Oil
Russia to Cut Oil Exports by 500,000 bpd in August
Russia will cut oil exports by 500,000 barrels per day (bbl/d) in August, President Vladimir Putin's point man on oil said on Monday, as Moscow seeks to nudge up global oil prices in concert with Saudia Arabia.
Uganda Expects to Start Oil Production from Tilenga Project in 2025
Oil from the Tilenga project will be transported via the $3.5 billion East African Crude Oil Pipeline (EACOP) to the port of Tanga in Tanzania for export.
Sources: Energy Producer TRP Explores $1.5 Billion Permian Asset Sale
TRP, in which Greenbelt Capital Partners owns a controlling stake, holds around 15,000 net acres in the Midland portion of the Permian and produces about 25,000 barrels of oil equivalent per day, said the sources.
Oil Shippers on Canada's Trans Mountain Expansion Dispute Pipeline Tolls
Oil shippers on the Trans Mountain expansion project are challenging proposed pipeline tolls filed by Canadian government-owned Trans Mountain Corp. with regulators last month, citing concerns about significant cost increases.
Russian Firm Asks Venezuela to Match Chevron Oil-for-Debt Deal
A Russian oil firm is asking Venezuela's state-run company PDVSA for permission to take control of exports from their joint ventures to revive cash flow from the five companies, which have been hard-hit by U.S. sanctions, two people involved in the talks said.
TotalEnergies Faces Second Lawsuit Over Uganda Oil Projects
The French and Ugandan groups, led by Friends of the Earth France, accuse the energy company of failing to protect people and the environment from its Tilenga oil development and the $3.5 billion East African Crude Oil Pipeline (EACOP).
Nigeria Investigates Shell's Trans Niger Pipeline Spill
Nigerian authorities and Shell's local subsidiary were on Monday investigating the cause of a spill on the Trans Niger pipeline that lasted several days.
EIA: US Crude Inventories Post Surprise Draw, Fuel Stocks Rise
U.S. crude stocks posted a surprise draw in the last week, helped by strong export demand and low imports, while gasoline and distillate inventories rose, the Energy Information Administration said on Thursday.
US Oil Stocks at Cushing Delivery Hub Hit 2-Year Peak
Stockpiles at Cushing, the delivery point for U.S. crude oil futures, have climbed for eight consecutive weeks after falling earlier this year. Overseas demand for U.S. crude and an end to refinery outages should reverse the build, analysts said.
Pipeline Operator CPC to Spend $200 Million to Resolve Bottleneck Issues, $100 Million on Repair Work
The CPC, which handles about 1% of global oil, will spend roughly $200 million to complete its program to remove bottlenecks, and about $100 million would be allocated for the replacement of pumps and valves as well as repair work.
US Shale's Muted Reply to OPEC Oil Cuts to Limit Supply, Executive Says
Muted increases in U.S. oil production and cuts by the OPEC+ producing-nations group will limit crude supply in the months ahead, pushing up prices, an executive at U.S. shale producer EOG Resources said on Wednesday.
More Talks Needed Before Resuming Iraq-Turkey Pipeline Exports; Officials Cite 'Political' Issues
Turkey wants to negotiate the size of damages it was ordered to pay in the arbitration ruling and seeks clarification on other open arbitration cases, said another oil official.
Enbridge Ordered to Shut Down Portions of Wisconsin Pipeline Within Three Years
Enbridge said in court filings ahead of the judge's action that a hasty shutdown of the pipeline was unnecessary and would cause "extreme market turmoil." The company has proposed re-routing the pipeline around the tribal reservation but has not received federal approvals to do so.
Turkey, Iraq to Discuss Resuming Oil Exports Through Iraq-Turkey Pipeline
Turkey halted Iraq’s 450,000 bpd of northern exports through the Iraq-Turkey pipeline on March 25 after an arbitration ruling by the International Chamber of Commerce.
EIA: US Crude Inventories Post Surprise Large Build, Fuel Stocks Rise
U.S. crude oil stockpiles posted a surprise large build last week, while gasoline and distillate inventories gained more than expected, the Energy Information Administration (EIA) said on Wednesday.
US Hopes to Buy 12 Million Barrels of Oil for Reserve This Year
The Biden administration hopes to buy back at least 12 million barrels of oil for the Strategic Petroleum Reserve this year, including six million already announced, a source familiar with the matter said on Tuesday.
OMV Petrom Makes Largest Crude Oil Discovery in Decades
The deposits are the largest crude oil discovery OMV Petrom has made in decades, it said, and were found in southern Romania holding over 30 million barrels of oil equivalent of recoverable resources.
Enbridge Sells Inactive North Dakota Oil Pipeline to MHA Nation for Reservation's Oil Transportation
(P&GJ) — In order to assist in bringing oil from wells on its reservation to the general market, a Native American tribe in North Dakota purchased an empty pipeline from Canadian pipeline operator Enbridge.
First Discounted Russian Crude Oil Cargo Arrives in Karachi
Pakistan's Prime Minister Shehbaz Sharif on Sunday said the first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow had arrived in Karachi.
EIA: US Oil Output to Rise to Record High in July But Growth Narrowing
Crude output in the Permian Basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to rise by 1,000 bpd to a record-high 5.76 million bpd. That would be the smallest monthly increase for the region since February.
US Buys 3 Million Barrels for Oil Stockpile, Announces Plan for 3 Million More
The U.S. Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel.
Oil Prices Partially Recover After US, Iran Deny Reported Nuclear Deal
Oil fell by more than $3 on the report that the U.S. would give Iran sanctions relief to export oil in return for Tehran reducing uranium enrichment.
EIA: US Crude Inventories Notch Surprise Drawdown on Refinery Runs
U.S. crude oil stockpiles fell unexpectedly last week as refiners cranked out fuel to the highest level since 2019 during the Memorial Day holiday, the Energy Information Administration (EIA) said on Wednesday.
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.
- FERC Approves TC Energy's 1,377-Mile West Coast Pipeline Expansion
- Kinder Morgan to Buy NextEra’s 462-Mile Texas Pipeline System for $1.8 Billion
- Williams' Gas Pipeline in Idaho Ruptures, Company Challenges Explosion Allegations
- Biden Awards $7 Billion in Hydrogen Hub Money to 16 States
- Mountain Valley Pipeline Sues Protesters Hindering $7.2 Billion Construction Project
- UAE's ADNOC Awards $17 Billion of Contracts for Gas Project, Including Subsea Pipelines
- HVO: Fuel for the Future
- Analysis: Canada May Struggle to Recoup $26 Billion Cost of Trans Mountain Pipeline
- Biden Awards $7 Billion in Hydrogen Hub Money to 16 States
- TC Energy Names Ex-CEO as Chair of Oil Pipeline Business
