Oil

Slivers of Hope Shine Through Dire Industry Period

As much of the industry focuses on worst-case scenarios, some analysts view recent crude oil forecasts as overly pessimistic and predict the pandemic may have only a short-term impact on global natural gas markets.

Norway Says it May Cut Oil Output if OPEC+ Deal Implemented

Norway, Western Europe's largest oil producer, signalled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.

France's CIM's Storage Tanks Brimming on Low Oil Demand

Oil tanks at France's storage and dispatch services company CIM are completely full due to the glut in global oil supply and the sharp drop in products demand, the director general of the company said.

Oil Industry Crisis Starkly Revealed in U.S. Weekly Data

The EIA's latest Weekly Petroleum Status Report reveals an industry in crisis – unable to cope with the simultaneous collapse in fuel consumption and rise in crude production.

Enbridge Applies for Construction of Great Lakes Pipeline Tunnel

Enbridge applied for permission to construct a pipeline tunnel beneath a waterway connecting two Great Lakes to replace an aging 4-mile stretch of its aging Line 5.

U.S. Railroads Refusing Demands for Oil Storage in Rail Cars

American railroad companies are refusing to store oil in rail cars as storage space rapidly dwindles.

OPEC+ Tentatively Agrees on Record Oil Cut Deal

Oil prices rose on Thursday as members of OPEC+ worked on a deal to cut oil production by anywhere from 10-20 million barrels per day.

U.S. Will Become Net Importer of Petroleum Products by End of 2020 — EIA

The U.S. EIA predicts the country will become a net importer of oil and gas products by the third quarter of 2020.

Keystone XL Construction Begins at U.S.-Canada Border

TC Energy said construction has begun on the Keystone XL crude oil pipeline at the U.S.-Canada border.

INEOS to Postpone Forties Pipeline System Shutdown

UK pipeline operator INEOS is delaying the planned shutdown of it's Forties Pipeline System.

Energy Recommendations for Michigan's Upper Peninsula Readied for Governor

After months of speculation Michigan’s Department of Environment, Great Lakes and Energy posted the Task Force’s Draft Recommendations for Line 5, the 30-inch, light crude and natural gas liquids pipeline owned by Enbridge.

Enbridge Running Mainline with Unused Space as Canada Cuts Oil Output

Enbridge is running its Mainline system with unused space as producers begin to cut output, according to an executive with the company.

Phillips 66 Offers Storage on Gray Oak Pipeline

Phillips 66 will offer on system storage for shippers on its Gray Oak pipeline system.

Putin Suggests Sizable Oil Production Cut as Prices Fall

The President of Russia has said he would be willing to cut oil production in cooperation with the U.S. and OPEC+.

Texas Might Curb Oil Output Under Broader OPEC+ Deal — Regulator

A Texas oil regulator said that America's largest producing state would consider cutting production if Saudia Arabia and Russia reached a curtailment deal.

President Trump Says Saudi Arabia, Russia Ready to Cut 15 Million Bpd

President Trump said that Saudi Arabia and Russia might be ready to cut their oil production by as much as 15 million bpd.

Kazakh Oil Producers Seek New Pipeline Route

Oil producers in Kazakhstan are looking for a new pipeline route to Baltic and Black sea export facilities.

U.S. to Lease Strategic Reserve Space After Buying Plan Canceled — Sources

The Trump administration is considering leasing storage space in the Strategic Petroleum Reserve after plans to purchase oil collapsed.

U.S. Oil Output Set to Plunge as Storage Fills

Ultra-low oil prices and full storage tanks and pipelines will force an unprecedentedly fast decline in U.S. output this year as producers are forced to choke or shut old wells and cut back new drilling, writes market analyst John Kemp.

Coronavirus Crisis 'Game Changer' for Oil Sector: Goldman Sachs

Analysts from Goldman Sacha say the oil sector will emerge from the coronavirus pandemic leaner and stronger but the crisis still poses a risk for shortages down the line.

U.S., Russia Agree to Oil Market Talks

Russian and U.S. leaders have agreed to meet to discuss the collapsing global oil market.

Saudi Arabia Plans to Boost Oil Exports to 10.6 Million Bpd from May

Saudi Arabia is planning to increase its oil exports to 10.6 million bpd beginning in May.

Saudi Arabia Says no Talks with Moscow on New Oil Deal

Saudia Arabia said it is not in talks with Russia to develop a new deal on oil production to stabilize erratic oil prices driven by uncertainty from the coronavirus pandemic.

Pipeline Shares Sink on Oil Decline, Coronavirus Impact

It’s a common refrain among investors that “a rising tide lifts all boats,” meaning the share prices of similar companies tend to act in unison. Unfortunately, that’s equally true of falling tides, as demonstrated by the performance of North American midstream equities in recent weeks.

Trump Says He Will Enter Saudi-Russia Oil Fray at Appropriate Time

President Trump has said he will get involved in the oil price war between Russia and Saudi Arabia at the 'appropriate time.'

Texas Producers, Regulator Ask State, President for Curtailments as Prices Collapse

Texas oil producers are asking for production curtailments in the state to help stabilize plummeting oil prices.

Coronavirus, Oil Price War Put Canada's Crude Sector 'On Life Support'

Canada's already struggling oil industry is now 'on life support' facing a plunge in oil prices as the global coronavirus pandemic sparked a price war with Saudia Arabia and Russia.

U.S. to Buy 30 Million Barrels of Oil to Help Fill Strategic Reserve

President Trump has directed the U.S. Department of Energy to begin purchasing crude oil to fill the country's Strategic Petroleum Reserve.

Global Oil Storage May Hit Capacity Within Months — Analysts

Industry analysts are predicting oil storage availability around the globe may reach capacity within months.

U.S. Oil and Gas Industry Sees no Supply Chain Threat from Coronavirus — API

The American Petroleum Institute says the U.S. oil and gas supply chain should not be majorly impacted by the coronavirus pandemic.