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On 23 November, US President Biden announced the release of 50 million barrels (mbbl) of crude oil from the US Strategic Petroleum Reserve (SPR).
Wood Mackenzie is organising the 2021 Southeast Asia Energy Forum today. Experts will be discussing key issues and opportunities facing the region’s energy industry over the coming decades.
The EU Commission proposed a carbon border adjustment mechanism (CBAM) as part of today’s “Fit for 55” package. James Whiteside, global head of multi-commodity research at Wood Mackenzie, said: “As the first mechanism of its kind, the CBAM is being designed in consultation with industry to avoid unintended consequences. “A CBAM that does not cover a substantial portion of the production chain will encourage carbon leakage - pushing emissions beyond the borders of the EU or shifting competition between EU and non-EU producers to the next stage of the value chain.”
Speaking after the Petroleum Industry Bill (PIB) was passed by the Nigerian National Assembly on 1 July, Mansur Mohammed, head of West Africa content on Wood Mackenzie’s sub-Saharan Africa upstream research team, said: “The Senate and House each passed different versions of the bill, which will now require reconciliation before it is sent to the president for assent into law. So there is still outstanding work to do before the PIB becomes law, but we see momentum behind the bill.”
The 2.5 million barrels per day (b/d) Colonial Pipeline moves roughly 45% of the US East Coast's supply of gasoline, diesel, and jet fuel from the Gulf Coast. The duration of the outage following the cyberattack on 7 May 2021 is uncertain. In the short term, Wood Mackenzie expects fuel demand and prices to rise in PADD 1, prompting refined fuel inventories to decline and PADD 1 refiners to maximize production.
As Biden’s inauguration approaches, Wood Mackenzie experts share how his administration could impact trade, climate change goals, and changes to the energy sector in Asia Pacific.
Tense negotiations and rumours of a rift between Saudi Arabia and UAE ended with a compromise deal for OPEC+ on 3 December 2020. Despite concerns on oversupply for Q1 2021, the group agreed to increase output by 500,000 b/d in January. Production restraint is set at minus 7.2 million b/d instead of the Q4 2020 level of minus 7.7 million b/d.
Commenting after Shell announced its intention to become net-zero company by 2050, Luke Parker, vice president, corporate analysis, at Wood Mackenzie, said: “This is an evolution of the net carbon footprint ambition that Shell unveiled in November 2017.
India is under a three-week lockdown from 25 March to contain the spread of the coronavirus outbreak. Wood Mackenzie analysts discuss what this means for the power, coal, gas and LNG, and oil products sectors.
The travel ban announced by US President Donald Trump today is likely to have an immediate impact on jet fuel demand and prices across Europe and the US.
India's 2020 energy outlook
After over a year of trade tensions, the US and China signed a “phase one” trade deal on 16 January. As part of the deal, China has agreed to increase the value of energy imports by US$52.4 billion above 2017 levels over the next two years. What could it mean for the oil market?
Wood Mackenzie's Gavin Thompson provides a commentary on the US-China Phase One trade deal
This attack has material implications for the oil market, as a loss of 5 million barrels per day of supplies from Saudi Arabia cannot be met for long by existing inventories and the limited spare capacity of the other OPEC+ group members. A geopolitical risk premium will return to the oil price.
Saudi Aramco is to set to take a 20% stake in Reliance Industries' refining and petrochemical businesses.
According to research by Wood Mackenzie, Chinese textile producers are increasing production as fears grow that the trade war with the US will hurt exports of apparel and other textile products as soon as the fourth quarter of 2019.
Philadelphia Energy Solutions (PES) will close its oil refinery in the city, following a large fire last week that damaged the complex.
A large fire at the Philadelphia Energy Solutions (PES) oil refinery in Philadelphia has halted gasoline production at the complex.
Implementation of IMO 2020 regulation is just eight months away and its implications will be felt beyond refining and shipping. Wood Mackenzie's Asia Pacific experts weigh in on what this means for the different sectors.
Saudi Aramco’s decision to issue a $10 billion bond underscores how serious the company is about transforming itself into an international powerhouse across the oil and gas value chain, from upstream to petrochemicals.
The sanctions the US government has imposed against Venezuela aim to curb the Maduro government’s access to revenue from crude export. But impact could they have on state-run oil producer PDVSA and the country’s energy sector?
The US is poised to impose fresh sanctions on Venezuela, ratcheting up the stakes in the country's political crisis by curbing the Maduro government's access to cash from crude exports.
Following China's imposition of retaliatory tariffs on US goods over the weekend, our experts weigh in on the potential impact the move will have on different commodities.
India is poised to double its oil product demand growth (190 kb/d) in 2018 after a sluggish 2017, when demand grew by only 93 kb/d. Last year, demand growth was at its slowest in the past three years.
The introduction of India's Goods and Services Tax (GST) has lifted oil demand in the country this year. Crude oil, natural gas, diesel and gasoline are currently exempt from the GST. However, diesel and gasoline demand are indirectly affected by the impact of GST on vehicle prices and sales, especially in the logistics sector.
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