Crude Oil Archives - Page 797 of 907 -

SemGroup Announces New Cushing-to-Houston Pipe, Open Season for Gladiator

December 4, 2018

SemGroup (ticker: SEMG) and DCP Midstream (ticker: DCP) have announced open season for a new pipeline system called Gladiator. The new Gladiator pipeline would run from SemGroup’s Cushing, Oklahoma terminal to Gulf coast markets, terminating near Houston, bringing producers the ability to transport segregated, light batches of crude oil all the way to the Gulf coast region. Conversion of Southern

OPEC-Russia Inch Toward Output Cuts, How Far Will They Go?

December 4, 2018

From Bloomberg OPEC and its allies gather in Vienna this week to discuss production cuts after the biggest monthly drop in oil prices in a decade. They have the broad outlines of a deal after Russia and Saudi Arabia agreed over the weekend to extend their cooperation into 2019, but details are lacking. Whether the group brings about the end of the

Some Canadian Producers Push Back as Alberta Orders Oil Cuts

December 4, 2018

From Reuters Several oil companies in Canada pushed back on Monday against Alberta’s mandated cuts in crude production, warning about excessive government intervention even as the discount on Canadian crudes narrowed sharply on the curtailment plan. Alberta Premier Rachel Notley said on Sunday the government would force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd),

Alberta Orders Oil Production Cuts For 2019

December 3, 2018

Cut will remove 375 MBOPD, or 8.7% OPEC isn’t the only group planning an oil production cut for 2019. Alberta Premier Rachel Notley announced temporary production cuts on Sunday as part of an effort to shore up pricing for ailing oil producers in her province. Canadian producers are grappling with punishing differentials, with the WCS-WTI differential reaching a staggering $50/bbl

Globe’s Leading LNG Producer Pulls Out of OPEC

December 3, 2018

Qatar, OPEC member since 1961, says it’s time to split Just three days before the opening of its 175th “Ordinary Meeting” in Vienna, OPEC appears to be splintering. Even as the group works toward a second production cut, Qatar announced it will leave the cartel in January. Qatar joined OPEC in 1961, only one year after the cartel was formed.

Mt Astra (Suezmax) Loading at Corpus Christi ship tanker -Corpus Christi Harbor Island Terminal Complex Targets Deepest Channel Depth of any Onshore Crude Oil Export Facility in the U.S. Oil and GAs 360

The Next Challenge for Canada’s Oil Patch Comes From the Sea

December 3, 2018

From Bloomberg A new threat looms for Canada’s largest oil producing province, even as it imposes mandatory output cuts to ease a glut that has driven down crude prices. A rule taking effect in 2020 aimed at reducing pollution by cutting the sulfur content of maritime fuel will make sulfur-heavy oil sands crude less desirable. The change may dampen the

Oil Surplus Makes Surprise Return Despite OPEC Cuts, IEA Says - Oil&Gas360

Russia’s Putin Agrees With Saudis to Renew OPEC Pact

December 3, 2018

From The Wall Street Journal Russia and Saudi Arabia have agreed to extend OPEC’s efforts to stabilize oil markets, Russian President Vladimir Putin said over the weekend, as the broader coalition of producers inches closer to a deal this week. Russia has yet to decide on how much production it would cut, Mr. Putin said, underscoring the remaining challenges ahead.

U.S. To Conduct Additional Keystone XL Pipeline Review

December 3, 2018

From Reuters The U.S. State Department will conduct another environmental review of TransCanada Corp’s long-pending Keystone XL oil pipeline, a U.S. official said on Friday, a move that could lead to additional delays of the project. The so-called supplemental environmental impact statement was ordered by Judge Brian Morris of the U.S. District Court in Montana in his ruling on Nov.

Iran Says OPEC Members Who Increased Output Should Take Lead on Cuts

December 3, 2018

From Reuters Qatar’s decision to quit OPEC shows the frustration of small producers at the dominant role of a Saudi and Russia-led panel, a top Iranian official said, adding that any supply cuts should come only from countries that had increased output. The comments underline tensions within the Organization of the Petroleum Exporting Countries ahead of this week’s meeting to

U.S. Rig Count Drops Off Slightly

November 30, 2018

Louisiana rig count falls by four Drilling activity declined in the U.S. this week, extending the drop seen last week, according to the Baker Hughes Weekly Rig Count. A net three rigs shut down this week, meaning there are 1,076 drilling rigs currently active in the country. One land-based rig came offline, while two offshore rigs shut down. This leaves

U.S. Oil Reserves Break 47-year Record

November 30, 2018

Oil, gas reserves at all-time highs thanks to the liberal use of the drill bit and higher commodities prices Thank you shale revolution: oil and gas reserves are at an all-time high in the U.S., driven by the massive uptick in drilling and production associated with unconventionals—and improved prices. U.S. companies currently hold 42 billion BBL of crude oil and

Shale Gluts and Ship Rules Make Heavy Sweet Oil an Unlikely Star

November 30, 2018

From Bloomberg Shale boom, shipping rules weaken light and high-sulfur grades Crudes from Angola, Brazil may benefit from quality concerns There’s a rising star in the oil world, and it’s heavy and sweet. Dense, low-sulfur oil, known in industry parlance as heavy sweet crude, is fetching increasingly stronger prices relative to benchmark lighter grades. For example, Angola’s Dalia

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