1. World oil prices seemed to move sideways in the trading session on October 30, after US President Donald Trump met with Chinese President Xi Jinping in South Korea.
Specifically, as of early this morning, October 31 (Vietnam time), the price of US crude oil WTI was trading at 60.26 USD/barrel, while the Brent benchmark price stopped at 65 USD/barrel.
2. The Kazakh government has reopened talks with ExxonMobil on expanding the Kashagan oil field.
The discussions are said to include exploiting the untapped western parts of the field and could involve Exxon’s Tengiz license, which expires in 2033.
3. CNOOC Ltd, China’s top offshore crude oil and gas operator, said its net profit fell 12.2% year-on-year in the third quarter, amid falling oil prices.
CNOOC reported third-quarter net profit of 4.6 billion (32.4 billion yuan).
4. Lukoil has agreed to sell its international business to Swiss-based commodities trading firm Gunvor, a week after the US imposed sanctions on Russia’s top oil companies.
Lukoil announced earlier this week that it would sell all of its international assets, starting a formal process to receive bids from potential buyers.
5. The world’s electricity demand is expected to increase by 30% over the next decade as data centers, electric vehicles and heating and cooling demand drive increased consumption, according to a new report from Rystad Energy.
Renewable power generation, especially solar power, is expected to play a key role in meeting growing electricity demand, Bloomberg reported, citing the report.
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