The Barrel: the essential perspective on global commodities

Miriam Malek
Senior Editor

Saudi Arabia leads Middle East’s rush to renewables, but policies lag behind ambition

April 18, 2019 09:15 UTC

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Saudi Arabia, the world’s largest oil exporter, has ambitious plans to tap into the potential of renewables to fill a shortfall in regional power demand. But opinions are divided on how realistic the Kingdom’s strategy is, given its track record of delayed projects and a shortage of domestic policies to help support investment.

The drive to increase renewables generation in the region is not limited to Saudi Arabia. With economies in the Middle East region set to grow in the coming years, power demand is projected to surge in tandem. Despite an abundance of natural resources, electricity supply is a major issue for Gulf countries and oil-fired generation is still the dominant source.

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Middle East, Saudi Arabia, solar, wind

Laura Huchzermeyer, Catherine Wood and Kristian Tialios

US crude exports wane on tight Brent-WTI spread but low freight keeps door open

April 17, 2019 09:32 UTC

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A tight spread between international crude benchmarks Brent and West Texas Intermediate has depressed US crude export flows during the past four weeks, according to sources and data from US Customs and S&P Global Platts Analytics. However, low freight rates have created opportunities to move US crude cheaply.

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Brent, freight, oil, US, VLCC, WTI

Starr Spencer
Senior Writer

US oil output could see change of pace as producers rein in spending

April 16, 2019 12:34 UTC

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Upstream oil and gas producers in the US are trapped in a dilemma they might have previously thought would be desirable: abundant production at low cost.

For decades, higher production from oil companies was what the market wanted and rewarded. If producers had to borrow and overspend to do it, the attitude was “c’est la vie”. But in the last couple of years, it has become clear that what is desired, often voiced and certainly rewarded, is slower production growth and reined-in spending.

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oil, Permian, upstream, US

Jonathan Dart
Senior Editor, EMEA

Squeezed global sugar market looks to holy grails and black swans

April 15, 2019 15:23 UTC

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The global sugar industry is grappling with slowing growth in consumption coupled with oversupply, which have pushed prices down to unsustainable levels.

In such a challenging environment, it’s understandable that the sector is searching for a holy grail to fix its demand-side problems, while also watching carefully for black swan events that could upend the current fundamental picture. This was the mindset in evidence at the Ninth Platts/Kingsman Geneva Sugar Conference held on April 2-3.

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Brazil, El Nino, ethanol, India, sugar

Tim Bradner
Contributor

Alaskan oil developers face technical challenges to exploit new plays: Fuel for Thought

April 15, 2019 10:06 UTC

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As Alaska’s oil production declines, enormous attention is being paid to even the slightest hint of a find that could turn the state’s fortunes around.

Much hope has been pinned on the development of the Nanushuk, a broadly-dispersed set of rocks along the Colville River that extends west into the National Petroleum Reserve-Alaska. › Continue Reading

Alaska, exploration, oil, US

Emma Slawinski
Editor, Platts Insight

Energy and commodities highlights: Sanctions, US clean energy goals, LNG’s second wave

April 12, 2019 12:58 UTC

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Commodity markets were weighing supply side risks this week, as key producing countries continue to grapple with sanctions and political upheaval.

In Libya, Africa’s third-largest oil producer and a significant supplier of gas to Europe, violence has escalated and the country is in danger of falling back into civil war. International oil companies like Italy’s Eni have started evacuating staff from Tripoli.

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electricity, gas, Iran, Libya, oil, sanctions

Brandon Evans

Several US regions face hurdles in race to build summer gas stocks

April 11, 2019 08:54 UTC

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With the withdrawal season officially over, US gas storage fields stand at their second-lowest level in 16 years. Several regions face obstacles as they look to climb out of deep deficits and re-stock before the next heating season begins.

In particular, grid constraints on moving Permian gas, along with a new major export route to Mexico to be commissioned in April and incremental demand from LNG terminals, will make Texas and the Southeast a focal point this summer.

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LNG, natural gas, Permian, US

Sebastian Lewis
Content Director for China

Insight from Shanghai: China’s shift in language signals private sector in the ascendant

April 10, 2019 11:57 UTC

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In March, China’s elite gathered in Beijing for the annual “two sessions” meeting of China’s legislative bodies, the National People’s Congress (NPC) and the People’s Political Consultative Conference.

While much of what happens at the two sessions is at best marginalia for all but the most dedicated of China watchers, the key themes of the meeting and the government Work Report that outlines policy, priorities and targets for the coming the year, are worthy of attention.

As expected, the overall direction follows the 13th Five Year Plan released back in 2016: coordinated “innovation-driven development”, environmental protection and plenty more “opening up”. But as always with Chinese policy documents, the devil is in the detail. › Continue Reading

China, electricity, gas, metals, oil, Policy

Ada Taib and Laura Huchzermeyer
Editors, Americas crude oil markets

New US crude grade offers potential alternative to Iranian barrels

April 9, 2019 11:11 UTC

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North Asian refiners are set to test a new US crude oil grade that some have touted could be a replacement for Iranian barrels, traders said.

Samples of US West Texas Light crude or WTL, which has an API of between 45 and 55, were heard to have been sent out to North Asian refiners, they added. Depending on results, and global appetite, the US Gulf Coast will be exporting many more cargoes of WTL in the future.

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Iran, oil, Permian Basin, South Korea, US

Andrew Critchlow
Head of news, EMEA

Saudi Aramco’s riches disguise its risks: Fuel for Thought

April 8, 2019 08:44 UTC

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Saudi Aramco is by far the most profitable company on the planet and produces more oil than any other single entity, but there are still doubts about the viability of its stalled initial public offering.

The problem for Aramco is that its weaknesses are as obvious as its strengths.

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investment, oil, petrochemicals, Saudi Arabia

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