Oil

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

President Trump said that Saudia 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.

Tallgrass Energy Announces Open Season on Pony Express Pipeline Expansion

Tallgrass Energy has announced that due to continued interest in its Carpenter Expansion it is launching a supplemental open season to solicit binding shipper commitments for crude oil transportation from a new origin near Carpenter, Wyo., to Pony Express destinations in Colorado.

Marathon Petroleum Explores $15 billion MPLX Asset Sale — Sources

Marathon Petroleum Co, the largest U.S. independent refiner, is exploring the sale of assets of its pipeline subsidiary MPLX LP worth as much as $15 billion, people familiar with the matter said on Wednesday.

Gibson Sanctions Million-Barrel Expansion at Hardisty Terminal

Calgary-based Gibson Energy Inc. said it has approved the construction of one million barrels of new tankage at its Hardisty Terminal.

Russian Production Increase Limited by Export Constraints: Traders

Russia’s ability to quickly lift oil production following the collapse of a global agreement to cut is restrained by bottlenecks in exporting capacity, market sources said and Reuters calculations showed on Tuesday.

Oil Plunges Over 20% on Saudi Arabia, OPEC Deal Collapse

Oil futures suffered their biggest daily loss since 1991 on Sunday after Saudi Arabia slashed its official selling price (OSP) and announced plans to raise crude production significantly, signaling the start of a price war.

Oil Slides as Demand Worries Overshadow OPEC Deal to Deepen Supply Cuts

Oil prices fell on Thursday as the coronavirus epidemic showed no signs of slowing, feeding worries about the global economy and prompting investors to sell more risky assets like stocks and crude oil and park money in safe havens.

Poland Ready to Supply Belarus with Oil if Pipeline Upgraded

Poland is ready to supply Belarus with oil, but first needs to invest in its pipelines to enable reverse flows, Poland's minister responsible for energy infrastructure said on Wednesday.

U.S. Crude Oil Production Grew 11% in 2019 — EIA

Annual U.S. crude oil production reached another record level at 12.23 million barrels per day (b/d) in 2019, 1.24 million b/d, or 11%, more than 2018 levels.

Energy Transfer Announces Supplemental Open Season for Bayou Bridge Pipeline System

Energy Transfer subsidiary, Bayou Bridge Pipeline has launched a Supplemental Open Season to solicit additional shipper commitments for transportation service from Nederland, Texas to Lake Charles, Louisiana through the Bayou Bridge Pipeline System.

Trafigura, Phillips 66 Form JV for Deepwater Texas Oil Port

Global commodities trader Trafigura said on Friday it had formed a joint venture with U.S. refiner Phillips 66 to build a major deepwater port in Texas capable of handling supertankers, ditching its own competing project.

EPIC Announces Completion of Crude Oil Pipeline

EPIC Crude Holdings has announced the successful commissioning of its 30” permanent crude oil pipeline.

Williams Seeks to Raise $5 Billion by Selling Stake in Pipelines - Sources

Williams Companies is seeking a partner to invest in a network of its pipelines in the western United States, a deal that could raise close to $5 billion for the Tulsa, Oklahoma-based company, people familiar with the matter said.

Belarus Says More Azeri, Russian Oil Supplies Coming Soon

Belarusian state energy company Belneftekhim has signed a contract with Azerbaijan's SOCAR to receive two cargoes of oil totaling 160,000 tonnes, it said on Wednesday.

Phillips 66 Partners Acquires Interest in Liberty Pipeline

Phillips 66 Partners LP has reached agreement with Phillips 66 to acquire its 50% interest in the Liberty Pipeline project for approximately $75 million.

Russia Makes New Proposal to Belarus for Oil Supply Terms

A new proposal from Russia for oil supplies to Belarus offered a sign of potential progress between the two countries, which have failed to agree on terms since major Russian oil companies suspended pipeline deliveries.