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Tag: Production

Sulphur Industry News

US domestic oil production has surged during 2023, reaching 13.3 million bbl/d in December, a record not just for the US but for any single country’s oil production. Adding in natural gas liquids and biofuels takes overall liquids production to 21.4 million bbl/d. Exports are also running at record levels, around 6 million bbl/d. This is a remarkable turnaround from 2008, when production was less then 5 million bbl/d and exports essentially zero. Furthermore, non-OPEC production is continuing to expand, with Brazil reaching 3.4 million bbl/d of oil production and 4.2 million bbl/d of liquids, and Canada producing 4.8 million bbl/d of crude and 5.7 million bbl/d of total liquids, keeping oil prices moderated in spite of OPEC+ production cuts. Global oil production is expected to reach a record level in 2024, with non-OPEC+ liquids growth projected to increase by 2.7 million bbl/d, far more than demand growth of 1.6 million bbl/d. n

Nitrogen Industry News

OCI Global says that it has reached an agreement for the sale of 100% of its interest in its large-scale nitrogen fertilizer subsidiary the Iowa Fertilizer Company LLC, located in Wever, Iowa, to Koch Ag & Energy Solutions for $3.6 billion. Completion of the transaction remains subject to US anti-trust approval and other customary closing conditions. The transaction is expected to close in 2024. Morgan Stanley & Co. International plc is serving as financial advisor to OCI on the transaction. IFCO produced 1.2 million t/a of urea ammonium nitrate (UAN) in 2021 and 700,000 t/a of anhydrous ammonia, as well as 700,000 t/a of diesel exhaust fluid (DEF).