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EIA: At least 9 new refinery projects to come online before end of 2023 in Asia and Middle East; 2.9 MMb/d

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In the International Energy Agency’s (IEA) June 2022 Oil Market Report, the IEA expects net global refining capacity to expand by 1.0 The new refinery projects would increase production of refined products, such as gasoline and diesel, and in turn, they might reduce the current high prices for these products.

Asia 418
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EIA: New refineries will increase global refining capacity in 2022 and 2023; China leads

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Global demand for refined products dropped substantially in 2020 as a result of the COVID-19 pandemic. Less petroleum demand and the associated lower petroleum product prices encouraged refinery closures, reducing global refining capacity, particularly in the United States, Europe, and Japan. million b/d in 2022 and by an additional 1.6

Global 448
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EIA: China is now the world’s largest net importer of petroleum and other liquid fuels

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In September 2013, China’s net imports of petroleum and other liquids exceeded those of the United States on a monthly basis, making it the largest net importer of crude oil and other liquids in the world, according to figures from the US Energy Information Administration (EIA). million barrels per day, primarily from tight oil plays.

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Saudi Arabia And Iran Reignite The Oil Price War

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The rivalry between Saudi Arabia and Iran is becoming increasingly evident in the oil pricing policies of the two large Middle Eastern producers. sanctions on Iranian oil. Iran, OPEC’s third-largest producer, is trying to convince its oil customers to continue buying Iranian oil despite stringent U.S. sanctions kick in.

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Shell Technology Ventures to invest several $100 millions in emerging tech companies over next 6-8 years

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The company will look at areas including gas production and conversion; geophysical imaging; chemical manufacturing and conversion; novel materials; enhanced oil recovery; and water treatment. Their pilot plant in the Middle East taps heat from the sun to generate steam for enhanced oil recovery.

Companies 247
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Baker Institute: End of the ‘Big Oil giveaway’ is underway in the Persian Gulf

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In recent years, all six Gulf monarchies—Saudi Arabia, the United Arab Emirates (UAE), Kuwait, Oman, Qatar and Bahrain—have begun to challenge the notion that citizens are entitled to cheap energy. Energy Subsidy Reform in the Persian Gulf: The End of the Big Oil Giveaway” was co-authored by Jim Krane, the Wallace S.

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Oil Prices Running Out Of Reasons To Rally

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Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in US shale production. percent in intraday trading on Monday, after a report at the end of last week showed another solid build in the US rig count, the tenth consecutive week that the oil industry added rigs back into the field.