Oil prices drifted lower on Monday after the recovery of a major U.S. pipeline network eased concerns over supply, though fresh restrictions in Asia sparked by surging COVID-19 cases weighed on sentiment.
From a rapid rebound in crude prices since last April to OPEC’s shifting production plans, oil developments have been grabbing eyeballs and making headlines.
Green shoots of economic recovery are bursting through.
Oil demand dropped last month as the coronavirus surged in India and elsewhere, the IEA said.
The country’s four major oil refiners ― SK Innovation, GS Caltex, S-OIL and Hyundai Oilbank ― saw their first-quarter earnings rebound owing to surging global oil prices and global economic recovery.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.96% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 3.06%.
Chinese authorities are looking to ease the domestic fuel glut and reducing pollution by heavily taxing as of June the imports of several kinds of blending fuels which are being used by refiners to produce lower-quality fuels.
Lukoil’s production in Q1 of 2021 amounted to 2.152 mln barrels of oil equivalent per day (boe/d), excluding the West Qurna-2 project in Iraq.
Sasol Ltd. agreed to sell a 30% stake in a natural gas pipeline running from Mozambique to South Africa for as much as 5.1 billion rand ($361 million) in order to pay down debt.
Oil prices continued to decrease on Friday as a key U.S. pipeline restarted on late Wednesday and runs with almost half of its capacity on Thursday.