Crude Oil News
Exclusive-Weak bids in Citgo auction spurs Venezuela to pitch alternative pay plan
HOUSTON/MIAMI (Reuters) -The highest bid received in a U.S. auction of shares that will decide the fate of Venezuela-owned oil refiner Citgo Petroleum was $7.3 billion, enough to cover only a third of court-approved claims, two people familiar
IEA sees OPEC+ cuts pushing oil markets into a supply deficit
The oil market is shifting from a surplus to a supply deficit that will last for all of 2024 if OPEC+ further extends its production cuts until the end of the year, the International Energy Agency (IEA) said …
Shell plans to cut 20% of jobs in its M&A unit
The ongoing job cuts at Shell are extending to the team handling mergers and acquisitions for the supermajor as the oil and gas giant is looking to eliminate around 20% of several hundred positions in the M&A unit, …
Biden’s SPR gamble sparks debate over U.S. energy security
The United States established its Strategic Petroleum Reserve (SPR) in the wake of the 1973–1974 oil embargo that disrupted oil imports and drove oil prices much higher.
The SPR consists primarily of several large underground salt caverns for …
Oil rises 2% on supply disruptions in Russia, U.S
HOUSTON -Oil prices rose about 2% on Monday on concerns over global energy supplies following a Ukrainian drone strike on Russia’s Novatek fuel terminal and as extreme cold weather continued to hamper U.S. crude production.
Brent March crude …
Suncor, Fort McKay First Nation partner on prospective oil sands development on Canadian reservation land
(WO) – Fort McKay First Nation and Suncor signed a Memorandum of Understanding (MOU) on a prospective oil sands lease development opportunity on Fort McKay reserve lands in the Regional Municipality of Wood Buffalo and respectively Fort McKay …
U.S. crude oil inventories increase by 1.5 million barrels
Weekly Crude Oil Storage as of March 8, 2024
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 1.5 million barrels from the previous week. At 447.0 million barrels, U.S. crude oil inventories …
Shell considers slowing its carbon emissions cuts
UK-based supermajor Shell has been updating its strategy on climate targets and could announce a slower pace of its emissions reductions later this week, anonymous sources with knowledge of the discussions have told Bloomberg.
Shell is set …
Big oil pursues African expansion despite challenges
Investments in new oil production have been stalling since about 2014. This has led many to suggest that higher prices for longer are on the cards, supported by anti-oil industry energy policies in key jurisdictions that are home …
Nord Stream sues insurers in London over 2022 pipeline blasts
Nord Stream AG names Lloyd’s Insurance
Venezuela rushes to mend Iran relationship as US sanctions loom
PUNTO FIJO/CARACAS/HOUSTON – Iran and Venezuela are trying to patch together an oil alliance that began to fray last year, according to six people familiar with the matter, after the South American country fell behind on oil swaps …
OPEC sticks to oil demand view, nudges up economic growth
LONDON – OPEC on Tuesday stuck to its forecast for relatively strong growth in global oil demand in 2024 and 2025, and further raised its economic growth forecast for this year saying there was more room for improvement.
The …
Trouble for U.S. diesel and gasoline exports
After years of delays and running $7 billion over budget, Pemex’s CEO says the company’s new Dos Bocas (Olmeca) 340,000 bpd refinery will reach maximum production by the end of March.
The new refinery will produce …
Shell’s LNG trading head to step down weeks after posting $2.4 billion profit
Just weeks after posting $2.4 billion in trading profits from liquefied natural gas (LNG) in the fourth quarter of last year, the long-time head of Shell’s LNG, natural gas and power trading unit, Steve Hill, is stepping down, …
Texas challenges Biden’s methane rule that is “detrimental” to U.S. oil and gas industry
(WO) – The Environmental Protection Agency (EPA) published the Methane Rule in the Federal Register on Friday, March 8. Texas is challenging this rule, which is detrimental to the oil and gas industry, which is not only vital …
Petrobras sends production team to Venezuela despite looming oil sanctions
(Bloomberg) – Brazilian state-controlled oil giant Petrobras sent a team of production specialists to Venezuela at the request of Nicolás Maduro, whose administration is welcoming oil majors despite U.S. sanctions threats on its oil industry.
The Petrobras delegation …
IPAA: Biden fails to recognize importance of U.S. oil and gas in State of the Union address
(WO) – In response to President Joe Biden’s comments on climate and oil and gas in his State of the Union address on Thursday night, Jeff Eshelman, President & CEO of the Independent Petroleum Association of America (IPAA) …
Petrobras loses over $10 billion in market cap after dashing dividend hopes
Petrobras has been a major cash cow for its shareholders in recent years, including the Brazilian government, with the prior management paying out far more than Western oil major peers.
Under new management picked by President Luiz Inacio …
U.S. rig count had a decrease of 7 this week, at 622
This week’s Baker Hughes Rig Count shows that U.S. had a decrease of 7 over last week, resulting in a total count of 622 rigs. Canada had a decrease of 6 over last week, resulting in …
New gas discoveries offer glimmer of hope for Colombia’s energy sector
Despite significant potential, Colombia’s oil and gas industry has had a variety of highs and lows due to political disruption, varying international interest and other determining factors. With a more stable political outlook for the coming years, Colombia …
EXCLUSIVE-Gulf oil giants Saudi Aramco, Adnoc set sights on lithium
LONDON/DUBAI – Saudi Arabia and the United Arab Emirates’ national oil companies plan to extract lithium from brine in their oilfields, in line with efforts to diversify their economies and profit from the shift to electric vehicles (EVs), three …
Oil prices may yet end the week on a high note
Crude oil prices have been stuck between bearish and bullish news this week, booking a modest decline over the four days to Thursday.
This could yet change later today, resulting in another week of gains for benchmarks. On …
Suncor signs oilsands lease development MOU with Fort McKay First Nation
CALGARY — Suncor Energy Inc. says it has signed a memorandum of understanding with the Fort McKay First Nation on a prospective oilsands lease development opportunity on reserve lands.
The Calgary-based oilsands company says it is progressing early-stage …
OPEC says IEA commentary on oil security encouraging
Nasdaq
DUBAI – Oil producer group OPEC said on Wednesday it was encouraged by a commentary from the International Energy Agency (IEA) which underscored the importance of oil security, while the two remained far apart on the demand outlook.
The …