U.S. crude exports to Asia, which have slumped due to record freight costs, stirred on Thursday as rates slid and the premium in Asia for Russia’s ESPO Blend oil sent buyers back to U.S. grades, according to market …
Source: Houston Chronicle
WASHINGTON – Plans to shrink the U.S. Strategic Petroleum Reserve by 40 percent over the next eight years risks a spike in global energy prices, a top official at the International Energy Agency warned the Senate Thursday.…
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 9.3 million barrels from the previous week. At 434.9 million barrels, U.S. crude oil inventories are about …
Source: Reuters
Russia, the world’s No. 2 oil producer, has become an unintended beneficiary of U.S. sanctions after an embargo on Chinese ships drove up tanker freight rates, spurring record premiums for Russian crude that takes just days to arrive …
Source: Houston Chronicle
Soaring oil-tanker costs are drying up activity in the U.S. export market as sellers are slow to lower offers and buyers are skittish, according to market participants.
Some sellers have held back from offering cargoes, while others …
Source: Reuters
HOUSTON (Reuters) – Oil rose about 1.4% on Wednesday, gaining support due to signs that OPEC and allied producers will continue to curb supplies in December, a weaker U.S. dollar and as traders covered short positions ahead of …
Source: Reuters
WASHINGTON (Reuters) – The White House is warning Chinese shipping companies against turning off their ships’ transponders to hide Iranian oil shipments in violation of U.S. sanctions, two senior administration officials said.
“We’ve been messaging very heavily to …
Source: Houston Chronicle
A new study from the University of Texas at Austin is blaming hydraulic fracturing activity on some earthquakes in the Permian Basin of West Texas.
In a study released Tuesday afternoon, scientists with the TexNet Seismic Monitoring …
Source: Reuters
Oil and gas producer Occidental Petroleum nudged its estimate for third-quarter production higher on Tuesday, helped by fewer shutdowns in Colorado’s DJ basin and strong performance in its Permian Resources unit.
The shale producer, which completed the purchase …
Source: Reuters
SEOUL (Reuters) – South Korea’s crude oil imports from the United States more than doubled in September, while its imports of Iranian oil remained zero for a fifth month in a row due to U.S. sanctions, customs data …
Source: Houston Chronicle
In the early hours of a sweltering Saturday in September, a volley of missiles pierced the heart of Saudi Arabia’s oil industry, knocking out 5% of global production. A month later, it’s as if the attack never …
Source: Houston Chronicle
Oil slid after surging the most in almost a month on Friday amid doubts that recent progress in the U.S.-China trade talks will compensate for a worsening global demand outlook.
Futures in New York fell as much …
Iran announced that it has discovered a natural gas field with about $40 billion of condensed gas.
The National Iranian Oil Company said Sunday that the newly found deposit holds about …
Source: Reuters
MEXICO CITY/SINGAPORE (Reuters) – Nearly 300 oil tankers globally have been placed off limits as companies fear violating U.S. sanctions against Iran and Venezuela, driving freight rates to new highs, industry sources said.
The move has taken roughly …
This week’s Baker Hughes rig count shows that U.S. numbers increased by 1, resulting in the total count increasing to 856, ending seven straight declines.
Canada increased over last week by 2 rigs, resulting in a total count of 146.…
Source: Houston Chronicle
Oil jumped to $60 a barrel after reports of missile strikes on an Iranian tanker off the coast of Saudi Arabia reignited fears over military escalation in the world’s most important crude-producing region.
Brent futures surged about …
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 2.9 million barrels from the previous week. At 425.6 million barrels, U.S. crude oil inventories are at …
Source: Reuters
Ecuadoran state-run oil company Petroamazonas estimates it could lose some 165,000 barrels-per-day (bpd), or one-third, of crude production due to “insecure conditions” in oilfields as anti-austerity protests convulse the Andean nation, the energy ministry said on Tuesday.
The …
Source: Reuters:
Russia’s liquefied natural gas (LNG) producer Novatek is in talks to tranship its Yamal cargoes in Norway or Russia’s Murmansk because it is unsure of the impact of U.S. sanctions on the Chinese COSCO tankers it uses, …
Source: Reuters
Phillips 66 returned the crude distillation unit (CDU) and vacuum distillation unit (VDU) to production at its 253,600-barrel-per-day (bpd) Alliance, Louisiana, refinery early on Monday, sources familiar with plant operations said.
The 250,000-bpd CDU and 65,000-bpd VDU were …
Source: Reuters
Russia’s energy minister has told Reuters his country should reform oil taxation to bring into production some 10 billion tonnes of currently uneconomic reserves and boost producers’ margins to compete better with rivals such as U.S. shale firms.…
Source: Reuters
The Trump administration on Friday announced it would open up over 720,000 acres of federal land in California for oil and gas development, ending a five-year moratorium on leases in the state.
The U.S. Department of the Interior’s …
Source: Reuters
Exxon Mobil Corp this week banned the use of vessels linked to oil flows from Venezuela in the last year, according to four people familiar with the matter, putting new pressure on the U.S. sanctioned country and on …
This week’s Baker Hughes rig count shows that U.S. numbers declined by 5, resulting in the total count falling to 855 and marks the seventh straight decline.
Canada increased over last week by 17 rigs, resulting in a total count …
U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) increased by 3.1 million barrels from the previous week. At 422.6 million barrels, U.S. crude oil inventories …
Source: Houston Chronicle
This year, the oil market has faced some of the worst supply disruptions in recent times and yet prices remain stuck in the $60s.
OPEC’s oil production tumbled the most in 16 years last month after the …
OPEC’s oil production tumbled the most in 16 years last month after an attack on Saudi Arabia’s energy facilities temporarily halved output in the world’s biggest crude exporter.
Supplies from the cartel’s 14 members plunged by …
Oil prices slipped on Tuesday, pressured as weak U.S. economic data dimmed crude’s demand outlook, while reports of an output decline from the world’s largest oil producers in the third quarter kept prices from falling further.
Brent crude …
Oil recorded its weakest quarter since late last year as fears over a global economic slowdown overshadowed an unprecedented attack on Saudi Arabia’s key energy facilities.
Brent futures slumped 8.7% since the end of June after …
Source: Houston Chronicle
BP launched BPX Energy as the new operating company to drill its North American shale holdings following its acquisition of the shale assets of the Australian company BHP
British oil major BP is drilling under a new …
