Released November 13, 2024 | SUGAR LAND
en
News highlights gathered by Industrial Info and IIR Energy (Sugar Land, Texas) dealing with the energy markets.
CRUDE OIL
U.S. Oil Exports to China Rebound, but Remain Low - U.S. exports of crude oil to China, the world's top oil importer, rebounded in October from their lowest levels since 2020. China's monthly imports of crude oil from the U.S. hit 24,000 barrels per day (BBL/d) in August, the lowest levels since February 2020, when COVID-19 slashed demand. They have rebounded to about 134,000 BBL/d and 130,000 BBL/d in September and October, respectively, Kpler data showed. That, however, is still about half the average of 259,000 BBL/d in 2023, and weak Chinese demand has helped to reduce U.S. exports to Asia to a three-year low in October of 955,000 BBL/d. (Reuters)
OPEC Again Cuts 2024, 2025 Crude Oil Demand Growth Forecast - The Organization of Petroleum Exporting Countries (OPEC) in a monthly report forecasts that global oil consumption will increase by 1.8 million BBL/d, slightly less than 2%, in 2024. That's 107,000 BBL/d less than previously forecast after data from Asian nations like China and India, as well Africa, arrived below expectations, it said. Daily demand will increase by a further 1.5 million BBL/d in 2025, or 103,000 BBL/d less than the organization previously forecast. (Transport Topics)
ENVIRONMENT/LNG
Cheniere Energy Wants U.S. to Stay in Paris Climate Agreement - Top U.S. LNG exporter Cheniere Energy Incorporated (Houston, Texas) on Tuesday came out in favor of the United States remaining in the Paris climate agreement and complying with methane emissions restrictions, cautioning the incoming Trump administration against reversals. "We are supporters of the Paris agreement. We are supporters of the methane rule," Cheniere Vice President Anatol Feygin said, referring in the latter case to the European Union's methane limits on oil and gas imports that would be placed on U.S. liquefied natural gas (LNG) beginning in 2030. "This is one of the key ways we extend the runway for many decades for this product," he said at a webinar. The company wants an LNG industry that has "good actors" who continue to drive down emissions. (Reuters)
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About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
CRUDE OIL
U.S. Oil Exports to China Rebound, but Remain Low - U.S. exports of crude oil to China, the world's top oil importer, rebounded in October from their lowest levels since 2020. China's monthly imports of crude oil from the U.S. hit 24,000 barrels per day (BBL/d) in August, the lowest levels since February 2020, when COVID-19 slashed demand. They have rebounded to about 134,000 BBL/d and 130,000 BBL/d in September and October, respectively, Kpler data showed. That, however, is still about half the average of 259,000 BBL/d in 2023, and weak Chinese demand has helped to reduce U.S. exports to Asia to a three-year low in October of 955,000 BBL/d. (Reuters)
OPEC Again Cuts 2024, 2025 Crude Oil Demand Growth Forecast - The Organization of Petroleum Exporting Countries (OPEC) in a monthly report forecasts that global oil consumption will increase by 1.8 million BBL/d, slightly less than 2%, in 2024. That's 107,000 BBL/d less than previously forecast after data from Asian nations like China and India, as well Africa, arrived below expectations, it said. Daily demand will increase by a further 1.5 million BBL/d in 2025, or 103,000 BBL/d less than the organization previously forecast. (Transport Topics)
ENVIRONMENT/LNG
Cheniere Energy Wants U.S. to Stay in Paris Climate Agreement - Top U.S. LNG exporter Cheniere Energy Incorporated (Houston, Texas) on Tuesday came out in favor of the United States remaining in the Paris climate agreement and complying with methane emissions restrictions, cautioning the incoming Trump administration against reversals. "We are supporters of the Paris agreement. We are supporters of the methane rule," Cheniere Vice President Anatol Feygin said, referring in the latter case to the European Union's methane limits on oil and gas imports that would be placed on U.S. liquefied natural gas (LNG) beginning in 2030. "This is one of the key ways we extend the runway for many decades for this product," he said at a webinar. The company wants an LNG industry that has "good actors" who continue to drive down emissions. (Reuters)
About IIR Energy
Energy asset information on power plants, oil refineries and natural gas infrastructure is now more important than ever. A unit of Industrial Info Resources, IIR Energy provides infrastructure information on these assets, as well as real-time tracking of planned and unplanned interruptions affecting the commodity-trading community. We are the number one source for information about power plant outages, refinery turnarounds and midstream natural gas disruptions.
About Industrial Info
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 trillion (USD).
