1.OPEC + meeting ended and agreed to extend the compensation period for production reduction to the end of March 2021
Yesterday, the OPEC + ministerial meeting concluded and agreed to extend the compensation period for production reduction to the end of March 2021. At the same time, in view of the current oil market situation and the prospect of 2021, the meeting agreed that the member states would adjust the scale of production reduction from 7.7 million barrels / day to 7.2 million barrels / day from January 2021. The 500, 000 barrels a day increase is only a quarter of what was previously planned, giving the fragile market more time to digest the extra supply.
2. Thailand PTTEP plans to spend $4.2 billion in 2021
Thailand’s national oil exploration company PTTEP said that it plans to invest $4.2 billion in projects around the world next year on Feb. 2. Earlier this year, the company said it would cut its capital spending by 15-20% from $4.61 billion in 2020 due to lower oil prices.Despite the covid-19, emerging markets in Asia remain a bright spot in LNG demand growth.
3. Thanks to strong demand from China, Alaska’s oil exports have doubled
According to kpler, an oil shipping tracking company said, Alaska’s crude oil exports have reached 15.6 million barrels, more than double that of last year, This will be the highest level of crude oil exports from Alaska in two decades. Most of the crude oil exported (12.3 million barrels) went to China. While oil demand in Europe and the United States continues to be disappointing, refiners in Asia are competing to buy crude oil from around the world, giving some hope to the oil market.
4. IEA: pandemic retard the race of energy efficiency
Energy efficiency is expected to reach its lowest level in 10 years this year, which will pose more challenges for the world to achieve its international climate goals, the International Energy Agency (IEA) said in a new report released on Thursday. He said the sharp drop in investment and the economic crisis have significantly slowed down the rate of improvement in energy efficiency this year, only half of the previous two years.
5.Japan considers banning fuel vehicles in mid-2030′s
Japan’s Ministry of economy and industry is considering stopping the sale of new gasoline vehicles in Japan in the mid-2030′s, and only selling electric vehicles such as hybrid and pure electric vehicles, so as to help the Japanese government achieve the goal of zero greenhouse gas emissions by 2050. The Ministry of economy and industry will hold a meeting this month and announce the above guidelines. The meeting will stop selling new gasoline vehicles and formulate a framework for popularizing hybrid electric vehicles and pure electric vehicles.
6. Chevron plans to slash spending after the covid crisis, making U.S. oil a priority
Chevron, the US oil giant said that it plans to have a capital and exploration budget of $14 billion in 2021 and cut its annual capital expenditure (capex) forecast for 2022-2025 to $14-16 billion on Thursday. Chevron’s previous long-term capital expenditure budget was between $19 billion and $22 billion.
By 2025, Chevron expects less capital for its massive expansion in Kazakhstan, but plans to increase its investment in “maintaining its Permian world-class status,” as well as other unconventional basins and the U.S. Gulf of Mexico.
Post time: Dec-04-2020