Weekly Crude Oil Storage as of February 28, 2025 U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.6 million barrels from the previous week. At 433.8 million barrels, U.S. crude oil inventories are 4% below the five-year average for this time of year, according to the EIA crude oil and petroleum weekly storage data,
(Oil & Gas 360) – EnerCom Announces Initial List of Presenting Companies for the 30th Annual Energy Investment Conference to be Held August 17–20, 2025 in Denver, Colorado EnerCom Denver – The Energy Investment Conference will celebrate 30 years of bringing together the broader energy sector, including companies, investors, analysts, and industry leaders! Presentation opportunities are available for E&P, Midstream, OFS, Minerals,
(World Oil) – Global oil demand will hit a record this year as Asian countries, particularly China and India, continue to expand consumption, said the head of the world’s biggest oil producer Saudi Aramco. Oil use is set to rise by 1.3 million barrels a day (bpd) this year to just over 106 million bpd, helped for petrochemicals and jet
(Oil Price) – BP is looking to raise the number of its board members and hire two more directors as part of its strategy to boost oil and gas production and shareholder returns, the Financial Times reported on Tuesday, citing sources familiar with the plans. Last week, BP said that it is increasing its investment in upstream oil and gas to $10 billion per
(Investing) – DUBAI/MOSCOW/LONDON – As OPEC+ debated whether to keep oil output steady due to weak global demand or pump more in response to internal pressure and a call from U.S. President Donald Trump, it was record output from Kazakhstan that helped sway the decision, sources told Reuters. OPEC and its allies including Russia, a group known as OPEC+, decided on
(Oil Price) – The global trade wars intensified on Tuesday as the U.S. tariffs on Canada and Mexico took effect and China was slapped an additional 10% levy, prompting retaliatory tariffs and sending equity markets and oil prices lower. Oil prices were down by 1% in Asian trading early on Tuesday, as markets fear economic slowdown from the tariffs and
(BOE Report) – Canadian midstream company Enbridge said on Tuesday that it plans to invest $2.5 billion in its liquids and natural gas systems, with $2 billion allocated to its Mainline network through 2028. The Mainline is North America’s largest crude oil pipeline network and transports light and heavy crude oil, natural gas liquids and refined products from Edmonton, Alberta, to various
(Investing) – WASHINGTON – U.S. President Donald Trump’s administration said on Tuesday it is ending a license that it had granted to U.S. oil producer Chevron (NYSE:CVX) since 2022 to operate in Venezuela and export its oil, after Washington accused President Nicolas Maduro of not making progress on electoral reforms and migrant returns. Chevron will have through April 3 to wind
This week’s Baker Hughes Rig Count shows that the U.S. had an increase of 1 over last week, resulting in a total count of 593 rigs. Canada had an increase of 4 over last week, resulting in a total Canadian count of 248 rigs. Breakdown by region Of the regions tracked by Baker Hughes, the Haynesville, and the Permian regions
(Oil Price)– Kazakhstan has ramped up oil production, with the country’s crude oil and gas condensate–a type of light oil- output hitting a record high of 2.12 million barrels per day in February, good for a 13% increase from January. Excluding gas condensate, crude oil production increased 15.5% m-o-m to 1.83 million bpd. The OPEC+ member has been able to increase oil output
(World Oil) – Baker Hughes and Frontier Infrastructure have announced a strategic partnership to accelerate the deployment of large-scale carbon capture and storage (CCS) and power solutions in the U.S. As part of the agreement, Baker Hughes will provide innovative technologies and resources in support of the development of large-scale CCS, power generation, and data center projects. Frontier is leading the
(Investing) – CALGARY – Canada’s oilfield drilling and services sector is already showing signs of slowing due to U.S. President Donald Trump’s threatened tariffs, triggering fears that an expected industry rebound could stall if such levies go forward. Employment levels in the Canadian drilling sector collapsed between 2014 and 2020 due to sustained low oil prices and reduced production during the
