Oil
EIA: US Crude Inventories Post Surprise Large Build, Fuel Stocks Rise
U.S. crude oil stockpiles posted a surprise large build last week, while gasoline and distillate inventories gained more than expected, the Energy Information Administration (EIA) said on Wednesday.
US Hopes to Buy 12 Million Barrels of Oil for Reserve This Year
The Biden administration hopes to buy back at least 12 million barrels of oil for the Strategic Petroleum Reserve this year, including six million already announced, a source familiar with the matter said on Tuesday.
OMV Petrom Makes Largest Crude Oil Discovery in Decades
The deposits are the largest crude oil discovery OMV Petrom has made in decades, it said, and were found in southern Romania holding over 30 million barrels of oil equivalent of recoverable resources.
Enbridge Sells Inactive North Dakota Oil Pipeline to MHA Nation for Reservation's Oil Transportation
(P&GJ) — In order to assist in bringing oil from wells on its reservation to the general market, a Native American tribe in North Dakota purchased an empty pipeline from Canadian pipeline operator Enbridge.
First Discounted Russian Crude Oil Cargo Arrives in Karachi
Pakistan's Prime Minister Shehbaz Sharif on Sunday said the first cargo of discounted Russian crude oil arranged under a new deal struck between Islamabad and Moscow had arrived in Karachi.
EIA: US Oil Output to Rise to Record High in July But Growth Narrowing
Crude output in the Permian Basin in Texas and New Mexico, the biggest U.S. shale oil basin, is expected to rise by 1,000 bpd to a record-high 5.76 million bpd. That would be the smallest monthly increase for the region since February.
US Buys 3 Million Barrels for Oil Stockpile, Announces Plan for 3 Million More
The U.S. Department of Energy said on Friday it awarded supply contracts to five companies to deliver 3 million barrels of crude oil to the Strategic Petroleum Reserve in August at an average price of $73 per barrel.
Oil Prices Partially Recover After US, Iran Deny Reported Nuclear Deal
Oil fell by more than $3 on the report that the U.S. would give Iran sanctions relief to export oil in return for Tehran reducing uranium enrichment.
EIA: US Crude Inventories Notch Surprise Drawdown on Refinery Runs
U.S. crude oil stockpiles fell unexpectedly last week as refiners cranked out fuel to the highest level since 2019 during the Memorial Day holiday, the Energy Information Administration (EIA) said on Wednesday.
US Crude Oil Exports to Gain Tail Winds from Saudi July Output Cut
U.S. crude oil exports, already running close to a record level hit in March, should get a further boost next month from deep production cuts in Saudi Arabia, analysts said on Monday, noting that this will also further deplete U.S. crude inventories, which have been hovering near historic lows.
Lukoil Raises Oil Output at Iraq's West Qurna 2 to 480,000 bpd
Russia's Lukoil has increased oil production at Iraq's southern West Qurna 2 oilfield by 80,000 barrels per day (bpd) to a total of 480,000 bpd, an oil official told Reuters on Thursday.
Canada Commits to Backing $2.2 Billion in New Trans Mountain Oil Pipeline Loans
The Canadian government is backing up to $2.24 billion in loans for Trans Mountain Corp., the crown corporation building an over-budget, long-delayed oil pipeline expansion to Canada's Pacific Coast.
Colombia Cano Limon-Covenas Oil Pipeline Bombed
Colombia's Cano Limon-Covenas pipeline was bombed by unknown actors, operator Cenit said in a statement on Tuesday, prolonging the suspension of pumping crude between oil fields in the country's northeast and the Caribbean coast, where the oil is exported.
ConocoPhillips to Buy Rest of Canada's Surmont Oil Site, Bumping Suncor
ConocoPhillips said on Friday it was buying the 50% stake in the Surmont oil facility held by TotalEnergies' Canadian subsidiary for about $3 billion, giving it full ownership and elbowing away rival Suncor Energy.
Shale R&D Cuts Cast Shadow on Future of US Oil Production
Shale technology advances that propelled the U.S. to the top global oil producer spot with world-beating growth rates are falling fewer and farther between as drilling budgets shrink and with them, the research and development that might deliver the next great leap.
Oil Rises as US Gasoline Supplies Tighten, Saudi Says: 'Watch Out'
Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts.
US Offers Oil, Gas Drilling Rights in First Auction Since Biden's IRA
Biden's Interior Department had attempted to suspend federal oil and gas leasing to study its environmental and climate impacts, but the Inflation Reduction Act that passed last year requires some oil and gas auctions if federal rights of way are offered for renewable energy projects.
EIA: Texas, New Mexico Led US Crude Oil Production Last Year
(P&GJ) — U.S. crude oil production grew 5.6%, or 0.6 million bpd, in 2022 compared with 2021, averaging 11.9 million bpd, according to the U.S. Energy Information Administration (EIA). The two states the Permian Basin spans—Texas and New Mexico—contributed the most growth to U.S. crude oil production in 2022.
Iraq's Kurdish Oil Output Falls as Pipeline Outage Continues
Oil production in Iraq's Kurdistan region continues to drop as export flows to Turkey's Ceyhan port show few signs of restarting after a stoppage that has lasted almost two months.
Top US Oil-Export Port Launches Search for New CEO
Officials at the Port of Corpus Christi, the largest U.S. oil-export port by volume, on Wednesday said they intend to appoint an interim chief soon and to begin a search for a new CEO.
Greece's Alexandroupolis Port Gets $26 Million in EU Funding
The port is expected to become an important entry point for energy to Europe. Greece and Bulgaria have also been looking to revive a pipeline project to transport crude oil from the port to Bulgaria's Black Sea port of Burgas.
Rare Shipment of US Oil Heads to South Africa for Glencore Refinery
A shipment of U.S. oil is headed to South Africa for the first time in two years and destined for a Glencore-owned refinery in Cape Town that has restarted operations after an explosion shuttered it in 2020, according to ship tracking data and a source.
US to Buy 3 Million Barrels to Refill Emergency Oil Reserve
The U.S. Department of Energy said on Monday it will purchase 3 million barrels of crude oil for the Strategic Petroleum Reserve for delivery in August and asked that offers be submitted by May 31.
EIA: US Crude Stockpiles Soar on SPR Release; Gasoline Draws Down on Strong Demand
U.S. commercial crude oil stockpiles jumped unexpectedly last week due to another release from the Strategic Petroleum Reserve, while gasoline inventories dropped as demand surged to its highest since 2021, the Energy Information Administration said on Wednesday.
Pipeline Operator Janaf, Hungary's MOL Sign Transport Deal for 2.9 Million Tonnes of Crude
Croatia's oil pipeline operator Janaf has signed a transport and storage deal with Hungary's MOL for shipments of 2.9 million tonnes of crude on the Adriatic pipeline to MOL's Hungarian and Slovak refineries, Janaf said on its website on Wednesday.
Head of Top US Oil-Export Port Resigns Abruptly
Sean Strawbridge, chief executive of the Port of Corpus Christi, the largest U.S. oil-export port by volume, resigned on Tuesday, the port operator said without providing any explanation.
Lebanon Strikes Deals to Get More Oil from Iraq
Baghdad has agreed to increase the volume of heavy fuel oil supplied under an existing deal by 50% to 1.5 million metric tonnes this year, Lebanon's energy minister Walid Fayad said in a statement confirmed by the Iraqi prime minister's office.
ONEOK to Acquire Pipeline Operator Magellan Midstream in $18.8 Billion Deal
ONEOK Inc. agreed on Sunday to buy U.S. pipeline operator Magellan Midstream Partners in a cash-and-stock deal valued at about $18.8 billion including debt, bringing natural gas-focused ONEOK into transporting refined products and oil.
Tight Market for Sour Crude Oil to Squeeze US Gulf Coast Refiners
The oil-producing group's 500,000 barrel per day cut will reduce stocks of sour crudes as U.S. oil refiners ramp up purchases for summer driving season.
US Could Start Buying Oil for Reserve After June Sale, Energy Secretary Says
"That congressionally mandated sale of 26 million barrels will be completed by June, and it's at that point where we will flip the switch and then seek to purchase," Granholm told lawmakers in a hearing in the U.S. House of Representatives.
- Trump Aims to Revive 1,200-Mile Keystone XL Pipeline Despite Major Challenges
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- ONEOK Agrees to Sell Interstate Gas Pipelines to DT Midstream for $1.2 Billion
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Tullow Oil on Track to Deliver $600 Million Free Cash Flow Over Next 2 Years
- Energy Transfer Reaches FID on $2.7 Billion, 2.2 Bcf/d Permian Pipeline
- GOP Lawmakers Slam New York for Blocking $500 Million Pipeline Project
- Texas Oil Company Challenges $250 Million Insurance Collateral Demand for Pipeline, Offshore Operations
