Oil
US Crude Oil Exports to Gain Tail Winds from Saudi July Output Cut
U.S. crude oil exports, already running close to a record level hit in March, should get a further boost next month from deep production cuts in Saudi Arabia, analysts said on Monday, noting that this will also further deplete U.S. crude inventories, which have been hovering near historic lows.
Lukoil Raises Oil Output at Iraq's West Qurna 2 to 480,000 bpd
Russia's Lukoil has increased oil production at Iraq's southern West Qurna 2 oilfield by 80,000 barrels per day (bpd) to a total of 480,000 bpd, an oil official told Reuters on Thursday.
Canada Commits to Backing $2.2 Billion in New Trans Mountain Oil Pipeline Loans
The Canadian government is backing up to $2.24 billion in loans for Trans Mountain Corp., the crown corporation building an over-budget, long-delayed oil pipeline expansion to Canada's Pacific Coast.
Colombia Cano Limon-Covenas Oil Pipeline Bombed
Colombia's Cano Limon-Covenas pipeline was bombed by unknown actors, operator Cenit said in a statement on Tuesday, prolonging the suspension of pumping crude between oil fields in the country's northeast and the Caribbean coast, where the oil is exported.
ConocoPhillips to Buy Rest of Canada's Surmont Oil Site, Bumping Suncor
ConocoPhillips said on Friday it was buying the 50% stake in the Surmont oil facility held by TotalEnergies' Canadian subsidiary for about $3 billion, giving it full ownership and elbowing away rival Suncor Energy.
Shale R&D Cuts Cast Shadow on Future of US Oil Production
Shale technology advances that propelled the U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap.
Oil Rises as US Gasoline Supplies Tighten, Saudi Says: 'Watch Out'
Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts.
US Offers Oil, Gas Drilling Rights in First Auction Since Biden's IRA
Biden's Interior Department had attempted to suspend federal oil and gas leasing to study its environmental and climate impacts, but the Inflation Reduction Act that passed last year requires some oil and gas auctions if federal rights of way are offered for renewable energy projects.
EIA: Texas, New Mexico Led US Crude Oil Production Last Year
(P&GJ) — U.S. crude oil production grew 5.6%, or 0.6 million bpd, in 2022 compared with 2021, averaging 11.9 million bpd, according to the U.S. Energy Information Administration (EIA). The two states the Permian Basin spans—Texas and New Mexico—contributed the most growth to U.S. crude oil production in 2022.
Iraq's Kurdish Oil Output Falls as Pipeline Outage Continues
Oil production in Iraq's Kurdistan region continues to drop as export flows to Turkey's Ceyhan port show few signs of restarting after a stoppage that has lasted almost two months.
Top US Oil-Export Port Launches Search for New CEO
Officials at the Port of Corpus Christi, the largest U.S. oil-export port by volume, on Wednesday said they intend to appoint an interim chief soon and to begin a search for a new CEO.
Greece's Alexandroupolis Port Gets $26 Million in EU Funding
The port is expected to become an important entry point for energy to Europe. Greece and Bulgaria have also been looking to revive a pipeline project to transport crude oil from the port to Bulgaria's Black Sea port of Burgas.
Rare Shipment of US Oil Heads to South Africa for Glencore Refinery
A shipment of U.S. oil is headed to South Africa for the first time in two years and destined for a Glencore-owned refinery in Cape Town that has restarted operations after an explosion shuttered it in 2020, according to ship tracking data and a source.
US to Buy 3 Million Barrels to Refill Emergency Oil Reserve
The U.S. Department of Energy said on Monday it will purchase 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August and asked that offers be submitted by May 31.
EIA: US Crude Stockpiles Soar on SPR Release; Gasoline Draws Down on Strong Demand
U.S. commercial crude oil stockpiles jumped unexpectedly last week due to another release from the Strategic Petroleum Reserve, while gasoline inventories dropped as demand surged to its highest since 2021, the Energy Information Administration said on Wednesday.
Pipeline Operator Janaf, Hungary's MOL Sign Transport Deal for 2.9 Million Tonnes of Crude
Croatia's oil pipeline operator Janaf has signed a transport and storage deal with Hungary's MOL for shipments of 2.9 million tonnes of crude on the Adriatic pipeline to MOL's Hungarian and Slovak refineries, Janaf said on its website on Wednesday.
Head of Top US Oil-Export Port Resigns Abruptly
Sean Strawbridge, chief executive of the Port of Corpus Christi, the largest U.S. oil-export port by volume, resigned on Tuesday, the port operator said without providing any explanation.
Lebanon Strikes Deals to Get More Oil from Iraq
Baghdad has agreed to increase the volume of heavy fuel oil supplied under an existing deal by 50% to 1.5 million metric tonnes this year, Lebanon's energy minister Walid Fayad said in a statement confirmed by the Iraqi prime minister's office.
ONEOK to Acquire Pipeline Operator Magellan Midstream in $18.8 Billion Deal
ONEOK Inc. agreed on Sunday to buy U.S. pipeline operator Magellan Midstream Partners in a cash-and-stock deal valued at about $18.8 billion including debt, bringing natural gas-focused ONEOK into transporting refined products and oil.
Tight Market for Sour Crude Oil to Squeeze US Gulf Coast Refiners
The oil-producing group's 500,000 barrel per day cut will reduce stocks of sour crudes as U.S. oil refiners ramp up purchases for summer driving season.
US Could Start Buying Oil for Reserve After June Sale, Energy Secretary Says
"That congressionally mandated sale of 26 million barrels will be completed by June, and it's at that point where we will flip the switch and then seek to purchase," Granholm told lawmakers in a hearing in the U.S. House of Representatives.
Record US Crude Exports, Rising Shale Output Boosts Oil Flow to Houston
Oil pipelines from the top U.S. shale field to Houston that have run half empty are filling again as rising output has absorbed most of the space on lines to the main south Texas export hub in Corpus Christi.
Republicans Ask Watchdog to Assess US Oil Reserve Management
Two Republicans on Monday asked a congressional watchdog to assess the Biden administration's management of the Strategic Petroleum Reserve and audit its modernization program, saying sales from the SPR have undermined U.S. energy security.
Iraq Asks Turkey to Resume Northern Oil Export Pipeline
Iraq has sent an official request to Turkey to restart oil export flows through a pipeline that runs from the semi-autonomous Kurdistan Region in northern Iraq to the Turkish port of Ceyhan.
Regulator: Nigeria's April Oil Production Below 1 MMbpd
Nigeria's oil production fell below 1 million barrels per day (bpd) in April, its lowest level in seven months, data from the petroleum regulator showed on Thursday, after a strike at Exxon Mobil's local units hit the country's output.
White House Backs Manchin on Expediting Energy Project Permits, Calls on Congress to Pass Bill
The White House on Wednesday called on Congress to pass permitting legislation that would help speed up clean energy and fossil fuel projects, betting that the bipartisan measure may help end a standoff on the debt ceiling. The bill also calls for the completion of the $6.6 billion Mountain Valley Pipeline.
Russia's Transneft Says Druzhba Pipeline 'Attacked' Near Ukraine Border
Russia's oil pipeline operator Transneft said on Wednesday that a filling point on the Europe-bound Druzhba pipeline in a Russian region bordering Ukraine had been attacked, the TASS news agency reported, citing the company.
Focus: BP Ventures Back into Oil Frontiers to Boost Output
BP is ramping up oil exploration and drilling activity in frontier prospects as the energy giant tries to stem a decline in its oil and gas output after years of focusing on a shift to renewables to cut carbon emissions.
Congo in Discussions with Uganda Over Use of 898-Mile Crude Pipeline
Uganda is developing the $3.5 billion 1,445-km (898-mile) East African Crude Oil Pipeline (EACOP) that will start from oil fields in its Albertine rift basin on its western border with Congo to Tanzania's Indian Ocean seaport of Tanga.
Chile, Argentina’s YPF Ink Deal to Import Oil via Trasandino Pipeline
The contract, which is valid for 45 days, would enable the Chilean firm to buy 41,000 barrels of oil per day between May and June.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Mexico Seizes Air Liquide's Hydrogen Plant at Pemex Refinery
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
