*As Laura exits, U.S. energy firms tally damage
As the tail end of Laura sweeps north east and is downgraded to tropical storm, US energy firms are organizing for crews to be sent to offshore rigs to assess the damage caused by the 150mph winds. Power was cut from the homes of 650,000 people. Equinor and BP are preparing for the staffing of unaffected plants whereas Citgo’s 418,000b/d could be forced to shut for 4-6 weeks.
*U.S. energy exports severely disrupted by Hurricane Laura
Oil and Gas exports are expected to fall by 1 million barrels per day, as a result of the disruption in supply caused by the hurricane. LNG exports are expected to be the lowest in 18 months, to levels last seen in February 2019. The port of Houston closed through the period, reopening on later Thursday to commercial shippers but Kpler predicted that this would bring with it a reduction of 830,000 bpd of refined product exports.
*India fuel demand headed for 5-year low as truck operators idle vehicles
India’s demand for oil is expected to crash to five-year lows as diesel demand falls as a result of idle truck fleets, with operators expected to make cuts in the quantity that they currently run. Bloomberg report that trucking capacity is usually a good indicator of the economic health of the nation as they account for hauling the majority of fuel and goods, and the flailing demand in diesel and jet fuel is set to have a heavy burden on the pace of the Indian recovery from the pandemic.
*Iraq cuts oil exports in August, pumps below OPEC+ target
Iraqi crude exports have fallen in august as the nation is delivering on the OPEC+ led agreement to cut supply to address the current glut in the global economy according to industry sources. The second largest oil producer has dropped production to 2.63 million barrels per day Refinitiv Eikon predict. This news comes off the back of the non-compliance in the previous months, with Daniel Gerber announcing that its Iraq’s strongest monthly compliance this year.
*PetroChina posts $4.4 billion first-half loss, pledges near-zero emissions by 2050
As Petrochina pledge to achieve near-zero emissions by 2050, first half figures show losses of $4.4 billion as lower oil prices and tanking demand from the pumps affect operations. First half revenue for the firm fell 22% to 929 billion yuan. Bosses are looking to achieve this feat with increased investment into geothermal, wind, solar and hydrogen projects to parallel other industry players such as BP to tackle the climate crisis.