Oil

Halliburton Says It's Not Buying Exxon Stake in Iraqi Oilfield

Halliburton has not proposed buying Exxon Mobil's stake in Iraq's West Qurna 1 oilfield, a spokesperson for the U.S. oil services company said on Wednesday, denying comments from a senior official from Iraq's Basra Oil Co.

OPEC Oil Output Boost in November Again Falls Short of Target

The increase in OPEC's oil output in November has again undershot the rise planned under a deal with allies, a Reuters survey found, bringing a lack of capacity in some producers into focus ahead of a policy meeting this week.

Enbridge May Face Tougher Fight for Oil Barrels, Lower Rates, After Pipeline Ruling

A Canadian regulator's rejection last week of Enbridge's plan to sell space long-term on the country's biggest oil pipeline dealt the company a double whammy that analysts say could hit its bottom line.

Canada's Trans Mountain Still 'Days Away' From Restarting Pipeline

Canada's Trans Mountain said it was "still days away" from restarting the key oil pipeline at a reduced capacity as heavy rains continue to impede restoration efforts.

Waha Pipeline Work to Cut Libyan Oil Output for a Week

Libya's Waha oil company will carry out maintenance operations on a pipeline starting on Wednesday that will reduce crude output for one week

Oil Settles Down $10/bbl in Largest Daily Drop Since April 2020

Oil prices plunged $10 a barrel on Friday, their largest one-day drop since April 2020, as a new variant of the coronavirus spooked investors and added to concerns that a supply surplus could swell in the first quarter.

Contractors: Western Canada to Boost Drilling to Pre-Pandemic Levels

Western Canadian oil and gas producers will drill 27% more wells in 2022 than the previous year, returning to pre-pandemic levels as prices rebound and pipeline projects advance, the Canadian Association of Energy Contractors (CAOEC) said.

U.S. Energy Secretary: Companies Making Big Profits Should Increase Oil Supply

U.S. Energy Secretary Jennifer Granholm on Tuesday urged U.S. energy companies to increase oil supply amid "enormous profits," as the Biden administration tries to bring down the price of gasoline.

US to Release Oil from Reserves; OPEC+ Rebuffs Call for More Crude

The United States said on Tuesday it would release millions of barrels of oil from strategic reserves in coordination with China, India, South Korea, Japan and Britain to cool prices after OPEC+ producers repeatedly ignored calls for more crude.

Canadian Shippers Find Few Easy Alternatives for Grain, Oil Cut Off by Flood

Canadian exporters of commodities from grain to fertilizer and oil scrambled on Wednesday to divert shipments away from Port of Vancouver, which floods have isolated, but they found few easy alternatives.

Perspective: Stemming Methane Leaks from Pipelines, Landfills Could Quickly Slow Climate Change

Methane, which is more potent than carbon dioxide but has a shorter lifespan, reached record levels in the atmosphere last year, at about 2.5 times above those during the pre-industrial era.

Trafigura Warns of Power Outages in Europe This Winter

Europe is at risk of power outages this winter due to insufficient gas reserves and over the long-term, oil could rise above $100 a barrel, the chief executive of commodity trading giant Trafigura said.

Judge Rules Enbridge Line 5 Oil Pipeline Case with Michigan be Heard in Federal Court

A legal battle between Canadian company Enbridge Inc. and Michigan over Enbridge's Line 5 oil pipeline will be heard in federal court, a judge ruled on Tuesday, dismissing Michigan's motion to have the case sent back to state court.

Ironwood Midstream Expanding Footprint in Eagle Ford Region of South Texas

The Ironwood II leadership team assumed management of Nuevo Midstream assets, including about 100 miles of crude oil gathering pipeline in Lavaca, Gonzalez, and Fayette counties.

Scrap UAE Pipeline Deal Over Oil Risks to Red Sea, Israeli Minister Says

Israel's energy minister said on Tuesday a deal with partners from the United Arab Emirates to transport oil from the Gulf to Europe via Israel should be cancelled as it was too much of an environmental risk.

Canada's Trans Mountain Oil Pipeline Shut Down Due to British Columbia Storms

Canada's Trans Mountain oil pipeline has been shut down temporarily because of rainstorms pounding parts of the province of British Columbia, the operating company said in a statement on Monday.

As Energy Prices Soar, Supply Chain Snags Threaten US Oil Output Gains

Firms that convert pipeline compressor stations to run on electric motors instead of natural gas are finding parts in short supply, said energy consultant Spears.

Africa Sets Sights on Hydrocarbon Haul Despite Global Shift

Several African countries plan to exploit their oil and gas reserves to tackle poverty and energy shortages, representatives gathered in Dubai said this week in the face of pressure to end fossil fuel extraction to curb global warming.

Perspective: Moving Away from Fossil Fuels Could Put Canada's Energy Security at Risk

An oil-price drop, coupled with a global economic slowdown, has had adverse effects on other industries, global financial stability and non-oil-producing economies. In other words, no industry or economy is immune to these shocks.

World Energy Use Projected to Grow 50% by 2050

In its International Energy Outlook 2021, the U.S. Energy Information Administration projects that, absent significant changes in policy or technology, global energy consumption will increase nearly 50% over the next 30 years.

Nigeria's Aiteo Reports 'Extremely High Order' Oil Spill from Well

Nigeria's Aiteo Eastern E&P has reported an "extremely high order" oil spill from a jointly-owned well in the Niger Delta and has had to abort immediate efforts to control the leak due to the pressure emanating from the well head.

Oil Prices Rise, With Few US Government Brakes Available

Oil prices have soared to seven-year highs as the global economy has recovered, and driven the U.S. retail gasoline cost to $3.42 a gallon, also the highest in seven years.

Perspective: Would US Oil Reserve Sales Affect Prices Much?

Speculation is growing the Biden administration could order the release of crude from the Strategic Petroleum Reserve to lower oil prices after OPEC+ last week rejected calls to accelerate its output increases.

Uganda Planning Third Oil Licensing Round, Energy Minister Says

Uganda Energy Minister Ruth Nankabirwa Sentamu expects a law regulating an oil export pipeline will soon be finalized by parliament.

Biden: US Has Tools to Respond to OPEC+ Withholding Oil Supply

United States President Joe Biden said his administration has ways to deal with high oil prices after OPEC and its allies rebuffed U.S. pleas for the producers to pump more crude.

Colombia Oil Theft Surges as Smuggled Gasoline Dries Up, Data Show

Gasoline is a key component in making cocaine but there have been shortages of the fuel in Venezuela, so criminal groups in Colombia are tapping pipelines for ever more crude, which they must later refine.

Magellan Raises Forecast for Refined Products Shipments on Jet Fuel Demand

The pipeline operator said it expected the shipments to rise 14% from 2020, compared with 13% earlier, as volumes from expansion projects in Texas overcome the lingering impact of the COVID-19 pandemic.

Tanzania GDP to Expand 5.2% in 2022 From Estimated 5% in 2021

The finance minister said the 2022/23 budget would focus on construction of a standard gauge railway, a 2,115-MW hydropower dam in eastern Tanzania, a crude oil pipeline from Uganda and an LNG processing plant.

Canadian Pipeline Companies Enbridge, TC Energy Report Higher Profits

Canada's largest pipeline companies Enbridge Inc. and TC Energy Corp. reported a rise in third quarter profits on Friday, helped by rising demand for oil and gas that boosted pipeline volumes.

Added Transnational Oil Pipeline Capacity Could Reduce Crude Oil Shipped by Rail

Because the Line 3 replacement project increases the capacity to import crude oil by pipeline from Canada, this pipeline could reduce the need to ship crude oil from Canada by other modes, especially rail.