronas expects domestic oil and gas output to peak by 2024 

Malaysia’s state energy firm Petronas sees its domestic oil and gas production peaking at about 2 million barrels of oil equivalent per day by 2024, its exploration executives said on Tuesday. About 60-70 per cent of its production is natural gas and will remain so going forward, Adif Zulkifli, executive vice president and CEO upstream, said at the Energy Asia conference.

“We continue to look for more gas portfolio, but of course, there is a commitment in Malaysia. I think we need to continue to do some oil exploration to fill up our refineries,” he added. According to Mohamed Firouz Asnan, senior vice president of Petronas, the company also aims to expand its overseas portfolio to 700,000 boepd by 2024 as it ramps up output from its Canada liquified natural gas joint venture.

He said that the combined 2.7 million boepd of domestic and overseas production will be maintained until 2030. In its fourth-quarter earnings announcement, Petronas recorded an average production of 2.4 million boepd in 2022, including domestic and overseas output. The company also owns 25 per cent of the 14 million metric tons per year LNG Canada project in Kitimat, British Columbia, led by Shell.

Guyana is not interested in joining OPEC 

Nascent oil producer Guyana is not interested in joining the Organization of the Petroleum Exporting Countries, Guyanese Vice President Bharrat Jagdeo said on Monday, as the South American country looks to boost production and attract new operators. Guyana, one of the fastest-growing crude-oil producers in the world since it began producing oil commercially in 2019, has been invited to attend OPEC’s international seminar in July, Jagdeo said, but there was no invitation to join the cartel.

“We were not formally invited to join OPEC. That is not something we are interested in. We have been invited, however, to participate in OPEC meetings,” Jagdeo told. The Ministry of Natural Resources said the country was invited to attend the July meeting in Vienna and participate in a ministerial panel on diversifying energy economies.

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