Industry

Oil markets are eagerly awaiting the OPEC+ meeting on Sunday, 26 November, in anticipation of what kingpin Saudi Arabia decides over its voluntary crude oil production cuts of 1 million barrels per day (bpd), writes Rystad Energy’s senior vice president Jorge Leon in the company’s latest oil market update.

Regardless of the path they take, Saudi Arabia’s decision on the production cuts will ultimately shape the short-term future of global oil prices.

The kingdom is balancing the desire to keep prices high by limiting supply with the knowledge that doing so will lead to a further drop in overall market share.

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A vigorous recovery from the global aerospace industry has increased demand for nickel, a key aircraft component prized for its corrosion resistance, high strength and exceptional mechanical properties. This could inadvertently complicate or delay new energy infrastructure developments by diverting metal supply from critical sectors such as upstream, offshore and liquefied natural gas (LNG) terminals, which use nickel for various equipment applications in extreme environments.

Aerospace customers procuring high volumes at premium prices are further extending lead times and increasing spot prices of these materials, particularly in Europe and the US.

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The latest annual east coast report from independent energy consultancy EnergyQuest, East Coast Gas Outlook finds that the outlook for east coast gas is a white knuckle roller coaster ride.

The new 314-page report is the leading energy consultancy’s annual in-depth analysis of the long-term outlook for the east coast gas market, compiled by a multi-disciplinary team of experienced energy professionals: geologists, petroleum engineers and gas marketers.

“The outlook for the east coast gas industry is one of great uncertainty.

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Australia’s oil and gas industry has helped underpin billions of dollars of economic benefits in a record-breaking year for Western Australia’s resources sales.

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In a report likely to cause consternation in Washington and Brussels, Rystad Energy says Russian Crude exports were far above target level in October.

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Australia’s oil and gas industry has called for the Commonwealth to urgently fix the broken offshore regulatory system after the logjam of energy supply and carbon capture projects awaiting approval was exposed.

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The Government of South Australia has selected preferred partners to deliver its Hydrogen Jobs Plan, featuring the world’s biggest hydrogen production facility, power plant and storage at Whyalla in the Upper Spencer Gulf.

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