Thẻ: Global oil price

Vietnam crude oil imports to hit record as refinery gets ready to start

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Reuters.com

* Vietnam’s second refinery has started importing crude

* Imports jump as country’s crude production stalls

* Kuwait, Brunei and Azerbaijan supplying Vietnam with crude

By Henning Gloystein

SINGAPORE, Aug 18 (Reuters) – Vietnam’s crude oil imports will soar to record highs in August as the country ramps up fuel refining at a time when local crude output is dwindling.

August will mark the first month on record in which Vietnam is a net importer of crude oil, according to shipping data in Thomson Reuters Eikon, with the trend set to continue in coming months as the Southeast Asian nation’s refinery capacity grows.

The surge in overseas orders comes as Vietnam’s 200,000 barrels per day (bpd) Nghi Son refinery, its second such facility, prepares to produce liquefied petroleum gas, gasoline, diesel, kerosene and jet fuel, mainly for the domestic market, likely starting later this year or in early 2018.

With local oil production stalling, traders said the country of over 90 million people and 6-percent annual economic growth would gradually increase its crude imports.

“We expect to send bigger and more frequent volumes of crude to Vietnam in the future. Vietnam is one of the key new centres of oil demand growth, and we wouldn’t want to miss this opportunity,” said a senior oil trading manager. He asked not to be identified as he was not allowed to discuss trading strategies.

Shipping data in Thomson Reuters Eikon shows that Vietnam will import around 100,000 bpd of crude in August, on three tankers, versus exports of 70,000 bpd. September tanker imports are scheduled at similar levels.

Vietnam’s orders are still small compared with Asian’s top buyers, China and India, which import around 8 million and 4 million bpd of crude per day respectively.

“But in an environment of oversupply, this incremental new demand is very welcome for crude suppliers,” the trading manager said. Tiếp tục đọc “Vietnam crude oil imports to hit record as refinery gets ready to start” →

From Omen to Opportunity: How Cheap Oil Is Accelerating Sustainable Energy Investment

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An increasingly unprofitable global oil market is driving fuel prices to historic lows and hemorrhaging investment in conventional energy sources. Breaking with tradition, cheap oil no longer foretells disaster for renewable energy companies. On the contrary, disillusioned fossil fuel investors are seeking high-growth opportunities—just in time to ride the renewables wave in the wake of the 2015 Paris climate talks.

worldwatch – Crashing out in February at $27 per barrel, crude oil prices have reached their lowest point in over 13 years, since the 2003 U.S.-led invasion of Iraq. Despite a modest recovery in March driven by expectations for reduced production, investors remain skeptical of underlying oil market fundamentals and are reducing their exposure. These selloffs have dragged down the stock prices of large conventional energy companies listed in the Standard & Poor’s 500 Index by 13 percent and have cost investors more than $703 billion since the record-high oil prices of June 2014.

Responding to these selloffs, oil companies have tightened their belts, decommissioning two-thirds of their rigs and sharply cutting investment in oil field exploration and development, while an estimated 250,000 oil workers have lost their jobs. A Wood Mackenzie report identified 68 major oil and natural gas projects—representing a combined value of $380 billion and output of 2.9 million barrels of oil equivalent (boe) per day—that have been put on hold since late 2014. Besides reducing operating costs, oil companies hope that these measures will have a stabilizing effect on the market by reducing productive capacity in the medium to long term. Tiếp tục đọc “From Omen to Opportunity: How Cheap Oil Is Accelerating Sustainable Energy Investment” →

The Hidden Consequences of the Oil Crash

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Crude prices are at their lowest levels since 2003. Fifteen experts tell us what that means for the United States and the rest of the world.

By POLITICO Magazine January 21, 2016

Politico -For months, American drivers have been greeted at gas stations with a pleasant surprise: Gas prices have fallen by half, dropping an average of more than $2 a gallon since their most recent peak in 2011. President Barack Obama took a moment to bask in the credit last week in his State of the Union speech: “Gas under two bucks a gallon ain’t bad,” he said.Or maybe it is. Behind that drop is an even bigger collapse in the price of oil, from more than $100 a barrel in 2014 to under $27 this week. On Tuesday, the Dow fell 250 points amid fears about what will happen if the price of oil continues its slump, which will have effects far beyond consumers, beyond even the global market.

Oil prices drive not just economics, but geopolitics. Alliances rise and fall over petroleum. Expensive oil props up governments in Russia and Iran, provides stability in Middle Eastern countries and also offers a revenue stream to extremist groups in Nigeria and Iraq. Domestically, high-priced oil spurs innovation in alternative energy; it has also driven America’s shale boom. For all these reasons and more, the collapsing value of oil will have profound consequences around the world, with the potential to destabilize regimes, remake regions and alter the global economy in lasting and unforeseen ways. Tiếp tục đọc “The Hidden Consequences of the Oil Crash” →

Implications of Sustained Low Oil Prices

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