OAG360 – Page 36 – Oil & Gas 360

Venezuela could boost oil production by 25% after U.S. eases sanctions

October 19, 2023

Oil Price Venezuela could be able to raise its crude oil production by 25% from current levels if the temporary U.S. easing of the oil sanctions becomes permanent, according to a consensus forecast of analysts polled by Bloomberg. Venezuela’s oil production currently stands at around 800,000 barrels per day (bpd), according to various estimates. The eased sanctions would allow the South

US oil refiners crank out diesel, further squeezing margins for gasoline

October 19, 2023

Nasdaq WASHINGTON – U.S. oil refiners have cranked up output of diesel, heating oil and jet fuel for winter but are struggling to turn a profit because gasoline margins have fallen over 80% since the summer driving season ended. Refiners, which typically produce more distillates such as diesel and heating oil in autumn, are trying to rebuild inventories of these

Weekly Gas Storage: Inventories increase by 88 Bcf- oil and gas 360

Weekly Gas Storage: Inventories increase by 97 Bcf

October 19, 2023

Natural Gas Inventories as of October 13, 2023 The EIA has released its natural gas inventory report, showing a net increase of 97 Bcf as of October 13, 2023. Working gas in storage was 3,626 Bcf as of Friday, October 13, 2023, according to EIA estimates. This represents a net increase of 84 Bcf from the previous week. Stocks were

An acquisition that would create America’s most valuable shale gas producer

October 18, 2023

Oil Price Shale pioneer Chesapeake Energy has approached its peer Southwestern Energy for preliminary talks about a possible acquisition that would create America’s top shale gas producer by market value, Reuters reports, citing sources with knowledge of the matter. The talks are in the early stages and there are no guarantees a deal could be reached, according to Reuters’ sources.

U.S. energy needed “now more than ever” amidst Israel-Hamas conflict, API president says on 1973 Oil Embargo anniversary

October 18, 2023

World Oil WASHINGTON, October 18, 2023 – The American Petroleum Institute (API) President and CEO Mike Sommers delivered remarks at the Hudson Institute marking the 50th anniversary of the 1973 Oil Embargo. Source: World Oil Sommers acknowledged the parallels between the 1973 crisis in the Middle East that led to the embargo and the crisis unfolding today, expressing strong support

Railroad Commission of Texas received national recognition for well-plugging program

October 18, 2023

World Oil AUSTIN – The Railroad Commission’s award-winning well-plugging program received yet another accolade – receiving the esteemed Chair’s Environmental Partnership Award from the Interstate Oil and Gas Compact Commission (IOGCC). The award was for completing a complex project that ensured boater safety at the Big Thicket National Preserve earlier this year. The National Park Service (NPS) contacted the Commission

Police reopen London’s Energy Intelligence Forum after protests, oil leaders speak on war, energy transition

October 17, 2023

World Oil (Bloomberg) – A major oil-industry conference in London saw a day of disruption as hundreds of climate protesters blocked entrances before police eventually reopened access to the event. Greta Thunberg was among at least 20 demonstrators to be arrested outside the annual Energy Intelligence Forum. Executives from companies including Gunvor Group, Trafigura Group and Shell Plc had been unable

Western banks to miss out on African oil boom

October 17, 2023

Oil Price When the Ugandan and Tanzanian governments announced the East African Crude Oil Pipeline project, it elicited very different reactions. Some cheered the news that would add Uganda to the world’s oil producer club and move its crude to buyers around the world from the Tanzanian coast. Others almost immediately staged protests, claiming any new oil development would compromise the

Shell changes approach to mid-century net-zero goal while focusing on oil, gas

October 17, 2023

World Oil (Bloomberg) – Shell Plc still plans to achieve net zero emissions by the middle of the century, but its approach to hitting that target has changed, its CEO said. “For avoidance of doubt, what hasn’t changed is the destination that we have set for ourselves,” Chief Executive Officer Wael Sawan said via video link at the Energy Intelligence Forum

Saudi Aramco CEO: COP28 should focus on cutting fossil fuel emissions, not output

October 17, 2023

Nasdaq LONDON – The chief executive of oil giant Saudi Aramco 2222.SE, said on Tuesday this year’s COP28 U.N. climate conference should focus on cutting emissions from hydrocarbons, rather than reducing their production. CEO Amin Nasser was speaking at the Energy Intelligence Forum in London, ahead of the climate conference which is due to begin in Dubai on Nov. 30. “The

Oil prices edge higher ahead of Biden Middle East trip

October 17, 2023

CNBC Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Source: CNBC Following a drop of more than a dollar on Monday, Brent futures fell 0.2% to $89.44 a barrel at

Saudi Arabia’s crude oil exports slumped to 28-month low in August

October 16, 2023

Oil Price Saudi Arabia’s crude exports plunged to a 28-month low in August as the world’s largest crude oil exporter continued to cut its production to “stabilize” the market, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Saudi crude oil exports fell to 5.58 million barrels per day (bpd) in August, down by 428,000 bpd from July—the lowest level

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