Crude Oil News

Source: Reuters

U.S. wants Venture Global to explain confidentiality of its LNG project

Oil Price


The Federal Energy Regulatory Commission (FERC) has asked U.S. liquefied natural gas exporter Venture Global LNG to justify why it keeps details of its Calcasieu Pass LNG facility confidential, weeks after customers including BP complained that the U.S. …

March 14, 2024 - 2:30 pm Closing Bell Story‎, Crude Oil News, Energy News, LNG
Source: Reuters

Exclusive-Weak bids in Citgo auction spurs Venezuela to pitch alternative pay plan

US News


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

Source: Reuters

IEA sees OPEC+ cuts pushing oil markets into a supply deficit

Oil Price


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 …

March 14, 2024 - 11:47 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

BP and ADNOC suspend $2-billion Israel gas deal as Gaza war continues

Oil Price


BP and the Abu Dhabi National Oil Company (ADNOC) have suspended talks to buy a 50% stake in Israel’s natural gas producer NewMed, due to uncertainty in the region, the Israeli company said on Wednesday.

In March 2023, …

Source: Reuters

Shell plans to cut 20% of jobs in its M&A unit

Oil Price


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, …

Source: Reuters

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 …

Source: Reuters

Biden’s SPR gamble sparks debate over U.S. energy security

Oil Price


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

Oil rises 2% on supply disruptions in Russia, U.S

Yahoo Finance


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 …

Source: Reuters

Suncor, Fort McKay First Nation partner on prospective oil sands development on Canadian reservation land

World Oil


(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

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 …

Source: Talos Energy

Talos Energy increases 2024 production predictions early following $1.3 billion QuarterNorth Energy acquisition

World Oil


(WO) – Talos Energy Inc. provided updated 2024 operational guidance to reflect the closing of the QuarterNorth Energy Inc. acquisition earlier than expected.

For the full year 2024, Talos expects average daily production between 89,000 and 95,000 boed, …

Source: Reuters

Shell considers slowing its carbon emissions cuts

Yahoo Finance


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 …

Source: Oil Price

Big oil pursues African expansion despite challenges

Oil Price


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 …

Source: Reuters

Nord Stream sues insurers in London over 2022 pipeline blasts

Nasdaq


LONDON – Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to transport Russian gas to Germany, court filings show.

Nord Stream AG names Lloyd’s Insurance

Source: Reuters

Venezuela rushes to mend Iran relationship as US sanctions loom

Yahoo News


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

OPEC sticks to oil demand view, nudges up economic growth

Nasdaq


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 …

EQT announces transformative acquisition of Equitrans Midstream

EQT announces transformative acquisition of Equitrans Midstream

Oil and Gas 360


03/11/2024
  • Creates America’s only large-scale, vertically integrated natural gas company prepared to compete on the global stage
  • All stock transaction with combined company enterprise value over $35 billion
  • Provides >2,000 miles of critical pipeline infrastructure with
Trouble for U.S. diesel and gasoline exports

Trouble for U.S. diesel and gasoline exports

Oil and Gas 360


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 …

Source: Reuters

Shell’s LNG trading head to step down weeks after posting $2.4 billion profit

Oil Price


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, …

March 11, 2024 - 1:30 pm Closing Bell Story‎, Crude Oil News, Energy News, Finance, LNG
Texas challenges Biden’s methane rule that is “detrimental” to U.S. oil and gas industry

Texas challenges Biden’s methane rule that is “detrimental” to U.S. oil and gas industry

World Oil


(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 …

Source: Reuters

Petrobras sends production team to Venezuela despite looming oil sanctions

World Oil


(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 …

Source: World Oil

IPAA: Biden fails to recognize importance of U.S. oil and gas in State of the Union address

World Oil


(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) …

Source: Reuters

Petrobras loses over $10 billion in market cap after dashing dividend hopes

Yahoo Finance


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 …

Source: Oil Price

Biden’s pause on new LNG export permits could last for months

Oil Price


The U.S. Administration’s pause on approvals of new LNG export projects could last for several months until the U.S. Department of Energy reviews the grounds for authorizations, a DOE official told Bloomberg in an interview on Friday.

At …

U.S. rig count had a decrease of 7 this week, at 622

U.S. rig count had a decrease of 7 this week, at 622

Oil and Gas 360


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 …

Source: Oil Price

New gas discoveries offer glimmer of hope for Colombia’s energy sector

Oil Price


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 …

Source: Reuters

EXCLUSIVE-Gulf oil giants Saudi Aramco, Adnoc set sights on lithium

Nasdaq


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

Oil prices may yet end the week on a high note

Oil Price


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 …

Source: World Oil

Hess flags potential delay for Chevron Merger as ExxonMobil fights for “massive” oil discovery rights offshore Guyana

World Oil


(Bloomberg) – Hess Corp. signaled its $53 billion agreement to be bought by Chevron Corp. may be delayed after Exxon Mobil Corp. filed for arbitration over the deal to preserve its rights to a massive oil discovery off …

Source: Reuters

Suncor signs oilsands lease development MOU with Fort McKay First Nation

Yahoo Finance


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 …