Oil News: OPEC+ Is Cutting, and Norway Is Pumping - Bloomberg

Oil News: OPEC+ Is Cutting, and Norway Is Pumping - Bloomberg:

As OPEC and its allies make their deepest cuts yet to crude production, Norway’s giant Johan Sverdrup oil field is exporting more than ever before.

Crude loadings from the field are set at a record 4.4 million barrels, or 465,000 barrels a day, in August, according to a loading program seen by Bloomberg. That’s compared with 429,000 barrels a day expected in July.

Norway’s state-controlled energy company Equinor ASA pledged to slash production from the Johan Sverdrup field by 20% in June, as the country moved ahead with historic oil-output cuts in cooperation with the Organization of Petroleum Exporting Countries and its allies. The curbs are aimed at rebalancing the oil market and eliminating a glut.

The processing, drilling and production platforms stand on the Johan Sverdup oil field off the coast of Norway.

 Photographer: Carina Johansen/Bloomberg

Crude Oil Prices for WTI, Brent on Friday, June 26, 2020 - Bloomberg

Crude Oil Prices for WTI, Brent on Friday, June 26, 2020 - Bloomberg:

Oil posted its second weekly loss for the month, as a surge in U.S. coronavirus cases clouds the demand outlook and casts doubts on the market’s recovery.

Futures in New York slipped 3.2% this week. The price slump comes just days after oil closed above $40 for the first time since early March, and following a run of weekly gains that lifted oil from its historic plunge below zero in April. Texas -- the center of the American oil industry -- halted its reopening as virus infections jumped, and Houston’s intensive-care wards reached capacity. Bars in Texas and Florida were ordered to shut, and Arizona reported a surge in infections.

“This week the market pushed through a 3 1/2 month high, and then all the sudden reporting about new cases seemed to break the back of the rally,” said Gene McGillian, vice president of research at Tradition Energy. “We have record amounts of oil and fuel in storage and still uncertainty about demand going forward.”

#AbuDhabi's Mubadala delivers bid for Petrobras' refinery in Bahia - sources | ZAWYA MENA Edition

Abu Dhabi's Mubadala delivers bid for Petrobras' refinery in Bahia - sources | ZAWYA MENA Edition:

Abu Dhabi's Mubadala Investment Company placed a binding offer for Petroleo Brasileiro SA's refinery in the northeastern Brazilian state of Bahia on Thursday, two people with knowledge of the matter said on Friday.

The 330,000 barrel-a-day refinery, known as RLAM, is the first of a group of eight such units the state-controlled oil producer plans to sell to cut debt and open one of the world's largest fuel markets to private investors.

It is still unclear whether other players, such as China's Sinopec and Indian conglomerate Essar Group, also made offers. Petrobras and Mubadala declined to comment.

New York court subpoenas Etihad, Fitch in $1.2 billion debt battle - Reuters

New York court subpoenas Etihad, Fitch in $1.2 billion debt battle - Reuters:

A New York court has sent subpoenas to Etihad and ratings agency Fitch this week seeking a document at the centre of a battle over $1.2 billion in debt issued by the Abu Dhabi carrier and airlines it partly owned, according to legal documents reviewed by Reuters.

Investors, including fixed-income specialist BlueBay Asset Management, are seeking access to a “debt assumption agreement” signed by Etihad and Alitalia, the Italian carrier, in 2016, before Alitalia went bankrupt.

Etihad issued bonds in 2015 and 2016 through an Amsterdam-based special purpose vehicle, EA Partners (EAP), which then distributed the money to Etihad and other airlines, including Alitalia. 


According to EAP filings with the London stock exchange and a Fitch report in May 2017, Etihad agreed to cover the debt owed by Alitalia under the debt assumption agreement.