A Kenyan tribunal has dismissed a consumer group’s challenge to Dangote’s planned $16 billion, 700,000-bpd Lamu refinery, removing one legal hurdle facing the project.
Brent is on track for a 16% weekly plunge, its steepest since 2020, as Iran-war de-escalation hopes pressure crude while renewed tanker attacks keep Middle East supply risks alive.
Centrica Energy and Tourmaline are expanding their long-term gas partnership by 30,000 MMBtu per day, lifting contracted volumes to 80,000 MMBtu/day from 2031 during the overlapping term.
The UAE is reportedly considering another crude oil pipeline to Fujairah as it expands export capacity outside the Strait of Hormuz, although ADNOC has called the report inaccurate and speculative.
JPMorgan estimates the global oil market surplus widened to 1.4 million bpd in October as Middle East exports recovered and demand weakened, while HSBC raised its Saudi production forecasts.
Diversified Energy reported $256 million in third-quarter adjusted EBITDA as it prepares to close its roughly $1.8 billion Birch acquisition, which could lift pro forma EBITDA by about 55%.
Brent fell below $94 in early Thursday trade as markets priced in a lower risk of renewed U.S.-Iran escalation, while recovering Gulf exports and a widening oil surplus added pressure.
Global refinery crude inputs plunged 4.8 million bpd in the second quarter before recovering 1.8 million bpd in Q3, as refiners adapted to Middle East supply disruptions and changing trade flows.
Venezuela exported about 1.08 million barrels per day in October, little changed from September, as shipments to the U.S. fell sharply while exports to Europe increased.
