Oil

Brent Rises to Highest Since March after OPEC+ Output Cut Deal

Global benchmark Brent crude prices rose 1% to their highest since early March on Thursday on renewed hopes for a U.S. stimulus deal and after major oil producers agreed to increase output modestly from January.

OPEC+ Agrees to Slight Easing of Oil Cuts from January

OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 bpd but failed to find a compromise on a broader and longer term policy for the rest of next year.

U.S. Shale Firms Ramp Up Gas Output as Futures Signal Higher Prices

Higher natural gas futures prices for 2021 and a continued glut of crude oil are prodding U.S. shale firms to boost gas drilling and production.

Magellan Midstream to Boost Loading capacity at Cheyenne Terminal

Magellan Midstream Partners said it will invest $4.65 million to increase truck loading capacity at its refined oil products terminal in Cheyenne, Wyo., by more than 50%.

Enbridge Starts Construction on Line 3 Pipeline in Minnesota

Enbridge began construction on its Line 3 crude oil pipeline replacement in Minnesota on Tuesday, a day after state regulators approved the final permit for the $2.6 billion project amid legal challenges from lactivist and Indigenous groups.

U.S. Crude Oil Output Rises to 10.86 MMbpd in September

U.S. crude oil production rose 286,000 barrels per day in September to 10.86 million bpd, as production increases in North Dakota and the offshore Gulf of Mexico offset cuts in Texas.

Keystone XL Adds Contractors for U.S. Spreads

Six U.S. union construction companies from three states were awarded about $1.6 billion in contracts recently to build portions of the Keystone XL crude oil pipeline.

Minnesota Gives Final Green Light to Line 3 Pipeline

Minnesota regulators approved the final permit Monday for Enbridge Energy’s Line 3 crude oil pipeline replacement across northern Minnesota, giving the company the green light to begin construction on the $2.6 billion project.

Rocket Attack Causes Fire at Oil Refinery in Northern Iraq

A rocket attack in northern Iraq hit a fuel storage tank at the Siniya refinery in Salahuddin province, causing a large fire to break out and briefly halting operations, the country's Oil Ministry said.

Minnesota Tribes File to Halt Line 3 Pipeline Approval Due to Virus

Two Native American tribes in northern Minnesota are asking state regulators to stop the imminent construction of Enbridge Energy's Line 3 crude oil pipeline replacement, saying it would increase the risk of coronavirus infections spreading.

Canadian Indigenous Deal with Keystone XL Took Years, Aims for Long-Term Wealth

TC Energy Corp's sale of a C$1 billion ($769 million) stake in Keystone XL to a Canadian indigenous group followed more than three years of pressure from a tiny Saskatchewan First Nation that demanded part ownership of the long-delayed oil pipeline.

OPEC Reaches Consensus to Extend Oil Cuts by 3 Months, Algeria Says

OPEC members have reached a consensus on the need to extend existing oil production cuts for three months from January and will work on convincing their allies in the wider OPEC+ group to support such a move, Algeria's minister said on Monday.

China Hits 26% of Planned 2020 U.S. Energy Imports

China has accelerated imports of crude oil, propane and LNG from the United States since July, but total energy product purchases through October remain far short of targets set out in the Phase 1 trade deal.

Belarus Plans to Raise Pipeline Tariff on Russian Oil by 25%

Belarus has proposed to increase a tariff it charges Russia for oil transit to Europe by a quarter, raising the stakes in oil supply talks complicated by political upheaval in Minsk, three oil industry sources told Reuters on Thursday.

OPEC+ Still Leans Toward Extension Despite Rally

OPEC and allies including Russia are leaning towards delaying next year's planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, sources said.

Oil Rallies Past 8-Month High on U.S. Crude Inventory Drop, Vaccine Hopes

Oil prices climbed to the highest in more than eight months on Wednesday, as data showing a surprise drop in weekly U.S. crude inventories extended a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.

Canadian Oil Output Seen Expanding until 2039

Canadian oil production will expand for nearly two more decades, slowing the country's progress toward achieving Prime Minister Justin Trudeau's goal of net-zero emissions by 2050, the Canada Energy Regulator (CER) forecast.

Enbridge Sues Michigan Over Oil Pipeline Shutdown Order

Enbridge filed a legal challenge to Michigan Gov. Gretchen Whitmer's recent demand that the company shut down its Line 5 oil pipeline that crosses the waterway connecting Lake Huron and Lake Michigan.

Saudi Aramco: Domestic Supplies Unaffected by Missile Attack

Saudi Aramco said on Tuesday its domestic fuel supplies had not been affected by an attack the previous day by Yemen's Houthi group on a petroleum products distribution plant in Jeddah, with operations resuming three hours after the event.

Eni's Brass River Crude Exports Halted after Pipeline Explosions

Eni declared force majeure on exports of Nigerian Brass River crude oil following pipeline explosions in Bayelsa state, a source with direct knowledge of the matter said.

Yemen Rebels Claim attack on Saudi Oil Facility in Jiddah

Yemen's Houthi rebels said they struck a Saudi oil facility in the port city of Jiddah on Monday with a new cruise missile, just hours after the kingdom finished hosting its virtual Group of 20 leaders summit.

Oil Prices Gain on COVID-19 Vaccine News

Oil prices rose 2% on Monday, extending last week's gains, as the latest report of encouraging coronavirus vaccine trials had traders anticipating a recovery in demand.

Oil Prices Rise for Third Straight Week on Vaccine Hopes

Oil prices edged higher on Friday for a third consecutive weekly rise, buoyed by successful COVID-19 vaccine trials, while renewed lockdowns in several countries to limit the spread of the coronavirus capped gains.

Russia's Payments to Belarus for Contaminated Oil Still Unresolved

Russia and Belarus have yet to resolve differences over compensation for contaminated oil supplies last year, with the issue linked to a broader dispute between the ex-Soviet republics, industry sources said.

Oil Prices Pull Back on Concerns about Virus Impact on Demand

Oil prices slipped on Thursday as hopes for a vaccine were overshadowed by a surge in new cases of the coronavirus around the world, which raised concerns about the outlook for crude demand.

TC Energy: Keystone XL Pipeline Fits Biden Agenda

The creation of union jobs and support by Indigenous investors will help convince U.S. President-elect Joe Biden that the Keystone XL pipeline fits into his “Build Back Better” agenda, an executive with TC Energy said.

Explainer: What's Happening With the Keystone XL Project?

TC Energy Corp is continuing to advance its Keystone XL oil pipeline, the $9 billion project that would move oil from the province of Alberta to Nebraska. Here's an overview of the project status.

Canadian Indigenous Group to Invest in Keystone XL Pipeline

Pipeline operator TC Energy said on Tuesday Canadian indigenous group Natural Law Energy will invest up to C$1 billion ($763.77 million) in its long-delayed Keystone XL oil pipeline project.

OPEC+ Leans Toward Extending Production Cuts Past January

OPEC and allies including Russia are leaning towards postponement of a planned January increase to oil output by at least three months to support prices as the COVID-19 pandemic continues its second wave, sources told Reuters on Monday.

Environmental Groups Appeal Illinois Approval of DAPL Expansion

Environmental groups are appealing a decision made last month by Illinois regulators to allow the expansion of the Dakota Access oil pipeline (DAPL), according to documents filed with the state.