Business & Markets

U.S. Senators Propose Tighter Sanctions on Nord Stream 2

Several U.S. senators introduced a bill on Thursday that would expand sanctions on Russia's Nord Stream 2 gas pipeline which Washington says will increase Moscow's influence in Europe.

China Oil Demand Recovery Positive Sign for Industry

China's oil demand has recovered remarkably well in the past few weeks, a move that industry analysts hope will be mirrored as other countries emerge from pandemic lockdowns.

OPEC+ Keen to Slow U.S. Shale Recovery as Oil Prices Rally

As U.S. shale production begins to show signs of recovery, OPEC and its allies are looking to keep prices low in an effort to prevent another market oversupply.

Ecuador Declares Force Majeure After Oil Pipeline Shutdown

Soil erosion which damaged the primary oil pipeline in Ecuador has caused the country to declare force majeure on exploration and production until the pipeline can be repaired.

BP Turns Over Rights to Operate South Caucasus Pipeline

BP has turned over rights to operate the South Caucasus Pipeline (SCP), part of the network that is due to start carrying gas from Azerbaijan to Europe this year, to a unit of Azeri state energy firm SOCAR.

U.S. Shale Producers Begin Restoring Output as Oil Prices Turn Higher

As oil prices begin to recover, U.S. shale producers are beginning to reverse production cuts made earlier in the year as demand plunged due to the coronavirus pandemic even as other major oil-producing countries consider extending production cuts.

Greece Shortlists Six Investors in Gas Distribution Network Sale

Greece has narrowed down the list of investors being considered in a sale of its gas distribution network to six potential buyers.

Golden Pass Seeks to Boost Capacity at Texas LNG Plant

Golden Pass LNG has requested permission from FERC to increase the capacity of its $10 billion LNG plant in Texas from 15.6 MTPA to over 18 MTPA .

Ecopetrol Extends Subsidies, Increases Pipeline Financing Assistance

Columbia's state-run oil company Ecopetrol announced on Friday that it is extending tariff subsidies and financing programs for oil shippers in South American country to help ease the burden of falling oil prices due to the pandemic.

Algeria's Sonatrach Becomes Majority Shareholder in Medgaz Pipeline

Algeria's Sonatrach has acquired an additional 19.10% stake in the Medgaz Pipeline making it the largest shareholder in the offshore natural gas pipeline.

Pipeline Operator Energy Transfer Warns of Coming Job Cuts

Dallas-based pipeline operator Energy Transfer will begin cutting about 6% of its workforce next week, as the impact of weak oil and gas prices continued to spread through the energy industry.

LNG Deliveries to U.S. Export Facilities Decline to Lowest Level Since 2019 - EIA

According to data released from the U.S. Energy Information Administration (EIA), deliveries of natural gas to U.S. export facilities fell during most of the month of May to levels not seen in almost two years.

Oil Surges on U.S.-China Trade Optimism, Falling Crude Output

Oil prices jumped around 5% on Friday as crude oil production continues to fall around the world and President Trump indicated that the U.S.-China trade deal was still on track.

Malaysia's LNG Exports in May Set to Drop to Lowest Since Mid-2018 — Data

LNG exports from Malaysia, the world's fourth-largest natural gas exporter, are expected to drop to their lowest levels in two years as producers are hit hard by plunging demand stemming from the coronavirus pandemic.

Sinopec to Build $2.8 Billion LNG Terminal in Eastern China

Sinopec has contracted with the city of Zhoushan on China's eastern coast to build a $2.8 billion LNG import terminal.

Global Energy Investment Expected to Fall 20% in 2020 Due to COVID Crisis — IEA

The International Energy Agency expects industry investments in 2020 to plunge by as much as 20% due to the global drop in demand related to the coronavirus pandemic.

Alberta Cuts Oil Output by 1 Million Barrels Per Day: Minister

The energy minister of Alberta, Canada's oil-producing province, has informed OPEC that the province has cut 1 million barrels per day (bpd) in production since many of the largest oil-producing countries around the world agreed to production cuts.

Enbridge to Raise Rates on Express Crude Pipeline

Enbridge has filed a proposal with the Federal Energy Regulatory Commission (FERC) to raise shipping tariffs on its Express crude oil pipeline by 3%.

India Looks to Store Cheap Oil in United States — Oil Minister

India's oil minister said the country is exploring the possibility of storing some of the excess oil it purchased from the U.S. in American storage facilities.

U.S. LNG Exports Drop More Than a Third as Pandemic Shrinks Demand

According to data from multiple gas trading houses, LNG exports from the U.S. have fallen by more than a third since the early part of this year.

Negative Gas Pricing Possible in Europe as Demand Slumps

Gas markets across Europe are facing the possibility of negative pricing on futures contacts barely a month after prices for crude oil in the U.S. dropped below zero.

Sempra Energy Delays Port Arthur LNG Project Decision to 2021

Citing market concerns caused by the coronavirus pandemic, Sempra LNG, a subsidiary of Sempra Energy, announced it has delayed an investment decision regarding its Port Arthur LNG project until 2021.

Russian Gas Transit via Poland Has Nearly Stopped: Ifx

Flows of natural gas from Russia across Poland on the Yamal pipeline have almost completely stopped barely a week after a transit deal between the two countries expired.

TC Energy Completes Sale of Coastal GasLink Stake

TC Energy has completed the sale of a 65% stake in its Coastal GasLink pipeline.

U.S. Oil Output from Major Shale to Reach Nearly Two-Year Low in June — EIA

New data from the U.S. Energy Information Administration expects oil output from seven major shale operations in the U.S. to fall by nearly 200,000 bpd in June.

Cameron LNG Begins Production Train 3 at LNG Facility

Cameron LNG, owned by Sempra LNG, has begun producing LNG from the third and final liquefaction train of its Phase 1 liquefaction-export project in Hackberry, Louisiana.

Alaska LNG Project Receives FERC Authorization, but Doubts Loom

Alaska's proposed multi-billion-dollar LNG project has received FERC authorization, but the project still has a long way to go.

Kinder Morgan Restarts Units at Elba LNG Facility After Fire

Kinder Morgan has begun restarting two of its three trains damaged in a fire at its Elba Island LNG facility in Georgia.

Ukraine's Odessa Receives First WTI Oil Cargo from U.S. — Sources

Ukraine's Odessa import facility received its first West Texas Intermediate oil cargo from the U.S. this week after futures prices turned negative last month.

Dominion to Keep Exporting LNG from Maryland Cove Point During June Maintenance

Maintenance scheduled to be performed on a section of Dominion Energy's Cove Point LNG facility in June should not affect exports from the facility the company said on its website.