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EIA: New refineries will increase global refining capacity in 2022 and 2023; China leads

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Global demand for refined products dropped substantially in 2020 as a result of the COVID-19 pandemic. Less petroleum demand and the associated lower petroleum product prices encouraged refinery closures, reducing global refining capacity, particularly in the United States, Europe, and Japan. million b/d in 2022 and by an additional 1.6

Global 448
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Kuwait Petroleum, Sinopec in $9B refinery joint venture in China

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The Chinese government recently granted final approval for a joint venture project between Kuwait Petroleum Corporation (KPC) and China Petroleum and Chemical Corporation (Sinopec), one of the world’s largest refiners, to build a world-class refinery and petrochemical complex in south China.

Kuwait 186
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Oil price tumbles after OPEC releases 2015 forecast

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27, OPEC refused to lower its production levels below 30 million barrels a day, adding to the oil glut that started with the US boom in high-quality shale oil. Almost all the news flow points to a weaker market,” said one oil analyst , Carsten Fritsch of Commerzbank in Frankfurt. “We Market Background Oil' And yet on Nov.

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Opinion: OPEC Divorce And Self-Destruction Thanks To Saudi Oil Strategy?

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The first quote modifies a GEICO commercial describing a free-range chicken (If you’re a free range chicken, you roam free, that’s what you do), the second, the famous John Maynard Keynes quote about markets (The market can stay irrational longer than you can stay solvent), the third, another famous Keynes quote (In the long run, we’re all dead).

Oil 150
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Opinion: Is Russia Plotting To Bring Down OPEC?

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Control over the transportation assets in this region together with vast gas reserves make Russia the key element of this new market.”. The Saudi decision to let the market set prices and to pursue market share, has led to steep declines in crude and petroleum product prices. by Dalan McEndree for Oilprice.com.

Russia 150
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Oil Prices Running Out Of Reasons To Rally

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Oil prices faltered at the start of the second week of the year, as fears set in about a rapid rebound in US shale production. percent in intraday trading on Monday, after a report at the end of last week showed another solid build in the US rig count, the tenth consecutive week that the oil industry added rigs back into the field.

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Europe/US team: transitioning to a low-carbon world will create new rivalries, winners and losers

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Saudi Arabia and Kuwait might, and should be encouraged to do so. G20 countries build a generous Green Climate Fund, well above the $100-billion-a-year goal in the Paris climate agreement. Financial markets divest fossil-fuel assets and reallocate capital to low-carbon firms. —Goldthau et al. Big green deal. ?This

Carbon 207