London, January 23, 2025 (Oilandgaspress) –- WTI and Brent crude oil prices have spent the past week drifting lower following a very strong start to the year that saw prices gain more than USD 10.00 on a combination of an exceptional cold winter temporarily lifting demand for heating fuels and diesel and, not least, the latest rounds of US sanctions on Russia’s oil industry, which went much further than expected. These developments underpinned prices, in the process supporting a surge in demand from momentum-focused speculators, which, in the week to 14 January ahead of President Trump’s inauguration, had lifted their combined net long in Brent and WTI crude oil futures to an April 2024 high at 470,000 contracts, or 470 million barrels. The subsequent price weakness was partly to blame on this group, as wrong-footed longs were being reduced. In his inaugural address to the nation on Monday, Donald Trump brought back the rallying cry “drill, baby, drill,” a phrase that he has used in the past and which reflects his commitment to expanding domestic crude and gas production. To support such an expansion, the Trump administration rolled back restrictions on oil projects in Alaska while revoking green energy goals from the Biden era.
While it is very conceivable that US production in the next four years could increase by 3 million barrels of crude oil equivalent, we believe that most of this increase will focus on expanding gas production to meet increased demand for power in the coming years. The energy transition, regardless of the lack of support in Washington, will continue to gather momentum. The electrification of the world, including the US, poses an increased challenge for utilities to deliver power. With US demand for gasoline and diesel likely to plateau, demand for power will continue to increase, with gas, coal, renewables, and nuclear being the focus when it comes to producing that extra power Read More
Crude oil prices were trending lower today and set to book their first weekly loss this year on expectations that President Donald Trump will boost global supply and depress prices. The latest drop came after Trump’s speech at the World Economic Forum in Davos, where he called on OPEC and Saudi Arabia specifically to lower oil prices. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $74.91 | Down |
| Crude Oil (Brent) | USD/bbl | $78.60 | Down |
| Bonny Light 23/01/25 CBN | USD/bbl | $81.62 | Down |
| Dubai | USD/bbl | $80.62 | Down |
| Natural Gas | USD/MMBtu | $3.85 | Down |
| Murban Crude | USD/bbl | $82.50 | Down |
| OPEC basket 23/01/25 | USD/bbl | $80.77 | Down |
On Thursday, January 23, the Karidea Think Tank dedicated to automotive retail, invited 37 multi-brand distribution groups to an exclusive discussion session with Luca de Meo, CEO of Renault Group, accompanied by members of the Leadership Team. For the occasion, the Group opened the doors of its design center, in the heart of the Technocentre: presentation of the new products of its 4 brands Renault, Dacia, Alpine and Mobilize, with a focus on vehicles reflecting innovations that meet the growing need for low-carbon and efficient mobility.
The Think Tank was held for the first time at a manufacturer’s premises to address the main challenges of distribution and the transformation of the network essential to meet the new challenges of the automotive industry. The “Renaulution” strategy has contributed to the strong growth in sales and profitability of our distribution network. Renault Group has put product back at the heart of its strategy by working on the complementarity of its four brands and by favouring a value-based commercial policy. The Group has launched more cars than the company has ever done in 125 years: 22 launches in 3 years. This new, modern range is positioned at the heart of the European market, with more than one in two launches in the C segment or above. Read More
Nissan Kyoto Automobile Technical College (Nissan Kyoto College), a vocational school operated by the Nissan group company Nissan Gakuen Educational Corporation, announced today that it has signed memorandum of understanding with Chongqing Energy Industry Technician College (Chongqing College), a public vocational school in Chongqing, China, to cultivate automotive technicians able to work in China and abroad. In tandem, Nissan’s joint venture partner in China, Dongfeng Nissan Passenger Vehicle Company (Dongfeng Nissan), donated a Sylphy and a Pathfinder to Chongqing College as training vehicles. The agreement and donation were marked by a ceremony at Chongqing College today.
The automotive industry is undergoing a rapid and profound technological revolution driven by electrification, connectivity, and intelligence. Meanwhile, there is a significant shortage of automotive technicians. The MOU signed today is aimed to launch a talent development program for up to seven and a half years, aiming to cultivate automotive technicians able of taking on diverse roles in the industry. Participating students will first acquire knowledge and skills necessary to obtain Japanese national qualifications. After completing the program, they will be offered opportunities to work at Nissan dealerships in Japan. Read More
Russian residual fuel oil volumes lifted by the newly sanctioned fleet accounted for 15% of all Russian residual fuel oil exports in 2024. It is unlikely that Russia will continue to lift residual fuel oil on sanctioned vessels, as shown in the past 10 days whereby Russian product exports on these sanctioned tankers stopped completely from January 11-20. Despite the recent sanctions on Russia’s dirty fleet, Russian residual fuel oil exports remain resilient, with a 7% m-o-m decline in the first 19 days of January.
The latest round of US Office of Foreign Assets (OFAC) sanctions imposed on 155 tankers active in the Russia crude trade, effective January 10, targeted mainly the larger vessel classes, with 68% of the newly sanctioned vessels belonging to Aframax-size tankers and above. Meanwhile, smaller vessel classes face a relatively muted impact. The sanctions could tighten the potential fleet available to carry Russia’s crude (excluding CPC blend and KEBCO) and product exports, as Russian-origin oil accounted for 94% of the cargo carried during 2024 by this recently sanctioned fleet, averaging 1.64mbd in 2024. Read More
China Petroleum Engineering & Construction Corporation (CPECC) has emerged as the frontrunner to win the estimated $1.7bn contract to build a gas processing complex at the Ratawi oil and gas field development in Iraq’s Basra region.
The Ratawi gas processing complex is one of four projects constituting Iraq’s $10bn Gas Growth Integrated Project (GGIP), which is being developed by French energy major TotalEnergies and its partners. TotalEnergies is the main operator of the GGIP scheme. Basra Oil Company (30%) and QatarEnergy (25%) are the other stakeholders. Read More
CPECC has secured the EPC contract for the carbon capture project within Phase I of Xinjiang Oilfield’s 2.64GW New Energy and Integrated Power Generation facility. This milestone represents CNPC’s inaugural million-ton-scale power generation CCUS carbon capture initiative and marks China’s second project of this magnitude.
Situated in the Karamay Industrial Development Zone, this initiative encompasses state-of-the-art chemical absorption carbon capture facilities with associated infrastructure. Upon completion, the facility will establish new industry benchmarks, achieving an annual carbon dioxide capture capacity of 1 million tons. The project will pioneer an integrated green industry framework, encompassing carbon capture and storage operations, verification protocols, and comprehensive carbon-related services. This advancement significantly contributes to Xinjiang Oilfield’s environmental initiatives and supports regional energy transformation objectives. Read More
The exquisite tribute to Bugatti past and present has graced the shining lights and iconic landmarks of Shanghai and Hong Kong – celebrating the striking fusion of a land full of heritage and an incomparable sense of innovation in all of its forms. Rich in history and technological ingenuity in equal measure, Shanghai and Hong Kong represent a fitting reflection of all that defines the Tourbillon. A masterpiece of timeless design and precision engineering, the pioneering vehicle honors legends of the Bugatti story – from the Type 57 Atlantic and Type 41 Royale, to the Type 35 and Veyron – while carving out a thrilling new direction for the brand, pushing the boundaries of possibility for hyper sports car performance.
And so, the Tourbillon blended beautifully into the dramatically diverse yet elegant vistas of Shanghai. A city imbued with countless cultural threads stretching back across centuries, through to the host of modern-day engineering marvels that define its iconic skyline.
The richness of artistic legacy and ingenuity of contemporary innovation are interwoven across the vast urban landscape, but remain fittingly symbolized by two distinctive sides of the city – Puxi and Pudong – straddling the winding Huangpu River. Nestled within Puxi, lies the bustling cultural melting pot and international architectural showcase of The Bund – where the Tourbillon stood proud facing the stunning spectacle of modern skyscrapers in Pudong. Read More
“PROTOTYPE”: An exhibition of the Mercedes-Benz Art Collection at Studio Odeonsplatz”, the art collection of Mercedes-Benz will present the works of six international contemporary artists from 25 January to 22 March, 2025, who approach the phenomenon of the prototype and its potential for innovation in diverse ways. Inspired by the history of automotive design, contemporary media, and digital culture, their artworks merge the physical and digital realms. The pieces range from an experimental video game to blockchain-based integrations and visual compositions based on human breath. The exhibition was developed by the Mercedes-Benz Art Collection and external curator Christopher Dake-Outhet. Prototypes navigate the tension between creative vision and commercial standardization. They capture the moments before production transforms forward-thinking ideas into a product, embodying a belief in the future that is tested by market demands and the feasibility of series production. It is precisely in this space of possibilities where the potential of prototypes lies.
The prototype as a leitmotif builds a bridge between art and the automobile in the Mercedes-Benz Art Collection exhibition – two areas where prototypical thinking is of utmost relevance. With prototypes such as the Mercedes-Benz concept vehicles, some of which are displayed as scale models at Studio Odeonsplatz, Mercedes-Benz provides an insight into the versatility of technological visions. Artists, in turn, often embody the essence of the prototype by challenging traditional production methods and creating works that resist standardization. In doing so, they go beyond conventional consensus and the idea of practicality. Accordingly, the presentation at Studio Odeonsplatz invites the audience to understand the artworks as prototypes. Read More
The 2025 Kia EV9 has been named the Edmunds Top Rated 2025 Electric SUV, solidifying its position as a standout in the electric SUV segment. Praised for its outstanding combination of utility, value, and spaciousness, the EV9 once again impressed Edmunds experts, cementing its status as a benchmark for excellence among EV SUVs. Read More
In a speech to executives at the World Economic Forum in Davos on Thursday, the US President. Donald Trumpsaid he was “surprised” that Opec hadn’t brought down the price of oil before the elections. “Right now the price is high enough that that war will continue,” he said, referring to the Russia-Ukraine conflict and suggesting that the higher crude price was helping to sustain funding for the conflict in Moscow. “You gotta bring down the oil price,” he said. “That will end that war. You could end that war.” According to Saudi state media, Bin Salman pledged to invest as much as $600bn (£484bn) in the US over the next four years. However, this figure was not mentioned in the White House statement after the call. Despite the cordial exchange, Trump said he would be asking “the Crown Prince, who’s a fantastic guy, to round it out to around $1 trillion”. Read More
President Trump has promised European energy buyers there will be enough supplies of liquefied natural gas even if it means higher gas prices at home. Trump was responding to a question by TotalEnergies chief executive Patrick Pouyanne who asked what the U.S. president would do about U.S. exports of liquefied gas if their growth led to price inflation on the domestic natural gas market.
“I would make sure that you get it,” Trump said, as quoted by Reuters, going on to say, “I think the more that you do, the lower the price is going to go, and what I’d like to see is rapid approvals,” of new LNG export capacity. Ahead of the November elections, Trump urged the European Union to buy more U.S. LNG to mend a trade surplus with the United States. Otherwise, Trump threatened, it would be tariff time for the EU. Read More
The 63rd edition of the Rolex 24 At Daytona will take place from 23 to 26 January. The endurance race at the Daytona International Speedway in the US state of Florida is the opening of the IMSA WeatherTech SportsCar Championship. For Mercedes-AMG, this marks the start of the title defence mission. The performance and sports car brand from Affalterbach won all six titles in GTD class contested in the 2024 IMSA series and therefore goes into the new season as the reigning champion. The foundation for this triumph was laid at last year’s 24-hour race in Daytona with a GTD victory. The first test sessions in the run-up to the endurance classic took place last weekend at the Roar Before The Rolex 24. The weather conditions were very changeable throughout the weekend. This led to delays and shortened sessions on Sunday. The Mercedes-AMG teams primarily used the test runs to optimise the torque sensors on the drive shafts – which have been mandatory in the IMSA series since this season. A total of 61 cars have been entered for this year’s edition in the GTP, LMP2, GTD Pro and GTD classes. Mercedes-AMG Customer Racing is represented by a powerful line-up of five teams, each fielding one Mercedes-AMG GT3, and 20 drivers in the GTD Pro and GTD classes. Team GetSpeed and 75 Express will be competing in the GTD Pro class, while Lone Star Racing, Korthoff Competition Motors and Winward Racing in the GTD class. The starting positions for the 24-hour race will be determined in qualifying next Thursday. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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