Oil

OPEC Cuts 2021 Oil Demand Outlook Again as Pandemic Impact Lingers

Global oil demand will rebound more slowly in 2021 than previously thought because of the lingering impact of the coronavirus pandemic, OPEC said on Monday, hampering efforts by the group and its allies to support the market.

Iran Mostly Contains Fire after Landslide Hits Oil Pipeline

Firefighters have contained most of a blaze that broke out after a pipeline carrying crude oil to Iran’s second-largest refinery ruptured due to a landslide, the head of the state company in charge of oil pipelines said.

Britain to End State Support for Fossil Fuel Sector Exports

Britain said it is ending state support for fossil fuel industry exports, and shifting government assistance to low-carbon and renewable energy projects abroad.

Oil Tanker Ablaze after Terrorist Attack Off Saudi Arabia Coast

Saudi Arabia said an oil tanker anchored at a Jeddah terminal was hit by an explosive-laden boat in what it called a terrorist attack, after shipping firm Hafnia said one of its tankers was struck by an "external source".

Nigerian Shell Employees Damaged Pipelines for Profit - Dutch TV

Employees at Royal Dutch Shell’s Nigerian joint venture orchestrated damage to oil pipelines to profit from the money spent on clean-up operations, Dutch investigative TV program Zembla reported.

Brent Rises Above $50 for First Time Since March

Oil prices climbed more than 4% on Thursday, with Brent surging above $50 a barrel for the first time since early March, fueled by hopes of a faster demand recovery as countries start to roll out COVID-19 vaccines.

EIA: Natural Gas Venting, Flaring Set Records in 2019

U.S. natural gas venting and flaring hit an all-time high of 1.48 Bcf/d last year, with the bulk of those volumes coming from North Dakota and Texas, updated government statistics show.

China Hits 26% of 2020 Target for U.S. Energy Imports under Trade Deal

China has accelerated imports of crude oil, propane and LNG from the United States since July, but total energy product purchases through October remain far short of targets for 2020 set out in the Phase 1 trade deal with Washington.

China Crude Imports Rise as Backlog Clears

China's November crude oil imports rose from a month earlier as customs continued to clear the backlog, although independent refiners slowed purchases as they reached their import quota limits.

Magellan Midstream Tank Explosion Injures 7 in Corpus Christi

Seven Magellan Midstream Partners employees were injured, four critically, when a storage tank at a Magellan plant in Corpus Christi exploded after catching fire Saturday morning, according to deputy Fire Chief Richie Quintero.

Brent Rises, Hovers Near $50/bbl on Hopes for U.S. Stimulus

Brent crude oil futures rose more than 1% on Friday, remaining just under $50 a barrel, as expectations rose for a U.S. economic stimulus package and a possible COVID-19 vaccine.

Minnesota Regulators Deny Request to Delay Line 3 Pipeline

A Minnesota regulatory panel has denied a request to stop Enbridge's Line 3 pipeline project, which broke ground this week after receiving its final state permit.

Uganda Gives Environmental Consent to $3.5B Oil Pipeline

Uganda has granted environmental approval for a $3.5 billion pipeline to export crude oil from western fields to the Indian Ocean coast in Tanzania.

Brent Rises to Highest Since March after OPEC+ Output Cut Deal

Global benchmark Brent crude prices rose 1% to their highest since early March on Thursday on renewed hopes for a U.S. stimulus deal and after major oil producers agreed to increase output modestly from January.

OPEC+ Agrees to Slight Easing of Oil Cuts from January

OPEC and Russia on Thursday agreed to slightly ease their deep oil output cuts from January by 500,000 bpd but failed to find a compromise on a broader and longer term policy for the rest of next year.

U.S. Shale Firms Ramp Up Gas Output as Futures Signal Higher Prices

Higher natural gas futures prices for 2021 and a continued glut of crude oil are prodding U.S. shale firms to boost gas drilling and production.

Magellan Midstream to Boost Loading capacity at Cheyenne Terminal

Magellan Midstream Partners said it will invest $4.65 million to increase truck loading capacity at its refined oil products terminal in Cheyenne, Wyo., by more than 50%.

Enbridge Starts Construction on Line 3 Pipeline in Minnesota

Enbridge began construction on its Line 3 crude oil pipeline replacement in Minnesota on Tuesday, a day after state regulators approved the final permit for the $2.6 billion project amid legal challenges from lactivist and Indigenous groups.

U.S. Crude Oil Output Rises to 10.86 MMbpd in September

U.S. crude oil production rose 286,000 barrels per day in September to 10.86 million bpd, as production increases in North Dakota and the offshore Gulf of Mexico offset cuts in Texas.

Keystone XL Adds Contractors for U.S. Spreads

Six U.S. union construction companies from three states were awarded about $1.6 billion in contracts recently to build portions of the Keystone XL crude oil pipeline.

Minnesota Gives Final Green Light to Line 3 Pipeline

Minnesota regulators approved the final permit Monday for Enbridge Energy’s Line 3 crude oil pipeline replacement across northern Minnesota, giving the company the green light to begin construction on the $2.6 billion project.

Rocket Attack Causes Fire at Oil Refinery in Northern Iraq

A rocket attack in northern Iraq hit a fuel storage tank at the Siniya refinery in Salahuddin province, causing a large fire to break out and briefly halting operations, the country's Oil Ministry said.

Minnesota Tribes File to Halt Line 3 Pipeline Approval Due to Virus

Two Native American tribes in northern Minnesota are asking state regulators to stop the imminent construction of Enbridge Energy's Line 3 crude oil pipeline replacement, saying it would increase the risk of coronavirus infections spreading.

Canadian Indigenous Deal with Keystone XL Took Years, Aims for Long-Term Wealth

TC Energy Corp's sale of a C$1 billion ($769 million) stake in Keystone XL to a Canadian indigenous group followed more than three years of pressure from a tiny Saskatchewan First Nation that demanded part ownership of the long-delayed oil pipeline.

OPEC Reaches Consensus to Extend Oil Cuts by 3 Months, Algeria Says

OPEC members have reached a consensus on the need to extend existing oil production cuts for three months from January and will work on convincing their allies in the wider OPEC+ group to support such a move, Algeria's minister said on Monday.

China Hits 26% of Planned 2020 U.S. Energy Imports

China has accelerated imports of crude oil, propane and LNG from the United States since July, but total energy product purchases through October remain far short of targets set out in the Phase 1 trade deal.

Belarus Plans to Raise Pipeline Tariff on Russian Oil by 25%

Belarus has proposed to increase a tariff it charges Russia for oil transit to Europe by a quarter, raising the stakes in oil supply talks complicated by political upheaval in Minsk, three oil industry sources told Reuters on Thursday.

OPEC+ Still Leans Toward Extension Despite Rally

OPEC and allies including Russia are leaning towards delaying next year's planned increase in oil output to support the market during the second wave of COVID-19 and rising Libyan output, despite a rise in prices, sources said.

Oil Rallies Past 8-Month High on U.S. Crude Inventory Drop, Vaccine Hopes

Oil prices climbed to the highest in more than eight months on Wednesday, as data showing a surprise drop in weekly U.S. crude inventories extended a rally driven by hopes that a COVID-19 vaccine will boost fuel demand.

Canadian Oil Output Seen Expanding until 2039

Canadian oil production will expand for nearly two more decades, slowing the country's progress toward achieving Prime Minister Justin Trudeau's goal of net-zero emissions by 2050, the Canada Energy Regulator (CER) forecast.