The potential implosion of China's property market and broader economy sent oil prices tumbling at the start of the week.
Despite 18% of oil production and 27% of gas production in the Gulf of Mexico being offline, oil prices are under pressure due to worrying economic developments in China. The seemingly imminent collapse of China's Evergrande conglomerate sent markets into a tailspin on Monday, although oil prices recovered slightly Tuesday despite demand fears.
The latest addition to the world of oil futures, the CME Petroleum Index Futures - combining WTI, gasoline, and heating oil contracts - started trading at the Osaka Exchange on Tuesday, with only 439 contracts traded in its first trading session.
Related: Shell Exits Permian In $9.5 Billion Deal
Equinor (NYSE:EQNR) and its partners vowed to ramp up gas production at the Oseberg and Troll fields, by 1bcm per year each, to produce more natural gas for the undersupplied European market.
The 500kbpd Pulau Bukom Refinery in southwestern Singapore, operated by Royal Dutch Shell (NYSE:RDS.A), saw a firebreak out on Friday, which was brought under control the same day with no significant impact on downstream supply.
US shale oil producer Pioneer Natural Resources (NYSE:PXD) has reportedly put its oil and gas assets in the Delaware Basin on sale, seeking to cash in at least $2 billion from the sale as it increases its focus on its base acreage in the Permian's Midland.
Following a controversial decision by Israel's government to grant US firm Halliburton (NYSE:HAL) an offshore drilling contract in the Mediterranean, Lebanon promised to reach out to the UN and the US to seek clarification as the acreage might be in disputed areas.
Brazil's national oil company Petrobras (NYSE:PBR) has signed up to a 2050 net-zero deadline, pledging to reach a 25% reduction in total emissions by 2030 already, becoming the second Latin American oil firm to do so after Ecopetrol.
The price of magnesium, a metal used in the aerospace and automotive industry and produced predominantly in China, has surged to its highest level since 2008, at $4,700 per metric ton, on the back of widespread closures in Chinese smelters.
Boosted by larger-than-anticipated profits on the back of runaway gas prices in Europe, Russia's gas giant Gazprom (MCX:GAZP) revised its 2021 upstream capex by more than $5 billion as it moves to speed up the construction of its pipeline network feeding into Power of Siberia.
Germany's leading car makers BMW (ETR:BMW) and Daimler (ETR:DAI) were sued by a local NGO that claims they refuse to tighten their carbon emissions target and should stop producing cars running on fossil fuels by 2030.
Russia's draft budget for 2022 foresees an 8% year-on-year increase in national oil production, rising to 560 million tons (equivalent to 11.2 million b/d) next year. Similarly, oil exports are set to rise to 230 million tons.
US oilfield services company Baker Hughes (NYSE:BKR) signed on to a new project that seeks to capture 200 MCf per day of flared gas from the Nassiriya and Gharaf oil fields for power generation as the Iraqi government seeks to diversify away from Iranian electricity imports.
The European Court of Justice ruled that Poland should halt operations at its PGE-operated (WSE:PGE) Turow lignite mine for risk of all sorts of environmental damage or risk paying a â¬500,000 daily penalty to the European Commission, a decision Warsaw openly vowed to disobey.
The prime minister of Libya's government of National Unity revoked his own decision to sack the CEO of Libya's national oil company Mustafa Sanalla in a bid to defuse tensions that remain to run high following several ports being taken over by protests over the past two weeks.
By Josh Owens for Oilprice.com
More Top Reads From Oilprice.com:
Josh Owens is the Content Director at Oilprice.com. An International Relations and Politics graduate from the University of Edinburgh, Josh specialized in Middle East and… More