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Jeddah - Yasmine El Tohamy - Oil Updates — Crude steady; Chevron raises 2023 project spending budget to $17bn
RIYADH: Oil rebounded on Thursday after four sessions of decline, boosted by hopes that easing anti-COVID measures in China will revive demand and by signs that some tankers carrying Russian oil have been delayed after a Group of Seven price cap came into effect.
China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, while at least 20 oil tankers faced delays in crossing to the Mediterranean from Russia’s Black Sea ports.
Brent crude rose 46 cents, or 0.60 percent, to $77.63 a barrel at 03.00 p.m. Saudi time, while US West Texas Intermediate crude gained 67 cents, or 0.93 percent, to $72.68.
Meanwhile, Qatar has set its official selling price for its Marine crude at $1.85 a barrel above the Oman/Dubai average for January.
Iraq’s November oil output down
Iraq produced 4.43 million barrels per day of crude in November, down by 221,000 bpd from October, Reuters reported, citing data from state-owned marketer SOMO.
According to the production figures, Iraq’s output was in line with its quota under the agreement made by the Organization of Petroleum Exporting Countries and its allies, known as OPEC+.
At 4.431 mln bpd, Iraq’s November ceiling was 220,000 bpd lower than October’s. Iraq achieved the decline by reducing internal consumption by 92,000 bpd, exports by 63,000 bpd, while stock levels fell, the data from SOMO show.
In October, Iraq’s then-oil minister Ihsan Abdul Jabbar said the country would adhere to its OPEC+ quota by managing internal oil consumption to preserve export capabilities.
Chevron raises 2023 project spending budget to $17 billion
Chevron Corp. on Wednesday said it increased its 2023 capital spending budget by a double-digit percentage from this year to $17 billion, as inflation drives up energy production costs and the firm pours cash into low-carbon fuel projects.
Like other US energy companies that profited from this year’s rise in fuel prices, Chevron faces mounting pressure from the White House to invest more in fossil fuel supplies. The company is also preparing to expand operations in Venezuela.
Chevron indicated it will keep spending within a $15 billion to $17 billion range, despite this year’s surge in oil prices that generated all-time high profits and allowed for record amounts of cash distributions to shareholders.
“We’re maintaining capital discipline while investing to grow both traditional and new energy supplies,” said Chevron CEO Michael Wirth.
US tells Turkiye no need for additional checks on oil tankers
US Deputy Treasury Secretary Wally Adeyemo told Turkish Deputy Foreign Minister Sedat Onal in a call on Wednesday that the price cap on Russian oil does not necessitate additional checks on ships passing through Turkish territorial waters, the US Treasury Department said.
A Turkish measure in force since the start of the month has caused a logjam by requiring vessels to provide proof they have insurance covering the duration of their transit through the Bosphorus strait or when calling at Turkish ports.
(With inputs from Reuters)
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