Oil

Chevron CEO Downplays Oil Shortage Worries, Says Supplies Are Available

Chevron CEO Michael Wirth downplayed worries over oil supplies saying although global crude oil inventories have been drawn down, oil supplies are not lacking.

Biden Bans Russia Oil Imports to US, Warns Gasoline Prices Will Rise Further

U.S. President Joe Biden has banned Russian oil and other energy imports in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices.

United Steelworkers Union Calls on Oil Companies to End Russian Crude Imports

United Steelworkers International President Tom Conway said the union called on their government and employers to cut off all Russian imports of crude oil that would be processed in our domestic refineries.

US Prepared to Move Alone in Banning Russian Oil Imports

The Biden administration is willing to move ahead with a ban on Russian oil imports into the United States without the participation of allies in Europe, after Russia's invasion of Ukraine.

Japan to Release 7.5 MMbbl of Oil Reserves in IEA-led Global Action

The volume makes up 12.5% of a planned coordinated release of 60 MMbbl of oil reserves that the U.S. and other members of the IEA agreed to compensate for supply disruptions following Russia's invasion of Ukraine.

Cowboy Midstream Plans New Crude Offload Terminal

Construction activities are underway, and Cowboy expects the new terminal to be ready for crude oil receipt and transportation April 2022.

US Natgas Futures Ease with Drop in Global Oil, Gas Prices

The U.S. market continued its three-day streak of following sharp moves in European gas and global oil prices with the Russia-Ukraine conflict stoking energy supply concerns.

EPIC Midstream Pioneers with Industry Leading ESG Standards for Pipeline Monitoring

EPIC’s cutting edge environmental and safety protections are possible through using fiber optics to monitor over 1,600 miles of its crude and NGL pipelines.

Biden Says U.S., Partners Working on Global Oil Reserve Release

Oil

President Joe Biden said on Thursday the United States is working with other countries on a combined release of additional oil from global strategic crude reserves,

Oil Tops $100/Barrel on Ukraine Attack Before Easing

Oil

Oil prices jumped on Thursday, with Brent rising above $105 a barrel for the first time since 2014 before easing, after Russia's attack on Ukraine raised concerns about supply disruptions.

Major Buyers of Russian Oil Struggle with Bank Guarantees - Sources

Oil

Global oil markets were thrown into chaos by Russia's invasion of Ukraine, with top buyers of Russian oil struggling to secure guarantees at Western banks or find ships to take its crude.

Oil Settles Near 2014 High on Russia-Ukraine Escalation

Oil

Oil edged close to $100 a barrel on Tuesday after Moscow ordered troops into two breakaway regions in eastern Ukraine, but pared gains to end near 2014 highs.

Oil Price Set to Test Fresh Peaks Barring Iran Breakthrough

Oil

Efforts by governments to drive an economic rebound are likely to add strain to tight oil supplies and could send prices to fresh peaks, unless international talks end sanctions on Tehran and lead to a surge in Iranian exports.

Dakota Access Pipeline Suffers US Supreme Court Setback

The U.S. Supreme Court on Tuesday rejected a bid led by Dakota Access Pipeline operator Energy Transfer to avoid additional environmental review of a section that runs under an artificial lake and is opposed by nearby Native American tribes, leaving the pipeline vulnerable to being shut down.

Peru Oil Spill Affected 40-Square-Mile Area, Repsol Says

An executive of Spain's Repsol said an oil spill offshore Peru's capital Lima affected an area of 40 square miles (106 square km).

South Korea, Iran Discuss Resuming Oil Trade

South Korea and Iran have held working-level talks on resuming imports of Iranian crude oil and unfreezing Iranian funds held in the East Asian nation, South Korea's foreign ministry said on Wednesday.

Oil Retreats From 7-Year High After Russia Says it Withdraws Some Troops

Oil

Oil tumbled over 3% on Tuesday, retreating from a seven-year high after Russia said some of its military units were returning to their bases after exercises near Ukraine.

UAE's Dragon Makes Oil Discovery in Gulf of Suez

United Arab Emirates-based Dragon Oil has made its first oil discovery in the Gulf of Suez, the Egyptian petroleum ministry said Tuesday.

Guyana May Develop Offshore Oil Prospects on Its Own

Guyana could form a national oil and gas company to oversee its own exploration instead of conducting an offshore drilling auction this year, a government official told international oil executives on Tuesday.

Oil Hits 7-Year High as Markets Fear Russian Attack on Ukraine

Oil

Oil prices rose to their highest in more than seven years on Monday as Ukraine's president declared a "day of unity" for Feb. 16, a date that some Western media have cited as a possible start of a Russian invasion.

Permian Oil Output Forecast to Hit Record High in March

Oil output in the Permian Basin will rise 71,000 bpd to a record 5.205 MMbpd in March, the U.S. Energy Information Administration said in its productivity report on Monday.

New England Carbon Emissions Spike as Power Plants Turn to Dirtier Fuel

New England’s electric grid delivered a massive blast of greenhouse gas into the air during a recent stretch of cold weather, as power stations switched from natural gas to dirtier but cheaper fuel oil.

OPEC Sees Upside to 2022 Oil Demand Forecast

Oil

OPEC said on Thursday world oil demand might rise even more steeply this year as the global economy posts a strong recovery from the pandemic, a development that would underpin prices already at a seven-year high.

Consumers Face Years of High Energy Prices, Global Oil CEOs Warn

Consumers should brace for years of high energy prices, heads of top oil and gas companies said, in what would pile pressure on governments struggling with spiralling inflation.

Layoffs Begin at Shuttered Phillips 66 Alliance Louisiana Refinery

Phillips 66 this week began laying off hourly workers at its shuttered Alliance, Louisiana, refinery, which is being converted to an oil and refined products terminal by August, sources familiar with plant operations said on Wednesday.

Editor's Notebook - Replacing Pipelines in California

Plains All American’s application to build a replacement pipeline in California is entering a critical phase this year, as the state’s potential as a location for fuel infrastructure increasingly comes in conflict with efforts to curb climate change.

Ecuador's OCP Pipeline Resumes Operation after Rock Fall, Spill

Pumping on Ecuador's private oil pipeline has resumed after repairs to damage caused by falling rocks, operator OCP Ecuador said on Tuesday.

Canada's Oil M&A Flurry Seen Giving Buyers Upper Hand in Dealmaking

A rally in oil prices to over seven-year highs is leading to a flurry of asset sales in Canada as energy companies cash out of low-margin assets, but the rush of deals could turn it into a buyer's market, bankers and company executives said.

Oil Workers Strike Over Wages in Blow to Argentina's Vaca Muerta

Argentina's largest oil union on Monday began an indefinite strike to press its demand for a wage hike to make up for the loss of purchasing power due to high inflation, a union leader said, a potential blow to activity in the Vaca Muerta shale fields.

Brent Hits $94/Barrel as Some Analysts Predict $100 Oil

Oil

Oil prices rose on Monday, reversing earlier losses, as investors kept bullish sentiment on expectations that global supply would remain tight as demand picks up and shrugged off signs of progress in the U.S.-Iran nuclear talks.