(EnergyAsia, May 9, 2020, Saturday) — India has boosted its strategic petroleum reserves to a record 32 million tonnes or over 235 million barrels after a recent spate of buying to take advantage of the collapse in world oil prices….
CHINA: Shortage of storage capacity hampers Shanghai exchange’s global oil pricing ambition
(EnergyAsia, May 3, 2020, Sunday) — China’s attempt to have a bigger influence on world crude prices has been partly hampered by the lack of storage capacity to help traders settle oil futures contracts on the Shanghai International Energy Exchange (INE)….
AUSTRALIA: Canberra to set up first state-owned crude stockpile
(EnergyAsia, April 25, 2020, Saturday) — After years of debate and delay, Australia has announced it will establish its first state-owned crude oil stockpile with an initial investment of A$94 million (US$1=A$1.56)….
MARKETS: Asia whiplashed as oil goes from the threat of US$200 a barrel to the reality of US$20
(EnergyAsia, April 20, 2020, Monday) — In under six months, the world went from fearing the devastating prospects of crude oil at US$200 a barrel to experiencing the equally devastating reality of the commodity’s collapse to $20….
ASIA: Region’s falling oil demand to weigh on global markets
(EnergyAsia, April 12, 2020, Sunday) — Asia will drag down global oil demand growth for 2020, said the Organisation of Petroleum Exporting Countries (OPEC) in its latest monthly report for March….
PHILIPPINES: Oil industry headed for sharp downturn on consumption decline and weak margins
(EnergyAsia, April 2, 2020, Thursday) — The Philippines’ oil industry is bracing for its worst year in over a decade as the nation’s fuels consumption is expected to plunge in line with global trends….
THAILAND: PTT’s expansion plan under threat as outlook darkens, net profit down 22.3% for 2019
(EnergyAsia, March 31, 2020, Tuesday) — PTT plc, Thailand’s main energy firm, may have to revise its ambitious expansion plan as it faces the simultaneous threats of a global economic recession, slumping oil and gas prices, and declining profitability in 2020….
SINGAPORE: Bunker fuel sales expected to fall further in 2020
(EnergyAsia, March 29, 2020, Sunday) — With the global economy in freefall, Singapore’s bunker fuel trade volume will likely fall further — and sharply — in 2020 to “achieve” an unprecedented three consecutive years of decline….
MALAYSIA: Petronas expects a bleak 2020 after a weak 2019
(EnergyAsia, March 24, 2020, Tuesday) — Malaysia’s state energy firm, Petronas, is bracing for further declines to its revenue and profit in 2020, following through on last year’s dismal showing….
MALAYSIA: Refinery start up further delayed after huge fire, explosion
(EnergyAsia, March 19, 2020, Thursday) — Southeast Asia’s largest refinery-petrochemical complex will be further delayed from a full commercial start-up after it was hit by another massive fire, its second in less than a year….
INDIA: Saudi Aramco takes tentative steps to invest in downstream oil market
(EnergyAsia, December 10, 2019, Tuesday) — Despite emitting signs of an impending deal, Saudi Arabia is still no clearer to making its first investment in India’s five-million-b/d oil market….
INDIA: Energy security to weaken as OPEC predicts more than doubling of oil demand by 2040
(EnergyAsia, November 27, 2019, Wednesday) — India is unlikely to resolve its energy supply challenge for at least another 20 years, judging by the latest oil forecast issued by the Organisation of Petroleum Exporting Countries (OPEC)….
Asia: Energy anxiety grows on strong outlook for oil demand
(EnergyAsia, November 22, 2019, Friday) — These days, the growing divide between Asia and the West isn’t just confined to trade issues or human rights….
AZERBAIJAN: Fears of US capital flight on Chevron asset sale with Exxon next
(EnergyAsia, November 20, 2019, Wednesday) — Azerbaijan is bracing for the loss of vital American investment in its fragile economy following Chevron’s exit from the country’s oil industry that could soon be followed by ExxonMobil….
CENTRAL ASIA: Oil-and-gas importing economies to grow at faster rate than exporters, says IMF
(EnergyAsia, November 17, 2019, Sunday) — For the first time this century, the economies of the oil-and-gas importing nations of the Caucasus and Central Asia (CCA) region will grow at a faster rate than those of its energy exporters, predicts the International Monetary Fund (IMF)….
CENTRAL ASIA: Regional bloc maps out energy strategy, says ADB
(EnergyAsia, November 16, 2019, Saturday) — Ministers from 11 member countries in a Central Asia group have endorsed a long-term strategy to improve the region’s energy security as part of a bigger goal to boost its investment potential and economic outlook….
BRUNEI: China’s Hengyi Petrochemical starts up Asia’s newest refinery-petrochemical complex
(EnergyAsia, November 7, 2019, Thursday) — China’s Hengyi Petrochemical Co Ltd said it has started commercial operations at its joint-venture integrated oil-petrochemical complex in the Southeast Asian state of Brunei….
AUSTRALIA: Stockpile debate gains urgency on drone attacks on Saudi oil plants
(EnergyAsia, November 4, 2019, Monday) — As one of the world’s leading energy producers and exporters, Australia has been among a handful of lucky countries seemingly untouched by the threat of global oil supply disruptions….
CHINA: Energy security outlook weakens as economic growth slumps to 27-year low
(EnergyAsia, October 28, 2019, Monday) — “The Chinese nation cannot be stopped”, China’s President Xi Jinping declared in a nationalistic speech on October 1 to mark the 70th anniversary of his country’s national day….
INDIA: Oil and gas imports from the US set to rise amid stronger bilateral ties
(EnergyAsia, October 21, 2019, Monday) — India’s appetite for US oil and gas is set to grow as New Delhi’s search for energy security adds to the strengthening of bilateral ties between the two countries….
CHINA: Superpower ambition faces energy, water supply constraints
(EnergyAsia, October 16, 2019, Wednesday) — In its drive to become the world’s leading superpower (1), China has set its sights on developing and controlling artificial intelligence, 5G networks and robotics. But a confluence of recent events warns that China likely faces its most pressing challenges in the less glamorous business of securing oil, gas…
CHINA: Canada’s breakthrough LNG deal
(EnergyAsia, August 13, 2019, Tuesday) — British Columbia (BC)’s emerging liquefied natural gas (LNG) industry may have just shone a small light into the long dark tunnel enveloping the bilateral relations between Canada and China….
ASIA: Singapore expected to remain region’s main oil pricing and trading hub, says Platts editor
(EnergyAsia, June 21, 2019, Friday) — Singapore will likely remain Asia’s main oil trading hub despite a growing challenge from countries in the region as they expand their domestic storage and refining investments, according to an industry analyst….
PHILIPPINES: Work on strategic oil stockpile likely to proceed slowly
(EnergyAsia, June 18 2019, Tuesday) — It’s been over a year since the Philippines government announced its latest intention to establish a strategic petroleum reserves (SPR) to help the country cope with volatile prices and the possibility of future supply disruptions….
MALAYSIA: Government backs large offshore oil storage project to compete against Singapore
(EnergyAsia, June 16, 2019, Sunday) — Malaysia is stepping up its oil storage investment programme to compete against Singapore for the role of trading and logistics hub in Southeast Asia….