It is unlikely that there will be trend changes in both supply and demand in the short term, and it is difficult for international oil prices to fall sharply. However, factors such as geopolitical risks, the US presidential election, and the adjustment of the OPEC+ production policy may cause major short-term fluctuations in international oil prices. Since the beginning of July, international oil prices have gone through a wave of volatility after surging and falling.From the intraday low of US887.95/barrel on July 5th to the low of US775.05/barrel on August 5th, the maximum drop was close to 15%, and then it fluctuated repeatedly in the range of US775~82/barrel, which triggered the market's concern about the sharp decline in oil prices this year. Pessimistic demand growth expectations have led to a decline in international oil prices In mid-August, OPEC lowered...

According to reports, Singapore will soon provide refiners and petrochemical companies with up to 76% carbon tax refunds for planned carbon taxes in 2024 and 2025 to help these companies ease cost pressures.In the increasingly fierce competition with competitors in other regions, tax incentives will provide an important buffer for refiners' profit margins. According to data from Fei's Global Energy Consulting Company and Wood Mackenzie, calculated at an emission tax rate of US225 per ton, the cost of carbon tax for refineries is estimated to be between 80 cents and US11 per barrel of crude oil, accounting for nearly a quarter of the current profits of Singapore refineries. According to the new carbon emission tax rate that took effect at the beginning of the year in Singapore, before 2025, companies with annual carbon emissions of more than 25,000 tons will be required ...

According to the latest news from the World Energy Network, after experiencing setbacks caused by supply chain disruptions and quality problems of large turbines, large wind power companies around the world are working hard to return to profitability.The financial performance of Denmark's Ørsted Energy and Vestas has shown positive signs of improvement, while Germany's Siemens Gamesa is undergoing restructuring to promote the development of the wind power business on the basis of solving quality problems.Global demand for wind power remains strong, but in the long run, wind power companies must prioritize systematic testing of equipment to ensure its quality and meet the challenges posed by supply chain fluctuations. In the past few years, the wind power industry has been in trouble due to supply chain and wind power equipment quality control issues.Now, global wind...

Recently, Indonesia provided five onshore and offshore oil and gas blocks in its first tender this year to reverse the continued decline in oil and gas production. Indonesia was once a net oil exporter, but its hydrocarbon production has declined due to the depletion of natural resources and insufficient new exploration.According to statistics released by the U.S. International Trade Agency, Indonesia's oil production has been declining at an average annual rate of 11%. Reuters mentioned in the report: "In order to meet energy needs, considering that Indonesia still has a large number of undeveloped oil and gas reserves, Indonesia is currently focusing on exploring new oil and gas basins.”Indonesia has 128 basins with oil and gas resources, of which 68 have not yet been explored. Earlier this year, an Indonesian government official said that Indonesia plans to pro...

On April 24th, China National Petroleum Engineering and Construction Co., Ltd. and Shandong Electric Power Construction Company, a subsidiary of China Electric Power Construction, signed agreements with Saudi Aramco to participate in the construction of the third phase of the Saudi National Natural gas pipeline Network expansion project. Among them, China National Petroleum Engineering and Construction Co., Ltd. won the bid for the EPC general contracting contract for the first bid, with an amount of US11.699 billion.This is the largest oil and gas EPC contract won by a Chinese-funded company in the Saudi market.SEPCO won the bid for the EPC general contracting contract for the second bid, with a contract amount of US11.5 billion, which also marks the company's participation in the construction of all three phases of the Saudi Nation...

News from <url> (correspondents Liu Dongzhou, Yuan Zhiming, Zhou Tianwei, Hou Dongdong) On April 14th, the 7772 well of the development evaluation well deployed by China Petroleum (Kazakhstan) Mangeshtao Company (MMG for short) in the deep-seated Rydebai oilfield won 99.83 tons of self-injection oil flow.This is the third development evaluation well implemented after the 7770 and 7771 wells deployed last year were discovered by industrial oil flows, marking another breakthrough in supplementary exploration in the Hotbay oilfield. MMG has steadily produced more than 6 million tons of crude oil for three consecutive years. The Hotbay oilfield is one of its two main oil fields, with an annual output of 2.06 million tons of oil in 2023.The oilfield was put into development in 1969, and the degree of recoverable reserves is as high as 70%. There are thousand...

International oil companies are optimistic about the development prospects of the LNG consumer market in the medium and long term in the future, but under the combined influence of factors such as the weak recovery of world economic growth, the restriction of export approval of LNG projects by the United States, the continuous expansion of regional natural gas geographic risks, and the strengthening of global environmental and climate governance, LNG demand is difficult to grow significantly. ●Hou Mingyang Recently, Woodside, Australia's largest liquefied natural gas (LNG) export company, released a forecast that global LNG demand will increase by 50% in the next decade as demand in emerging markets in Asia continues to grow.Shell also predicted in its latest annual LNG outlook report that by 2040, global LNG demand will grow by more than 50%, of which the...

Fitch released the "2024 Global Oil and Gas Outlook Report", pointing out that under many challenges such as energy transformation, ESG concerns, and geopolitical risks, oil and gas companies need to actively respond, adapt to future changes through global cooperation and continuous innovation, and enhance their sustainable development capabilities. Recently, Fitch, a well-known international rating agency, released the "2024 Global Oil and Gas Outlook Report".The report points out that with the continuous development of the global economy and the growth of the population, energy demand continues to rise, and oil and gas remain one of the world's main sources of energy.However, the global crude oil market has experienced supply and demand fluctuations, price fluctuations and energy transition challenges in the past few years. Fitch believes that with the recovery of th...

(Observer News) On February 4th local time, Gazprom (Gazprom for short) issued a statement saying that Gazprom and China National Petroleum Corporation (CNPC) have signed a long-term natural gas supply agreement to supply natural gas to China via the Far East route. Gazprom pointed out that the signing of the document has become an important step in further consolidating mutually beneficial cooperation between Russia and China in the field of natural gas.After the project reaches its full capacity, Russia's natural gas supply to China will increase by 10 billion cubic meters, and the total amount will reach 48 billion cubic meters/year (including through the "Siberian Power" natural gas pipeline). “This is the second natural gas supply contract signed between Russia and China.” Alexey Miller, vice chairman of the board of directors and chairman ...