• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 8 days By Kellen McGovern Jones - "BlackRock Behind New TX-LA Offshore Wind Farm"
  • 3 days Solid State Lithium Battery Bank
  • 2 days Bad news for e-cars keeps coming
  • 14 days The United States produced more crude oil than any nation, at any time.
  • 15 days Natron Energy Achieves First-Ever Commercial-Scale Production of Sodium-Ion Batteries in the U.S.
Editorial Dept

Editorial Dept

More Info

Premium Content

Artificial Intelligence and Electric Vehicles Will Send U.S. Power Demand Soarin


1. Brazil Fails to Bring the Oil Bonanza into 2024

- Brazil has been one of the fastest-growing oil producers of the 2020s, reaching a crude production all-time high of 3.73 million b/d in early 2024, but production woes have hampered its performance since.

- Oil production has plunged almost 25% since the beginning of this year, mostly caused by unnamed technical problems encountered at the Mero and Tupi pre-salt fields.

- Simultaneously to the string of technical issues, the environmental agency that should approve new production equipment and related work has been on strike in a wage dispute, limiting the speed with which Petrobras can repair damage.

- The production travails are expected to continue into the summer months as production at Tupi could fall by as much as 300,000 b/d because of issues at two producing FPSOs.

2. Scorching Heat Boosts Middle Eastern Fuel Oil Imports

- Middle East nations have been battling scorching heat waves over the past two months, opening the usual summer arbitrage for fuel oil that is widely used for incremental power generation across the region.

- As freight costs for European exporters have become prohibitive because of the Red Sea risks, Russia has become the largest supplier of fuel oil to the Middle East, with exports averaging 215,000 b/d in May.

- According to Kpler data, Saudi Arabia is set to import the highest volume of fuel oil in three years, as heatwaves keep temperatures…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News