Oil
China's 2023 Crude Oil Imports Hit Record as Fuel Demand Recovers
China's annual crude oil imports hit an all-time high in 2023, customs data showed on Friday, as fuel demand recovered from a pandemic-induced slump despite economic headwinds.
PJM Asks Talen Energy to Delay Maryland Fossil Fuel Plant Retirements for Reliability
Talen Energy in October notified the grid operator of its intent to shut three oil-fired units and a natural gas combustion turbine unit at its H.A. Wagner facilities by June 2025.
Iran Seizes Oil Tanker Involved in U.S.-Iran Dispute in Gulf of Oman
Iran seized a tanker with Iraqi crude destined for Turkey on Thursday in retaliation for the confiscation last year of the same vessel and its oil by the U.S., Iranian state media reported, a move likely to stoke regional tensions.
Surging Freight Rates Close the Door on U.S. Crude Oil Shipments to Asia
The economic incentive to import oil from the U.S. Gulf Coast to Asia has closed as the cost of booking supertankers on the route has surged amid a jump in bookings for the vessels, traders said this week.
Spotlight on Supply Chain: How Companies Can Avoid Uncertainty
Supply-chain uncertainty is a major headache for many sectors across the world. Minimizing supply-chain risks could help oil and gas firms better secure their labor and materials while cutting costs by up to 15%.
Oil, Gas Lobby Group Warns Against U.S. Slowing Down LNG Approvals
The head of the leading U.S. oil and gas lobby group, the American Petroleum Institute, said that if U.S. regulators slow down or stop approving liquefied natural gas exports, they will put allies at risk.
Saudi Arabia Commits to Diversified Energy Portfolio Beyond Oil Focus
Saudi Arabia is taking climate change issues seriously and has shifted its focus to all kinds of energy, not just oil. The country maintains that fossil fuel use can continue, provided it is coupled with measures to capture emissions.
Saudi Arabia Tries to Thread the Needle Between Crude Output, Prices
Saudi Aramco's decision to cut the price of its crude for Asian customers shows just how difficult it is for the world's largest oil exporter to walk the line between maintaining market share and restraining output enough to bolster prices.
Exxon Faces Hurdles in $2.5 Billion Exit from California Offshore
Exxon Mobil's write-down of about $2.5 billion of troubled California properties aims to end five decades of offshore oil production in the state, but a full exit from those assets could take some time.
Trans Mountain Oil Pipeline Modification Request Heads to Friday Regulatory Hearing
The Canada Energy Regulator (CER) will conduct a hearing on Friday about Trans Mountain Corp.'s request for a change in construction to complete expansion of its oil pipeline from Alberta to British Columbia, according to a filing on Monday.
Iran's Oil Trade with China Stalls as Tehran Demands Higher Prices
China's oil trade with Iran has stalled as Tehran withholds shipments and demands higher prices from its top client, tightening cheap supply for the world's biggest crude importer, refinery and trade sources said.
Nigeria's Dangote Refinery Set for Test Runs After Getting More Crude
Nigeria's Dangote oil refinery could begin test runs as early as this week after receiving a sixth crude cargo on Monday, company officials said, finally bringing the 650,000 barrels per day plant to life after years of construction delays.
U.S. Supreme Court Rejects Exxon's Bid to Move Minnesota Climate Lawsuit to Federal Court
The U.S. Supreme Court on Monday declined to hear a bid by major fossil fuel companies and an industry trade group to move a lawsuit filed by Minnesota accusing them of worsening climate change out of state court and into federal court, the energy industry's favored venue.
Trans Mountain Pipeline Expansion Nears 95% Completion, Set to Triple Crude Oil Capacity
Work on Canada’s Trans Mountain Pipeline expansion project is reportedly over 95% complete. When it comes onstream, the expansion will nearly triple the pipeline’s current 300,000 barrels per day (b/d) capacity.
Motiva Enterprises Initiates 45-Day Overhaul, Temporarily Shuts CDU, Coker at Largest U.S. Refinery
Motiva Enterprises is scheduled to shut the large crude distillation unit (CDU) and large coker at its 626,000 barrel-per-day (bpd) Port Arthur, Texas, refinery by Monday, people familiar with the company’s plans said on Friday.
Nigeria's Top Court Says Shell's Appeal Should Be Heard After Oil Spill Claim
Nigeria's Supreme Court on Friday ruled that Shell should be granted a hearing over an alleged oil spill in the Niger Delta after the Court of Appeal halted an asset sale and ordered a judgement claim to be paid prior to hearing its case.
Mexico's Newest Olmeca Oil Refinery Projected to Process 243,000 bpd in 2024
Mexican state oil company Pemex's top executive estimated on Thursday that the firm's newest refinery will process 243,000 barrels per day (bpd) of crude in 2024 during its first year of operations, before ramping up to near full capacity in 2025.
Biden Administration Slowly Puts Oil Back into the SPR Emergency Stash
The administration of President Joe Biden is slowly putting oil back into the Strategic Petroleum Reserve, after selling a record amount from the emergency stockpile in 2022.
TotalEnergies Appoints Expert to Evaluate Land Acquisition for Uganda, Tanzania Pipeline Projects
CEO Patrick Pouyanné has tasked Lionel Zinsou, a recognized expert in African economic development, with evaluating the land acquisition program conducted in Uganda and Tanzania as part of the Tilenga and EACOP (East African Crude Oil Pipeline) projects.
EOG President: U.S. Oil and Gas Production Growth to Slow in 2024
U.S. oil and gas production will not continue to grow this year at the pace that it did in 2023, U.S. shale producer EOG Resources President Lloyd Helms said on Thursday.
APA to Acquire Rival Callon Petroleum in $4.5 Billion Deal
U.S. oil producer APA said on Thursday it was buying rival Callon Petroleum in an all-stock transaction valued at $4.5 billion including debt, following on the heels of a record year for dealmaking in the largest U.S. shale field.
Trans Mountain Pipeline Eyes March or May for Line Fill in Long-Delayed Expansion
Trans Mountain Corp. plans to begin line fill in March or May on its long-delayed Canadian oil pipeline expansion, depending on the diameter of pipe it uses and assuming no new problems, the Canadian government-owned company said in a filing on Wednesday.
Crescent Point Completes Hammerhead Acquisition for Increased Oil Production in Alberta
(P&GJ) — Crescent Point Energy Corp. has successfully completed its acquisition of Hammerhead Energy Inc., an oil and liquids-rich Alberta Montney producer.
U.S. Looks to Buy 3 Million Barrels of Domestic Crude to Replenish Strategic Petroleum Reserve
The U.S. is seeking to buy up to 3 million barrels of U.S.-produced sour crude oil for delivery in April to help replenish the Strategic Petroleum Reserve (SPR), the Department of Energy said in a statement on Wednesday.
India Boosts Saudi Oil Imports in December Amidst Decline in Russian Purchases
India increased imports of Saudi oil in December as payment problems drove its Russian oil buys to an 11-month low, with at least five cargoes of the sweet Sokol variant heading to other locations, data from vessel tracking agencies showed.
Saudi Aramco, China's Rongsheng in Advanced Talks for Mutual Stake Purchase in Refining Units
Chinese privately-controlled refiner Rongsheng Petrochemical and Saudi Aramco are in talks for the Chinese company to buy a 50% stake in the Saudi company's refining unit SASREF, a filing showed on Tuesday.
PetroChina Assumes Lead Role as ExxonMobil Completes West Qurna 1 Operations
U.S. energy giant ExxonMobil Corp. has formally exited the West Qurna 1 oilfield in southern Iraq and handed over its operations to PetroChina as lead contractor, a deputy oil minister told Reuters on Monday.
U.S. Oil Output Records First Monthly Drop Since April, Easing Oversupply Concerns
U.S. crude oil output fell slightly in October to 13.248 million barrels per day, the first monthly decline since April, the U.S. Energy Information Administration (EIA) said on Dec. 29.
Petrobras Reports Start of Production at Sepetiba FPSO in Brazil's Santos Basin
Brazilian state-run oil company Petrobras' Sepetiba floating production storage and offloading (FPSO) unit started production on Sunday, the oil giant said in a securities filing.
Nigeria Aims to Raise Oil, Condensates Output to 2.6 Million bpd by 2026
Nigeria's upstream oil regulator on Monday announced an annual oil and condensates production target of 2.6 million barrels per day (bpd) by 2026, an ambitious jump from 2023 levels of around 1.6 million bpd.
- Keystone Oil Pipeline Resumes Operations After Temporary Shutdown
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
- Freeport LNG Plant Runs Near Zero Consumption for Fifth Day
- Enbridge to Invest $500 Million in Pipeline Assets, Including Expansion of 850-Mile Gray Oak Pipeline
- Williams Delays Louisiana Pipeline Project Amid Dispute with Competitor Energy Transfer
- Evacuation Technologies to Reduce Methane Releases During Pigging
- Editor’s Notebook: Nord Stream’s $20 Billion Question
- Enbridge Receives Approval to Begin Service on Louisiana Venice Gas Pipeline Project
- Russian LNG Unfazed By U.S. Sanctions
- Biden Administration Buys Oil for Emergency Reserve Above Target Price
