Top Energy/Automotive News As Reported; OPEC basket of thirteen crudes stood at $73.07 a barrel
London, 01 June, 2023, (Oilandgaspress) : The Secretary General of the Organization of the Petroleum Exporting Countries (OPEC), HE Haitham Al Ghais, underscored the positive contributions made by OPEC Member Countries and non-OPEC oil-producing countries participating in the Declaration of Cooperation (DoC) to support sustainable stability in the global oil market.
The Secretary General made these remarks on Tuesday, 30 May 2023, during the 139th Meeting of OPEC’s Economic Commission Board (ECB). The meeting is planned for two days: 30-31 May 2023.
The Secretary General also stated that “this group of countries have, when required, undertaken extraordinary efforts to stabilize the oil market in these extraordinary times, in the interests of producers, consumers, the oil industry and the wider global economy.”
While highlighting the investment challenges facing the oil industry, the OPEC Secretary General noted that “underinvestment has resulted in shrinking spare capacity, production constraints and reduced refinery output at a time when demand for crude and oil products continues to rise.”
“All industry policymakers and stakeholders need to work together to ensure a long-term investment-friendly climate, with sufficient finance available. One that works for producers and consumers, and developed and developing countries,” Al Ghais said.
The ECB is the Organization’s economic and technical think-tank, which meets twice a year in advance of the biannual Ordinary Meetings of the OPEC Conference. The Board regularly reviews market conditions and developments in the world economy.
Clear Leader in Electrification
A pioneer in electrified vehicles, Toyota has put more than 23 million hybrids, plug-in hybrids, fuel cell electric and battery electric vehicles on the road globally – more than all other automakers combined. The company currently offers 22 electrified vehicle options in the U.S. across the Toyota and Lexus brands, the most among any automaker. By 2025, the company plans to have an electrified option available for every Toyota and Lexus model globally. Over the last two years, the company has invested more than $8 billion in its U.S. manufacturing operations primarily to support its product electrification efforts. Read More
The gas leak that occurred at the Hammerfest LNG plant at Melkøya on 31 May has been stopped and normalisation is under way.
Equinor’s emergency response organisation has been demobilised and the emergency services have left Melkøya.
The leak occurred in connection with a valve in one of the plant’s cooling circuits. The gas that leaked is used for cooling during production of liquid natural gas (LNG).
Equinor’s emergency response organisation was mobilised and the incident was handled in collaboration with emergency services. Relevant authorities were notified. There were 98 people present at the factory when the incident occurred. All personnel are accounted for and no injuries were reported.
It is too soon to say when production at the plant can be resumed. Read More
Joint Press Conference with Toyota Motor Corporation
Daimler Truck, Mitsubishi Fuso Truck and Bus, Hino, and Toyota agreed to collaborate toward strengthening their commercial vehicle businesses.
Mitsubishi Fuso and Hino will merge on an equal footing to strengthen their global competitiveness. Furthermore, our four companies will pursue new possibilities in the commercial vehicle business by leveraging Daimler Truck and Toyota’s CASE technologies.
Today, I would like to talk about the aims of this collaboration and our thoughts behind it.
Behind this collaboration is our four companies’ strong desire to create the future of commercial vehicles together.
Commercial vehicles, which support our daily lives through the movement of people and goods, are an important form of mobility that can truly be called part of our social infrastructure. Integrating them into social systems can further enhance the value of mobility. Read More
Nelonen Media Live, reduces emissions from summer festivals in Finland
Nelonen Media Live (NML), which is part of the Sanoma Group, will be using Neste’s renewable diesel for the first time at its summer festivals in Finland in 2023. At the 13 summer festival events organized by NML in different parts of Finland in 2023, the personnel’s rental vehicles and the diesel generators on the event sites will run on Neste MY Renewable Diesel™. NML’s use of Neste MY Renewable Diesel reduces greenhouse gas emissions by 90%* on average over the life cycle compared with fossil fuel. The Neste MY Carbon Footprint service makes it possible to monitor fuel consumption, greenhouse gas emissions at events and helps report the emissions reductions achieved. These solutions support NML’s efforts towards its sustainability targets as part of the Sanoma Group’s goal of carbon neutrality in all its operations and its entire value chain by 2030. Read More
Jeanine Wai appointed VP, Investor Relations North America of TotalEnergies
Jeanine Wai is appointed Vice President Investor Relations for North America of TotalEnergies, effective June 1, 2023. She replaces Robert Hammond who elected to retire from the Company.
Jeanine Wai began her career in 2001 with Chevron as a process engineer in Downstream specializing in hydrocracking and base oils. From 2009, she alternatively held corporate, buy-side and sell-side positions, including Oil & Gas financial analysis and M&A at Bechtel, as an Exploration & Production analyst at Nexus Asset Management, and 13 years of Upstream Oil & Gas equity research at JPMorgan, Citi, and most recently as the Senior US Integrated Oil and Exploration & Production analyst at Barclays since 2018.
Jeanine Wai is graduated with honors with a B.S in Chemical Engineering from the University of California, Berkeley and holds an M.B.A from the MIT Sloan School of Management. Read More
Super Trofeo Esports
The launch of The Real Race – Super Trofeo Esports season in 2023 marks the fourth edition of the highly-regarded virtual contest for Lamborghini fans worldwide. The vastly refreshed competition format, held on the Assetto Corsa Competizione platform, features new and exciting format changes and gives participants the chance to test themselves against the best talent in elite Esport competition across three continents. Featuring the latest Lamborghini Huracán Super Trofeo EVO2 race car, The Real Race – Super Trofeo Esports is Lamborghini’s most ambitious esports project yet and reflects the super sports car manufacturer’s values of authentic, brave and unexpected in the thrilling environment of Esports.
Format changes for 2023
New for this season is an opportunity for aspiring Esport talent to showcase their skills live, on-site at a selection of world-famous racing venues throughout Europe. Running alongside the Fanatec GT World Challenge Europe Powered by AWS racing paddock, the Fanatec Arena gives the public a chance to try their hand at cutting-edge racing simulations, with the fastest driver from each event earning a wildcard entry into The Real Race – Super Trofeo Esports Grand Final. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $68.28 | Down |
| Crude Oil (Brent) | USD/bbl | $72.87 | Down |
| Bonny Light | USD/bbl | $72.36 | Down |
| Saharan Blend | USD/bbl | $72.97 | Down |
| Natural Gas | USD/MMBtu | $2.27 | Down |
| OPEC basket 31/05/23 | USD/bbl | $73.07 | Down |
Baker Hughes Rig Count:
U.S. Rig Count is down 9 from last week to 711 with oil rigs down 5 to 570, gas rigs down 4 to 137 and miscellaneous rigs unchanged at 4.
Baker Hughes Rig Count: Canada is up 2 to 87 rigs.
Canada Rig Count is up 2 from last week to 87, with oil rigs up 3 to 42, gas rigs down 1 to 45.
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 26 May 2023 | 711 | -9 |
| Canada | 26 May 2023 | 87 | +2 |
| International | April 2023 | 947 | +17 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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