Oil
Frustrated by Pemex, Hokchi Energy Tried to Shift Oil Sales to Its Trading Arm, Sources Say
Facing over $300 million in unpaid bills, Hokchi Energy tried to amend its contract to sell oil directly to Pemex’s trading arm, PMI, bypassing the state oil company, sources told Reuters.
Texas Tightens Wastewater Well Rules, Raising Costs for Oil Producers
New wastewater disposal rules in Texas are expected to raise costs for oil producers, particularly in the Permian Basin, as regulators tighten injection limits to address seismic and environmental concerns.
Texas Gas Output Breaks Record in May as Crude Holds Steady
According to TXOGA’s estimates, Texas crude oil production remained steady at 5.7 million barrels per day in May 2025, while natural gas gross withdrawals rose to 36.9 billion cubic feet per day. Natural gas liquids (NGLs) production remained strong at 4 MMbbl/d.
Nigeria's $5 Billion Oil-Backed Loan from Aramco Delayed by Oil Price Drop, Sources Say
A record $5 billion oil-backed loan between Nigeria and Aramco has been delayed due to falling crude prices, which sparked concerns among banks expected to support the deal.
First Russian Crude Shipment to Japan in Two Years Arrives at Kikuma Port
Japanese refiner Taiyo Oil has imported Sakhalin Blend crude from Russia for the first time in over two years at the request of Japan's government to help ensure LNG supply from the Sakhalin-2 project.
U.S. Jobs Report Spurs Oil Rally, Fuels Economic Recovery Hopes
Crude prices rose over $1 a barrel on June 6, marking their first weekly gain in three weeks, after a U.S. jobs report reinforced hopes for a Fed rate cut and stronger demand. Trade talks between the U.S. and China also lifted market sentiment.
WTI-Brent Spread Shrinks to 21-Month Low on U.S. Supply Concerns
The WTI-Brent crude spread narrowed to its tightest level since September 2023, driven by rising U.S. prices amid falling rig counts and Canadian supply cuts, signaling possible declines in U.S. oil exports.
Iraq Blames Kurdish Government for Ongoing Oil Smuggling, Threatens Legal Action
Iraq’s oil ministry has accused the Kurdish regional government of continuing to smuggle oil abroad and warned of legal action. The dispute threatens Baghdad’s OPEC compliance and delays in resuming pipeline exports to Turkey.
Guyana Oil Boom Lifts Exxon-Led Group’s 2024 Profit to $10.4 Billion
Exxon Mobil and partners Hess and CNOOC reported a 64% profit surge from their Guyana oil operations in 2024, reaching $10.4 billion as production expanded and taxes remained low.
Trump Wants to Shut 1 Million-Barrel Heating Oil Reserve in Northeast
President Trump's new budget proposal calls for shutting down the Northeast Home Heating Oil Reserve, a 1-million-barrel emergency fuel stockpile created to protect consumers during winter fuel shortages.
North Dakota’s Bakken Basin Set for Midstream Comeback, Experts Say
Experts see a midstream resurgence in North Dakota’s Bakken region, citing increased oil and gas production, pipeline expansions, and long-term infrastructure planning.
Oil Leak Shuts Pipeline Feeding Libya’s Largest Refinery
Libya’s National Oil Corporation halted flow from the Hamada oilfields after an oil leak was detected on a pipeline near the Zawiya refinery, the country’s largest. Recovery and investigation efforts are underway to address environmental impacts.
Caspian Pipeline Consortium Announces Significant Increase in 2025 Oil Exports
The Caspian Pipeline Consortium, which supplies oil from Kazakhstan and Russia via a Black Sea terminal, said on Wednesday it shipped more than 28 million metric tons (MMt) of oil from January to May 23, 1.4 MMt more than a year earlier.
U.S.-Licensed Buyers of Venezuelan Crude Load Final Cargoes as Deadline Passes
The U.S. Treasury and State departments gave companies including Chevron, Maurel & Prom and Repsol until May 27 to receive cargoes of Venezuelan crude, fuel and byproducts as authorizations granted in recent years were revoked in March as part of the Trump administration's harder stance towards the sanctioned country.
Pipeline Projects Boost Midstream Capacity Across Brazil, Argentina, and Bolivia
Four major pipeline projects across Brazil, Argentina, and Bolivia are expanding South America's midstream capacity in 2025, including natural gas and crude oil infrastructure developments.
U.S. Judge Extends Citgo Share Auction Bidding Deadline to June 2
A U.S. federal judge has extended to at least June 2 a period for bidders to submit rival bids in a court-organized auction of shares in the parent of Venezuela-owned refiner Citgo Petroleum, according to a filing released on Tuesday.
Pipeline Operators Favor Buying Over Building Despite Trump Push for Projects
Despite fast-tracked approvals under the Trump administration, pipeline firms like Energy Transfer, Kinder Morgan and Williams are prioritizing M&A deals over new builds.
Canadian Oil Exports Pivot Toward China, Undermining U.S. Energy Influence
Canada's seaborne crude exports to China surpassed flows to the U.S. for the first time in April, a shift driven by trade tensions and Trans Mountain pipeline expansion.
MOL, MVM Partner to Expand Azeri Oil Shipments to Hungary and Slovakia
Hungary’s MOL and MVM will jointly charter tankers to ship up to 160,000 metric tons of Azeri crude annually via Turkey’s BTC pipeline, aiming to diversify oil supply for Hungary and Slovakia.
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.
- Kinder Morgan Proposes 290-Mile Gas Pipeline Expansion Spanning Three States
- Enbridge Plans 86-Mile Pipeline Expansion, Bringing 850 Workers to Northern B.C.
- Intensity, Rainbow Energy to Build 344-Mile Gas Pipeline Across North Dakota
- Tallgrass to Build New Permian-to-Rockies Pipeline, Targets 2028 Startup with 2.4 Bcf Capacity
- U.S. Moves to Block Enterprise Products’ Exports to China Over Security Risk
- U.S. Pipeline Expansion to Add 99 Bcf/d, Mostly for LNG Export, Report Finds
- A Systematic Approach To Ensuring Pipeline Integrity
- 275-Mile Texas-to-Oklahoma Gas Pipeline Enters Open Season
- TC Energy’s North Baja Pipeline Expansion Brings Mexico Closer to LNG Exports
- Consumers Energy Begins 135-Mile Michigan Gas Pipeline Upgrade, Taps 600 Workers
