Oil
Dangote Refinery Urges Nigeria to Enforce Crude Supply Law for Local Refiners
The Dangote Oil Refinery has called on Nigeria's upstream oil regulator to force producers to abide by a law that stipulates they supply local refineries, saying that lax enforcement was raising its operational costs.
Iran Pushes Oil Exports to New Destinations, Including Bangladesh and Oman
Iran has sent small shipments of crude oil to new destinations such as Bangladesh and Oman, according to shipping sources and data, the latest sign of Tehran pushing to sustain output at close to its highest in five years.
Citgo Posts $25 Million Q2 Loss Amid Unfavorable Market Conditions, Refinery Maintenance
Citgo Petroleum has reported a net loss of $25 million in the second quarter following unfavorable market conditions and refinery maintenance and upgrades, compared with income of $410 million in the quarter immediately prior.
Energy Transfer Raises 2024 Profit Forecast on Higher Volumes, Acquisitions
Energy Transfer has raised its full year profit forecast after the U.S. pipeline and storage company posted higher second-quarter profit on the back of strong crude and natural gas liquids (NGL) transportation volumes.
NOG to Acquire Additional Uinta Basin Assets for $17.5 Million
Northern Oil and Gas Inc. announced it has exercised its option to acquire a 20% stake in the Altamont Assets in the Uinta Basin. The purchase price is $17.5 million in cash, subject to customary closing adjustments.
Trans Mountain Pipeline Expansion Fails to Narrow Canadian Heavy Oil Discount
The Trans Mountain oil pipeline expansion (TMX) was meant to shrink the discount on Canadian oil versus U.S. crude but three months in the differential is wider than when commercial operations on the project started.
Libya's Sharara Oilfield Production Drops by 60,000 bbl/d Amid Protests – Sources
Oil production at Libya's Sharara field, one of the country's largest production areas has been reduced by 60,000 barrels a day, or about 20% of its capacity, due to ongoing protests in the area, two field engineers said on Monday.
New Gas Pipeline Projects Underway Across Latin America
In Latin America, at the moment, there are a series of projects to build, expand and rehabilitate gas pipelines, which are of great importance to the strengthening of midstream infrastructure of those countries.
Hungary's MOL CEO Sees No Need to Wean Off Russian Oil
The head of Hungarian oil and gas giant MOL has said he sees no advantage in Hungary weaning itself off Russian oil supplies and dismissed warnings of fuel shortages in the country as "politics".
Analysis: China's Weak Diesel Consumption Squeezes Outlook for Oil Demand
China's slumping consumption of diesel, as use of LNG-powered trucks grows, is weighing on domestic fuel demand, with forecasters warning of further risks from a sluggish economy hobbled by a prolonged crisis in the property sector.
Chevron-Hess Merger Drags On Amid Exxon Arbitration Challenge
Chevron said an arbitration panel that will evaluate Exxon's challenge to its Hess acquisition should have a decision between June and August 2025.
U.S. Court Delays Citgo Share Auction Decision Until October
A U.S. court on Thursday agreed to delay the selection of finalists in an auction that could change the ownership of Citgo Petroleum, pushing back any sale of the seventh-largest U.S. oil refiner until October.
Trans Mountain Loads 19 Aframax Vessels in July, Slightly Below June Levels
About 19 Aframax ships loaded around 330,000 barrels per day of crude oil in July at Canada's West Coast in the second full month of operations on the newly expanded Trans Mountain pipeline.
U.S. Crude Oil Production Drops for First Time Since January, Gas Output Hits New Low
U.S. crude oil production fell in May in its first monthly decline since January, while fell natural gas output decreased to its lowest since February 2023, data from the U.S. Energy Information Administration showed on Wednesday.
Analysis: U.S. Oilfield Service Companies Slash Prices, Merge as Oil Producers Consolidate
As big producers integrate and become more efficient while raising oil output, there is less work for the oilfield services companies that depend on them, according to service company executives and energy analysts.
Oil Prices Rebound After Hamas Leader's Death, Gains Capped by China Concerns
Oil prices rose nearly 3% on Wednesday, rebounding from seven-week lows after the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and a sharp drawdown in U.S. crude stockpiles.
Phillips 66 Crude Capacity Utilization Hits Five-Year High Amid Market Challenges
The Houston-based refiner's crude capacity utilization rose to the highest in over five years at 98% in the second quarter, up from 92% in the first quarter, CEO Mark Lashier said during a call with analysts on Tuesday.
Report: U.S. Oil and Gas Mergers Surge Past $30 Billion in Q2
The latest round of deals kicked off last autumn with Exxon's $60 billion offer for Pioneer Natural and has spread through the U.S. energy industry, moving across Texas and North Dakota oil and gas producers to energy pipeline operators.
Libya's NOC Denies Crude Oil Supply Talks with Nigeria
Libya's National Oil on Sunday denied holding negotiations to supply crude oil to a refinery in Nigeria.
Hedge Funds Increase Bid for Martin Midstream Takeover
Hedge funds Nut Tree Capital Management and Caspian Capital have made a sweetened bid to acquire fuels storage and transporter Martin Midstream Partners.
U.S. Buys Nearly 5 Million Barrels of Oil for Emergency Stockpile
ExxonMobil will supply 3.9 million barrels of the contract, while Macquarie Commodities Trading US LLC will supply the rest, the DOE said.
Occidental Sells Delaware Basin Assets to Permian Resources for $818 Million
U.S. oil and gas producer Occidental Petroleum said on Monday it would sell certain Delaware Basin assets in Texas and New Mexico to Permian Resources for about $818 million, as it plans to cut down debt.
Vital Energy, Northern Oil and Gas Acquire Point Energy Shale Assets for $1.1 Billion
Vital Energy and Northern Oil and Gas will jointly acquire U.S. shale assets from private equity-owned Point Energy Partners for $1.1 billion.
Motiva's Texas FCC to Restart After Shutdown for Leak Repair
Motiva Enterprises plans to begin restarting the gasoline-producing fluidic catalytic cracker (FCC) at its 626,000-barrel-per-day Port Arthur, Texas.
Canada to Delay Trans Mountain Pipeline Sale Until After 2025 Election: Bloomberg
The country's government bought the $25 billion Trans Mountain expansion project in 2018 to ensure construction went ahead, with plans to divest it once operations began.
Lukoil Increases Seaborne Oil Exports as Druzhba Pipeline Suspended
Lukoil, Russia's largest private oil company, has ramped up oil exports via the country's sea ports as its supplies via the Druzhba pipeline route to Europe are currently suspended.
Citi Warns Trump Presidency Could Drive Oil Prices Lower
A Donald Trump presidency could be net bearish for oil prices due to a combination of factors including tariffs and oil-friendly policies and pushing OPEC+ to release more oil into the market, Citi said in a research note on Thursday.
Declining Mexican Crude Output Threatens Energy Independence Goals
Mexico's incoming President Claudia Sheinbaum will likely face a new challenge fulfilling the dream of energy independence that led her predecessor to spend $17 billion on a new refinery: a shortfall in domestic crude supply.
Occidental Petroleum Nears $1 Billion Sale of Texas Oil Assets to Permian Resources
U.S. oil producer Occidental Petroleum is nearing a deal to sell its assets in the Barilla Draw region of Texas to Permian Resources for about $1 billion, Reuters reported on Thursday.
U.S. Democrats Introduce Bill to Hold Oil Firms Accountable for OPEC Collusion
Democratic U.S. lawmakers on Wednesday introduced a bill to hold energy companies accountable if they are found by federal regulators to have colluded with the Organization of the Petroleum Exporting Countries to raise oil prices.
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- U.S. Appeals Court Strikes Down Controversial Biden Pipeline Safety Rules
- Williams Seeks Emergency Certificate to Operate $1 Billion Mid-Atlantic Gas Pipeline After Court Reversal
- Texas Oil Pipelines Near Max Capacity, Threatening Future Export Limits
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- Saudi Arabia Looking to Expand Pipeline to Reduce Oil Exports via Gulf
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
- Puerto Bahia, Gasco to Build Liquefied Petroleum Gas Facility in Cartagena, Colombia
- U.S. Court Overturns FERC Approval for NextDecade’s $18 Billion Rio Grande LNG Project
