MYANMAR: Crude oil pipeline to China starts up

(EnergyAsia, January 30 2015, Friday) — Myanmar has officially started up the final 771-km section of a major pipeline to deliver crude oil from a new deepwater port on the Bay of Bengal in southwestern Rakhine state to China’s landlocked Yunnan province.

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MARKETS: OPEC boosts outlook for global oil demand for 2015, economic growth in the US and Eurozone

(EnergyAsia, January 30 2014, Friday) — With oil prices trading new near six-year lows, Organisation of Petroleum Exporting Countries (OPEC) has boosted its 2015 outlook for global oil demand and the economic prospects of the US and Eurozone. Crude prices are still under selling pressure despite North Sea Brent hitting a low of US$47.57 a barrel and US WTI slumping below US$44 this week.

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CHINA: Agencies expect slower oil demand growth in 2015

(EnergyAsia, January 29 2015, Thursday) — China will not ride to the rescue of slumping oil prices as its demand will continue to grow at a slower rate in response to a weakening economy and the government’s drive to improve energy efficiency.

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MARKETS: After months of decline, crude trades in holding pattern just below US$50 a barrel

(EnergyAsia, January 28 2015, Wednesday) — After seven months of largely uninterrupted decline, crude prices appear to have settled into a trading range between US$45 and US$49 per barrel in recent weeks. Analysts are divided over whether this represents a lull before the next leg of the market’s sustained plunge or the medium-term floor for (more…)

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MARKETS: EIA sees further increases in global oil demand and supply for 2015, slashes crude price outlook

(EnergyAsia, January 27 2015, Tuesday) — The US Energy Information Administration (EIA) has raised its forecasts for both global oil demand and supply growth for 2015 in its January report compared with the previous month.

It has also sharply slashed its forecast for crude prices with North Sea Brent to average $58 per barrel in 2015 and US West Texas Intermediate (WTI) to trade at US$54 to $55. In December, the agency had called for Brent to average US$68 per barrel in 2015, down US$15 from its November forecast, while WTI would trade at an average US$63 instead of US$78.

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RUSSIA: Crude sales to surge on reduced export duty and weaker refinery demand, says ESAI

(EnergyAsia, January 26 2015, Monday) — Russia will increase its crude sales abroad by about 200,000 b/d next month in response to reduced export tax rates and weak demand from domestic refiners, according to US-based consultant ESAI Energy. In its CIS Watch report, ESAI said it expects Russia to export more crude oil and less petroleum...

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MIDDLE EAST: Oil-exporting countries in region and nearby areas to lose US$300 billion from falling prices, says IMF

(EnergyAsia, January 23 2015, Friday) — The oil-exporting countries in the Middle East, North Africa, Afghanistan and Pakistan (MENAP) and the Caucasus and Central Asia (CCA) regions will lose an estimated total of US$300 billion in export revenues this year as a result of the oil price collapse, said the International Monetary Fund (IMF).

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AUSTRALIA: Chevron signs five-year deal to supply LNG from Gorgon field to South Korea’s SK Group

(EnergyAsia, January 22 2015, Thursday) — US major Chevron Corp said it has secured a five-year agreement to supply liquefied natural gas (LNG) from its US$54 billion Gorgon field in Australia to South Korea. SK LNG Trading Pte Ltd, a division in the SK Group, will purchase a total of 4.15 million tons of the...

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AUSTRALIA: Earnings from resources and energy exports to decline by 10% in 2014-15, says Department of Industry

(EnergyAsia, January 21 2015, Wednesday) — Due to lower commodity prices, Australia’s earnings from natural resources and energy export earnings will fall by about 10% to A$176 billion in the current financial year to June 30, said the Department of Industry. (US$1=A$1.22). Earnings from liquefied natural gas (LNG) exports will buck the general trend to...

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AUSTRALIA: Woodside, Adani to jointly develop LNG assets and business opportunities

(EnergyAsia, January 19 2015, Monday) — Australian upstream company Woodside Petroleum is hoping to develop and sell liquefied natural gas (LNG) to India through its budding relationship with one of India’s leading infrastructure companies, Adani Enterprises Limited. The companies announced last week that they had signed a memorandum of understanding to identify and develop liquefied...

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MARKETS: Most developing countries will benefit from oil price slump, says World Bank

(EnergyAsia, January 16 2015, Friday) –— Most oil-importing developing countries are positioned to reap “substantial” benefits benefit from the collapse in crude prices, now expected to hit six-year lows, said the World Bank. In an analysis in its latest edition of Global Economic Prospects, the bank said it expects oil prices to remain weak through with “significant” (more…)

ASIA: ABB and Alstom sign power solutions agreements in Japan and Singapore

(EnergyAsia, January 13 2015, Tuesday) — In separate announcements, European power solutions providers ABB and Alstom have signed agreements to supply their technology and services in Japan and Singapore. ABB said it is partnering Hitachi Limited to supply high voltage direct current (HVDC) technology services to meet Japan’s energy demand while Alstom will work with (more…)

IRAQ: IMF may have to lower economic growth forecast on weak oil prices

(EnergyAsia, January 12 2014, Monday) — With Brent crude prices plunging to a near six-year low below US$50 a barrel, the International Monetary Fund (IMF) may have to lower its earlier forecast for Iraq’s oil-dependent economy to grow by two percent this year. An IMF team which met Iraqi Minister of Finance Hoshyar Zebari and (more…)

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MARKETS: Global oil stockbuild to continue amid weak demand growth and rising supply

(EnergyAsia, January 9 2015, Friday) — Based on current projections of weak demand growth and robust supply, the IEA said it expects global oil inventories to rise by nearly 300 million barrels in the first half of 2015 in the absence of disruption, shut-ins or cut in OPEC production. If half of this took place...

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MARKETS: Analysts fear heightened global political and economic risks from oil price crash and growing volatility

(EnergyAsia, January 8 2015, Thursday) — The collapse of oil prices has injected new political, economic, financial and social risks into an already uncertain global environment grappling with heightened geopolitical conflicts and economic uncertainties, said the International Energy Agency (IEA) and oil companies.

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MARKETS: Following WTI’s lead, Brent poised to crash through support at US$50

(EnergyAsia, January 7 2015, Wednesday) — Brent crude price could follow WTI to break through support at US$50 a barrel as the world oil markets is on course to make a six-year low under relentless selling pressure. On Monday, the US benchmark hit a new multi-year low of US$49.95/barrel before settling at US$50.40 while Brent...

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SINGAPORE: Singapore’s Keppel Shipyard to develop two FLNG terminals for Golar LNG Ltd in Cameroon

(EnergyAsia, January 5 2014, Monday) — Golar LNG Ltd said it is building Africa’s first floating project off the coast of Cameroon to liquefy natural gas for export to Asia. It has awarded Singapore’s Keppel Shipyard the contracts to convert two vessels into floating liquefied natural gas (FLNG) terminals, Golar Hilli and Golar Gimi, at...

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AUSTRALIA: BG Group exports first Queensland LNG cargo to China

(EnergyAsia, January 2 2015, Friday) — UK’s BG Group said it has shipped out the first liquefied natural gas (LNG) cargo, with a second one to follow next month, from its newly completed US$20.4 billion terminal in Queensland’s Curtis Island in Australia. The buyer is believed to be Chinese state firm CNOOC, which holds a...

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