Ny rekord igjen for oljeprisen og dollaren

Dagens faste 124.67 USD/fat

Fra dagens World Oil :

OPEC’s secretary general says continued oil and gas investment needed
Maddy McCarty, Senior Digital Editor, World Oil 3/7/2022

OPEC remains focused on being a reliable supplier of oil to global markets but cannot control the global events causing oil price surges, said Secretary General Mohammad Sanusi Barkindo during the CERAWeek by S&P Global conference Monday. “We have no control over current events, as geopolitics have overtaken the market,” Barkindo said. “All we can do is stay the course of our decisions to faithfully implement them and hoping that our political leaders will eventually overcome this historic challenge.”

OPEC Secretary General Mohammed Sanusi Barkindo at CERAWeek by S&P Global in Houston on Monday.
OPEC Secretary General Mohammed Sanusi Barkindo at CERAWeek by S&P Global in Houston on Monday.
Barkindo referred to Russia’s invasion of Ukraine as a humanitarian tragedy for Ukrainians and all people, but said he remains cautiously optimistic that political leaders’ intervention will restore stability and peace. Russia joined OPEC+ in 2016, during a cycle that was then believed to be the worst and most unprecedented cycle in history, Barkindo said. At the time, OPEC was not in a position to restore stability to the market, so it reached out to producers outside the group, including Russia and nine other countries. When Covid-19 and more unprecedented events struck, it affirmed how important the established framework was, he said.

Russia’s status in OPEC+. When asked whether OPEC would kick Russia out, Barkindo said the decision to depart a group like OPEC is a severing decision of respective members, and he is not in a position to speak on their behalf.

There is not enough capacity worldwide that would be able to make up for the loss of Russian supply, Barkindo said, adding that at about 7 MMbpd of crude and fuel to global markets, Russia is the second largest exporter of oil and liquids in the world.

OPEC resupply moves and other strategies. OPEC is on its “final stretch” of returning about 5.8 MMbopd to global markets after withdrawing 9.7 MMbopd that it withdrew in 2020 to compensate for the drop in demand amid the pandemic. This is continuing at a rate of 400,000 bopd that will complete the return of 5.8 MMbopd by September, he said.

The focus should remain on decarbonizing hydrocarbons and other sources of energy, as all sources will be required for the foreseeable future, Barkindo said. By 2045, still more than 50% of energy demands will be met by oil and gas, he predicted. “We cannot afford not to continue to invest and produce energy to meet this demand,” Barkindo added. “Oil played its part and will continue to play its part … It’s an oil civilization, and we cannot see, in all projections, where this will diminish.”

When asked if OPEC was concerned about losing market share if the U.S. and Canada ramp up shale exports, Barkindo said he is more concerned about meeting global demand, and at the end of the day, all oil producers are in the same boat.
 
Innenfor frakt så er det fuel økninger på gang i tillegg til prisene til østen går bananas

Jeg mottok følgende fra et airline i går kveld

Dear partners,

Due to a major increase in fuel prices which will be valid/charged as per tomorrow 08 March all previous quotes for coming flights are not valid anymore.
In case your customer is interested to book based on a previous quote please resend the request and we will advise a new rate.
Make sure the old quote is included.

We will keep the pricing on existing bookings and absorb the losses.
It would be highly appreciated that you only send requests for shipments that your customer actually wants to book.

Unfortunately, due to the exceptional situation in the world today further increases can be expected.
We appreciate your understanding.

B.regards,
Click to expand...
 
Dagens fastpris 129.25 USD/fat

World Oil idag ;

Biden's Russia-oil ban opens path for shale giants EOG, Devon to fill the gap
Gerson Freitas Jr and Sergio Chapa 3/8/2022

(Bloomberg) — President Joe Biden’s ban on Russian oil imports puts new pressure on U.S. drillers to help fill a supply shortfall that has sent crude prices to the highest levels since 2008. Among them: EOG Resources Inc. and Devon Energy Corp., two shale giants that are sitting on thousands of federal drilling permits, many of which could be used to produce more oil from the prolific Permian basin.


EOG and Devon hold more permits than any other company, according to a Bloomberg analysis of federal onshore permitting data, but neither plans to grow production beyond 5% even as U.S. oil futures top $120 a barrel and global markets face historic disruptions. That dissonance is at the center of tension between the U.S. shale industry — which argues it needs long-term government support before it can sustainably raise production — and the Biden administration — which says oil companies should use up the more-than 9,000 drilling permits they already have before asking for further concessions.

The war of words between the two intensified as the U.S. moved to ban Russian oil imports in response to the nation’s invasion of Ukraine. U.S. producers “have 9,000 permits to drill now — they can be drilling right now, yesterday last week, last year,” President Joe Biden said Tuesday. “They have 9,000 to drill onshore that are already approved. So let me be clear, let me be clear: they are not using them for production now.” The comments came a day after the American Petroleum Institute, the biggest U.S. oil lobby group, accused the administration of “misusing facts” when it comes to federal leasing data.
 
Og nå ser jeg det meldes om kutt hos flyselskapene pga høye drivstoffpriser. Allegiant melder de drar ned kapasiteten 5-10% i Q2, og det varsles også reduksjoner hos Alaska
 
Dagens fastpris 113.30 USD/fat

World Oil idag ;

U.S. oil executives meet with Biden officials as crude soars
Kevin Crowley, Jennifer A. Dlouhy, Ari Natter and Naureen S. Malik 3/9/2022

(Bloomberg) — Oil industry executives are meeting with U.S. officials this week as surging energy prices and mounting national security concerns bring together two groups that have had a distant relationship since President Joe Biden’s inauguration.

Granholm
Granholm
Department of Energy officials including Secretary Jennifer Granholm will meet with representatives from Exxon Mobil Corp., Shell Plc and some shale producers on the sidelines of the CERAWeek by S&P Global conference in Houston, according to people familiar with the matter, who asked not to be named because the meetings are private.

Crude prices surged to more than $130 a barrel Tuesday, the highest since 2008, after the U.S. and the U.K. said they will ban Russian oil imports, choking off yet more dollars from President Vladimir Putin as he continues with his invasion of Ukraine.

The U.S. is one of the few countries that can help replace Russian energy exports over the medium term. But executives have routinely complained about little or no dialogue with the Biden administration. The industry argues that it needs a more supportive energy policy and rhetoric from the administration if it is to commit the large sums of money required to grow production.

Exxon and the Department of Energy didn’t immediately respond to requests for comment. A Shell representative declined to comment.

American oil and gas companies have everything they need to ramp up near-term production, a White House official said. Oil and gas demand is increasing as the world emerges from the pandemic and producers should keep up with demand in the near term, the official added.

The U.S. could double its rate of oil production over the next 18 months but “it’s going to take cooperation with Biden, it’s going to take co-operation with our shareholders,” said Scott Sheffield, Chief Executive Officer of Pioneer Natural Resources Co., the biggest oil producer in the Permian Basin. He declined to comment on the existence of, or any involvement in, talks with government officials.
 
Dagens faste 109.88 USD/fat , det synes som prisen har stabilisert seg noe , men den vil fortsette å stige gradvis.

World Oil idag ;

CERAWeek: No short-term solution for European gas crisis, says Tellurian CEO
Maddy McCarty, Senior Digital Editor, World Oil 3/10/2022

Europeans are very lucky that it was a warm winter, panelists said during a CERAWeek by S&P Global energy conference session on Wednesday, referring to an ongoing natural gas crisis that start long before Russia invaded Ukraine. “We are in a gas crisis that started two years ago and has been covered by Covid because of the supply and demand disruptions driven by the pandemic,” said Snam CEO Marco Alvera during a session entitled, “The Future of Gas.”


Growing global demand. China is adding 15 million homes each year to its gas grid, which is good news for their residents, but represents the expanding demand for natural gas, Alvera said. He added that Europe and Asia are competing for winter LNG, which is a seasonal commodity. High natural gas prices started late last year in Europe, and blackouts in northern Europe were only avoided because it was a warm winter, Alvera said.

The need for U.S. LNG. Now that Europe is avoiding importing from Russia, the world’s largest exporter of natural gas, the demand for U.S. LNG will be even greater. This could lead to a new dynamic, where both continents may not have an alternative, Freeport LNG Founder and CEO Michael Smith said. Freeport LNG was exporting about 65% of its product to Asia and 30% to Europe, but in the past couple of months, it has switched to exporting about 70% to Europe, Smith said. This switch was possible, because there are no destination restrictions for U.S. LNG and it can be flexible, he said.

“The issue is, how much more can we do? These plants take years and years to build,” Smith said, noting that there is one new train being commissioned at the Calcasieu Pass Facility by Venture Global LNG. “That’s it. There’s no additional LNG that’s coming online to bridge the gap for the gas that’s going to be needed by Europe next year.”
 
Dagens faste 111.08 USD/fat

World Oil idag ;

Biden wants U.S. oil to drill more. Here’s why they’re holding back
Jennifer A. Dlouhy, Jordan Fabian and Kevin Crowley 3/11/2022

(Bloomberg) — The war in Ukraine has touched off a feud between the White House and U.S. oil industry as many companies reap record profits from rising prices despite pumping less crude than before the pandemic, leaving American consumers beset by surging gasoline costs.

President Joe Biden has urged U.S. oil companies to step up production -- but they are wary given his historic hostility toward fossil fuels and the risk that new drilling won’t pay off over the long term.

The political dangers are stacking up for an administration set to lose ground in midterm elections in November with record-high inflation stinging voters even before Russia’s invasion of Ukraine.

For now, polls show most Americans support the U.S. ban on Russian crude even if it means higher prices at the pump. Biden has pinned the surge directly on Vladimir Putin. This is “Putin’s price hike,” he said.

“His logic of where to point the blame is probably justifiable and politically smart,” said Charles Franklin, director of the Marquette Law School Poll. “But does it make people ignore the fact that it’s costing them an extra 12 or 15 bucks to fill up the average car? I don’t think it makes those economic concerns to households go away.”

Uncomfortable Position

The Biden administration finds itself in the uncomfortable position of pleading with oil companies to boost crude production, despite its long-term goal of shifting the U.S. away from the fossil fuels that worsen climate change.

“We are on a war footing,” Energy Secretary Jennifer Granholm told oil executives at the CERAWeek by S&P Global conference Wednesday. “We need oil and gas production to rise.”

But it’s not as simple as oil companies turning on a spigot. These businesses make drilling plans based on economic forecasts for at least a year out, when OPEC+ may have boosted output and prices may have long since peaked.

That leaves Biden in a political bind. Republicans are confident that inflation and gas prices will help deliver them control of Congress despite White House attempts to steer voters’ anger elsewhere.


“Biden’s attempt to deflect blame is an insult to every American and small business owner struggling to afford the cost of everyday goods,” RNC Chairwoman Ronna McDaniel said Thursday in an emailed statement.

Franklin, the Marquette pollster, said inflation and gas prices are “made-to-order issues for the opposition party” because “people feel them and you can point blame at the president.”
 
Dagens faste er 105.94 USD/fat

Sakset fra World Oil i morges ;

Oil companies hedging less future production as crude prices rise
Devika Krishna Kumar 3/14/2022

(Bloomberg) — Even before Russia’s invasion of Ukraine sent shockwaves through the oil market, U.S. shale producers—financially fit again and egged on by investors looking for more commodity exposure—had been exiting their price hedges for months.

Now, with oil closing above $100 a barrel every single day this month, the era of shale producers selling a significant share of future output to protect against potential price declines might be over for now, people familiar with the deal flows said. Oil executives, buoyed by the best financial performance in years, are wagering that higher prices are here to stay for at least the foreseeable future as the supply-demand equation fundamentally shifts.

“You’re going to see less hedging activity because management is more optimistic,” said Paul Cheng, an analyst at Scotiabank. “The best hedge is a strong balance sheet.”

Since the shale boom began in the early 2010s, U.S. producers have routinely pounced on rallies to lock in prices. That risk management helps them ensure the cash flow required to make capital expenditure commitments. Producers, many of whom were already doing some hedging, got even deeper into the practice after April 2020 when the price of crude turned briefly negative.
 
$112 igjen, hjalp jo ikke med litt bombing i Saudi Arabia

Men kronen er på sitt sterkeste siden 2019. 9,64 for en € nå
 
Dagens faste er 121.70 USD/fat , prisen kryper oppover igjen.

Fra dagens World Oil ;

Shale drillers foresee ‘world of hurt’ in Biden’s green economy
David Wethe 3/23/2022

(Bloomberg) — U.S. shale drillers are incurring record labor and equipment costs so they can cash in on the highest oil prices in 14 years. They say one of the reasons they’re not doing more is because of President Joe Biden’s perceived hostility to the traditional energy industry.


Even as the Biden administration urges oil companies to boost production to offset the absence of Russian cargoes, many executives told Federal Reserve Bank of Dallas researchers they’re worried about investing in new shale wells because of the president’s long-term goal of phasing out fossil fuels.

“The current administration will only hurt energy companies, driving up prices and severely affecting the middle guy that drives the economy,” one unidentified respondent said in the Dallas Fed’s quarterly energy survey released on Wednesday. “We are in for a world of hurt for the next three years.”

Russia’s invasion of Ukraine — and the oil-market disruption that ensued — heightened tensions that already were simmering between the White House and oil CEOs who accuse the federal government of slow-walking drilling permits and overly onerous regulation. Their line of work is risky enough without having to worry that a new law or presidential decree may make some facet of their business obsolete or illegal, they say.

But that hasn’t stopped drillers in the Dallas Fed’s territory that covers Texas and parts of New Mexico and Louisiana from pushing oilfield activity up 31% during the first three months of this year while increasing hiring, hours worked and wages, the survey found.

In recent weeks, the Biden administration has accused the oil industry of leaving thousands of federal drilling permits untapped while questioning if some in the industry are gouging consumers with gasoline prices around $4 a gallon.

“The talk about price gouging is tiresome,” said another respondent. “Discussion of federal leases and those leases being unused without an honest discussion about all the constraints and regulatory issues to drill is also unhelpful.”
 
Dagens faste er 118.14 USD/fat

Sakset fra dagens World Oil:

Total vows to slash methane as investors demand big oil do more
Francois de Beaupuy 3/24/2022

(Bloomberg) — TotalEnergies SE announced plans for a steep cut in methane emissions as energy majors come under increasing pressure to eliminate leaks of one of the most harmful greenhouse gases.


The French energy giant aims to reduce its release of methane -- the primary component of natural gas -- by 80% this decade, it said Thursday in a report. Curbing intentional emissions and accidental leaks from the oil and gas industry is seen by scientists as essential in the fight against global warming.

Climate change looms large for Europe’s big oil companies, with governments and shareholders increasingly demanding more stringent targets to reduce pollution as the region seeks to reach carbon-neutrality by 2050.

TotalEnergies also said it will cut so-called Scope 3 emissions -- specifically relating to those of its oil customers -- by more than 30% by 2030 versus 2015. The company has said before that it plans to reduce the sale of its oil products by at least that proportion by then, while it expands gas and power output.

Thursday’s climate report, which will be put to a vote at the annual general meeting on May 25, was immediately rejected by Dutch activist group Follow This, which said Total’s plan “still falls short” of Paris Agreement goals.

The energy transition has increasingly dominated the AGMs of the oil majors. Last year, Chevron Corp. investors voted for a proposal to compel the firm to curb pollution by its customers, while Exxon Mobil Corp.’s shareholders ousted two directors seen as ill-attuned to the threat of global warming. In Europe, climate resolutions filed by Follow This at BP plc, Shell Plc and Equinor ASA received their highest support ever.

Total defended its climate stance on Thursday, pointing to an analysis from the Transition Pathway Initiative investor group that showed the company was one of just three oil and gas majors with strategies ambitious enough to keep global warming to 1.5 degrees Celsius.
 
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