Oil
ConocoPhillips CEO Warns U.S. Shale Output Could Plateau at Current Oil Prices
ConocoPhillips CEO Ryan Lance said U.S. shale oil output could plateau if prices remain in the $60–$70 range, with declines likely below $60. He also projected LNG demand to rise sharply, requiring growth from both Qatar and the U.S.
North Dakota Oil Producers to Cut Rigs as Prices Fall
Oil producers in North Dakota are planning to cut rigs and frac crews as prices dip below breakeven levels, with the state expecting a drop in rig count to 27 by August, according to its mineral resources department.
Oil Companies Face Spill Liability Under New Guyana Law
Guyana’s parliament has passed a bill requiring oil companies to provide financial assurance for oil spills and comply with stricter regulations, holding them liable for damages as offshore production climbs past 900,000 barrels per day.
Azerbaijan Reports 3.1% Drop in BTC Pipeline Oil Exports
Azerbaijan’s oil exports via the BTC pipeline dropped 3.1% year-on-year to 9.3 million metric tons in January–April, with total transit volumes also down, according to official government data.
Line on Trans Niger Pipeline Shut After Spill in Ogoniland
Renaissance Energy shut down a line on Nigeria’s Trans Niger Pipeline following an operational oil spill near the B-Dere community. Cleanup efforts are underway after the pipeline was clamped and the leak contained.
China Overtakes U.S. as Leading Buyer of Crude on Trans Mountain Pipeline
China has overtaken the U.S. as the top buyer of Canadian crude shipped through the Trans Mountain pipeline, as trade tensions and sanctions reshape global oil flows and increase Asia-bound exports from Alberta.
Strathcona Acquires Canada’s Largest Crude-by-Rail Hub, Sells Assets for $2.84 Billion
Strathcona Resources has acquired the Hardisty Rail Terminal, Western Canada’s largest crude-by-rail hub, and sold its Montney assets for $2.84 billion as part of its midstream-focused consolidation strategy.
Saudi Crude Flows to China Expected to Stay High in June
Saudi Arabia is set to maintain oil exports to China at a one-year high in June, with 48 million barrels allocated amid increased OPEC+ output and strong demand from Chinese refiners.
Aramco Signs $90 Billion in U.S. Deals as Trump Gulf Visit Sparks New Tie-Ups
Saudi Aramco announced $90 billion in preliminary deals with major U.S. firms during Trump’s Gulf visit, highlighting expanded partnerships across energy, AI, and digital infrastructure.
Pemex to Cut Crude Exports as Olmeca Refinery Ramps Up, Official Says
Pemex plans to reduce crude oil exports as its new Olmeca refinery begins processing 100,000 bpd, increasing local capacity to 1.2 million bpd, a PMI official said.
Oando Restores Crude Pipeline Operations in Nigeria After Multiple Spills
Nigerian oil firm Oando has completed repairs on its Bayelsa state pipeline after four sabotage-related oil spills. The company shut down affected wells and plans future upgrades to reduce risk.
MPLX Acquires Whiptail Midstream’s San Juan Basin Assets for $237 Million
MPLX has acquired Whiptail Midstream’s San Juan Basin gathering systems for $237 million, expanding its oil, gas, and water infrastructure footprint in the Gallup oil play.
U.S. House Bill Seeks $1.5 Billion to Refill Strategic Petroleum Reserve
A U.S. House budget bill proposes over $1.5 billion to replenish and maintain the Strategic Petroleum Reserve and cancels a planned oil sale, aiming to rebuild the emergency crude stockpile.
China’s April Crude Imports Rise 7.5% on Iran, Russia Supply Surge
China imported 11.69 million bpd of crude oil in April, up 7.5% year-over-year, led by strong deliveries from Iran and Russia. Stockpiling during refinery maintenance and discounted sanctioned barrels supported the increase.
U.S. Oilfield Giants Brace for Tough Times as Price Slide Rattles Producers
Top U.S. oilfield firms SLB, Halliburton, and Baker Hughes brace for a downturn as falling oil prices force producers to cut drilling budgets and scale back activity, particularly in North America.
Mexico's Pemex Reports Leaks on Oil Pipeline Supplying Dos Bocas Terminal
Pemex reported and addressed leaks on an oil pipeline transporting crude from its Akal-C platform to the Dos Bocas terminal in Tabasco, Mexico, with cleanup underway and operations set to resume.
Global Energy Exports Slide as Trade Risks Weigh on Oil and Fuel Demand
Global oil, LNG and fuel exports slowed in early 2025 as rising trade tensions and tariffs disrupt flows, pressuring demand across major import markets and raising risks for energy exporters.
Tidewater Midstream to Acquire Segment of Pembina's Western Pipeline System
Tidewater Midstream is acquiring a segment of Pembina Pipeline's 234-mile Western pipeline system in British Columbia, Tidewater announced on May 6. The deal secures long-term access to crude for the Prince George Refinery and is expected to close by September.
Nigeria’s Renaissance Halts Oil Production After Pipeline Spill
Nigeria’s Renaissance Africa Energy has halted oil production after a spill on the Okordia-Rumuekpe pipeline, with initial reports citing possible vandalism in the oil-rich Niger Delta.
Saudi Arabia Can Control Oil Supply, But Demand May Be Its Achilles’ Heel
Saudi Arabia is flexing its oil supply control, but weakening global demand could undermine its strategy and pose challenges.
Sunoco to Acquire Parkland in $9 Billion Deal as Americas Fuel Market Consolidates
Sunoco will acquire Parkland Corporation in a $9.1 billion cash and equity deal, expanding its North American fuel network and maintaining Canadian operations, the companies announced.
Enbridge Line 5 Tunnel Permit Decision Expected This Fall
Enbridge’s Line 5 tunnel project is advancing toward a key milestone, with the U.S. Army Corps of Engineers targeting a fall decision on the project’s permit following a public comment period set for late May.
Venezuela Oil Exports Drop 20% as Chevron Cargoes Canceled Over Sanctions Dispute
Venezuela's oil exports dropped 20% in April after state-run PDVSA canceled Chevron cargoes over sanctions-related payment issues, leaving ports idle and shipments returning.
ONEOK Profit Slips on Higher Costs Despite Gains From Pipeline Acquisitions
ONEOK reported a slight dip in first-quarter profit due to higher costs, but core pipeline and NGL segments saw gains from recent acquisitions, including EnLink and Medallion.
Tankers Bottleneck at Aging Venezuela Oil Port Before U.S. Export Deadline
Oil tankers are queuing at Venezuela’s deteriorating La Salina port ahead of the U.S. license expiry on May 27, triggering delays as PDVSA pushes new crude exports.
LNG Surges, Oil Stalls: Trump's Energy Agenda Faces Headwinds from Trade Turmoil
Just 100 days into President Donald Trump's second term, oil prices have slumped over 20% to below many U.S. producers' breakeven costs as investors lose confidence amid tariff and policy uncertainty - undercutting Trump's push for U.S. energy dominance.
Gulf of Mexico Looking ‘Economically Viable’ in Coming Years
Since the beginning of 2025, with the advent of a second Trump administration, think tanks and energy consultants alike have been busy contemplating what a return to a “drill, baby drill” philosophy will mean to the U.S. and global energy space.
Congress Renews Efforts to Improve Pipeline Safety Law
The Trump administration appears to be more interested in energizing the federal pipeline safety regulator than the Biden administration ever was.
Scotland's Grangemouth Oil Refinery Ends Crude Processing, Begins Layoffs
Grangemouth, Scotland's only oil refinery, has ceased crude processing as Petroineos transitions the site into an import terminal, triggering job cuts and marking the end of an era for the aging facility.
Oil Price Slump Sparks Fears Over Big Oil Dividends, Buybacks
When Exxon Mobil and Chevron report first-quarter results this week, investors will be focused on how falling oil prices have increased the risk to dividends and share repurchases for the rest of 2025.
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Boardwalk’s Texas Gas Launches Open Season for 2 Bcf/d Marcellus-to-Louisiana Pipeline Expansion
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- New Alternatives for Noise Reduction in Gas Pipelines
- Construction Begins on Ghana's $12 Billion Petroleum Hub, But Not Without Doubts
- DOE Considers Cutting Over $1.2 Billion in Carbon Capture Project Funding
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Newsom Seeks to Aid Struggling Refiners Following Valero’s California Exit
