Reuters LONDON – Iraq’s oil exports have fallen by almost 9% or 310,000 barrels per day (bpd) in June, loading data and industry sources showed, suggesting OPEC’s second-largest producer has delivered about three-fifths of its pledge in an OPEC-led supply cut deal. Southern Iraqi exports in the first 28 days of June averaged 2.90 million bpd, tanker tracker Petro-Logistics, Refinitiv
Reuters LONDON – Oil prices were mixed on Monday, supported by improving economic data and supply cuts by major producers, but held in check by sharp spikes in new coronavirus infections around the world that have forced some countries to re-impose partial lockdowns. Brent crude LCOc1 fell 2 cents, or 0.1%, to $41.00 a barrel by 1341 GMT, and U.S.
Reuters MOSCOW/LONDON – The rapidly rising price of Russia’s flagship Urals blend oil has forced European refineries to cut purchases from Moscow and look for crude supplies elsewhere, traders said on Friday. Urals, a blend of heavy sour oil from the Urals mountains and Volga river region and light oil from Western Siberian fields, has traded at a hefty premium
Forbes Following last week’s release of the BP Statistical Review of World Energy 2020, I began to review and analyze the data. Today I take a deeper dive into the numbers on petroleum. Oil accounts for a third of the world’s energy consumption. That is the greatest share for any category of energy. In 2019, the world consumed a record 98.3
Oil and Gas 360 This week’s Baker Hughes rig count shows that U.S. had a decrease of 1 over last week, resulting in a total count of 265 rigs. Canada had a decrease of 4 over last week, resulting in a total Canadian count of 13 rigs. Breakdown by region Of the regions tracked by Baker Hughes, only 1 region,
Reuters LONDON – Petroleum consumption is rising around the world as the major economies exit from lockdowns imposed to control the coronavirus epidemic, but the uneven recovery presents challenges for fuel refiners. Refiners must cope with a much stronger rebound in demand for gasoline compared with diesel and jet fuel, reconfiguring their equipment to shift the yield towards light distillates
CNBC Two leading oil price reporting agencies separately launched new U.S. crude benchmarks on Friday, as part of an effort to rival the U.S. West Texas Intermediate futures contract. The move from S&P Global Platts and Argus Media comes as both agencies seek to break away from the traditional landlocked system, just over two months after U.S. crude futures plunged into negative
Reuters LONDON – Oil prices dipped on Friday, erasing earlier gains, on concerns about rising new coronavirus cases in the United States and China and expectations of U.S. output ticking up while crude stockpiles linger at record highs. Brent crude LCOc1 futures were 13 cents lower at $40.92 at 1342 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures were
EIA Oil & Gas Publishers Note: Our 360 team has covered the refinery capacity news. The key take away is; “U.S. Gulf Coast, which is home to about half of U.S. refining capacity, used imported crude oil for only 28% of its crude oil inputs to refineries during 2019, down from 69% in 2010.” This percentage and dynamics will change
The New York Times Oil & Gas Publishers Note: $40 a barrel for one week does not count as a come back. It takes months of higher prices, and then you just cannot easily turn production. Crews re-hired, equipment pulled from storage, and shut-in wells may not come back on line with the same production. Clifford does have some great
Tallgrass Energy, LP today announced that both the Cheyenne Connector pipeline and the Rockies Express Pipeline (REX) Cheyenne Hub Enhancement Project will commence commercial service effective June 26, 2020, having obtained approval from the Federal Energy Regulatory Commission on June 24, 2020.
TradeArabia News Service -ABU DHABI, Oil and gas markets recovery is likely to gather pace in the second half of the year as countries further ease lockdown restrictions and demand rises, said Opec Secretary General Mohammad Sanusi Barkindo, expressing cautious optimism that the worst is over. The huge and unprecedented oil market imbalance that faced the industry in April in
