Oil
OPEC Chairman: Output Cuts Are The ‘’Only Viable Option’’
OPEC and its non-OPEC partners are expected to unanimously decide to extend the production cuts at the Vienna meeting on November 30, but the duration of the extension is still under negotiation, the UAE’s Energy Minister Suhail Al Mazrouei said at a conference in Abu Dhabi on Monday. “I think this..
OPEC Concedes That U.S. Shale Won’t Die
OPEC just significantly overhauled its expectations for North American shale, projecting strong supply growth through the early 2020s. The revision came as part of OPEC’s World Oil Outlook (WOO), and it represents an acknowledgment from the cartel that it has failed to kill off U.S. shale by floodin..
Is Peak Permian Only 3 Years Away?
The world’s hottest shale basin, the Permian, is leading the second U.S. wave of tight oil production growth and will continue to do so for years to come, all analysts say. However, signs have started to emerge that the relentless intensification of drilling leads to diminishing returns, Simon Flow..
Iran Denies Involvement In Bahrain Oil Pipeline Blast
Tehran has denied that it had anything to do with the blow-up of Bahrain’s biggest oil pipeline that carries crude from Saudi Arabia. In a statement carried by media, the spokesman for Iran’s Foreign Ministry said “It seems the only thing that Bahraini officials have learned to do after any inciden..
Bahrain Says Militants Attacked Oil Pipeline
DUBAI, United Arab Emirates (AP) — An explosion ripped through a pipeline belonging to Bahrain’s state-run oil company and sent flames shooting up into the night sky, with government officials on Saturday blaming the blast on an attack by militants guided by Iran. No one was injured in the explosio..
Alaska Lawmaker Sees Financial Boon in Refuge Drilling
WASHINGTON (AP) — Alaska Sen. Lisa Murkowski says her legislation to open Alaska’s Arctic National Wildlife Refuge to oil and gas drilling would generate $2 billion in royalties over the next decade — with half the money going to her home state. But environmental groups and other critics call those..
Minnesota Agency Won't Reschedule Line 3 Hearings
Public hearings concerning Enbridge's Line 3 pipeline construction project to not be rescheduled in Minnesota.
Oil Majors See Profit In Carbon Capture And Storage
When the World Meteorological Organization (WMO) released a new report regarding the atmospheric concentration of CO2, it was the bearer of bad news. According to the report, CO2 levels reached a record high in 2016, growing 50 percent faster than the previous 10-year average. With this, the scienti..
Citi: Don’t Expect OPEC To Extend Production Cuts
Citigroup predicts that companies planning to profit off of an OPEC deal extension next month are setting themselves up to be disappointed. So far, most hedge funds bet that Brent futures will rise as a result of an agreement extension that will extend 1.2 million barrels per day worth of cuts thro..
Saudi Aramco Awards Pipeline Contracts
Saudi Aramco awards contracts for pipeline construction projects.
Plains All American Pipeline Sells Crude Oil Terminals
A subsidiary of TransMontaigne Partners L.P. has entered into an agreement to acquire the Martinez Terminal and Richmond Terminal from an affiliate of Plains All American Pipeline, L.P., for a total purchase price of $275 million. The acquisition is expected to be financed through the proceeds of a..
Canadian Regulators Set Hearing to Address Trans Mountain Expansion Constitutional Question
Canada’s National Energy Board (NEB) will hold a two-day oral hearing to address a motion filed by Kinder Morgan, which includes constitutional questions. The company filed a request with the NEB on Oct. 26, saying it had been unable to secure municipal permits that would allow the company to begin..
OPEC: U.S. Shale To Rise Much Faster Than Expected
Higher oil prices, robust oil demand growth, and higher upstream activity will lead to faster-than-previously-expected growth in U.S. shale production until 2022, OPEC said in its World Oil Outlook 2017 published on Tuesday. Compared to last year’s annual OPEC outlook, the medium-term outlook for n..
This Could Supercharge The U.S. Oil Exports Boom
ll the oil headlines this week are rightly focused on prices spiking to the highest levels in more than two and a half years. But Brent moved up to nearly a $7-per-barrel premium over WTI, a spread that is also at a multiyear high. The wide differential could supercharge crude oil exports from the U..
Michigan Senators Seek Federal Investigation of Pipelines
ST. IGNACE, Mich. (AP) — Michigan’s U.S. senators want federal regulators to determine whether the company operating twin oil pipelines in a crucial Great Lakes waterway has violated safety requirements. Democratic Sens. Debbie Stabenow and Gary Peters asked the Pipeline and Hazardous Materials Saf..
Foes of Obama Oil and Gas Rule Ask Court to Reconsider Ruling
DENVER (AP) — Opponents of Obama-era oil and gas regulations say a decision by a federal appeals court in Denver could allow those rules to go into effect temporarily, even though the Trump administration plans to revoke them. Four states, two industry groups and a Native American tribe filed docum..
EPA Head Names Oil and Gas, Utility Executives to Science Advisory Boards
WASHINGTON (AP) — The head of the Environmental Protection Agency has named a slate of new members to federal science advisory boards, including several who work for chemical and fossil-fuel interests. EPA Administrator Scott Pruitt announced his appointments Friday, after saying he would block sci..
Enbridge Line 3 Faces Dakota Access-Style Opposition
Enbridge's Line 3 pipeline construction project should proceed as planned, despite intense opposition.
The Remarkable Recovery Of Big Oil
Royal Dutch Shell kept the party going this week, reporting a huge jump in profits for the third quarter. It is something of a clean sweep for the oil majors, who posted sizable increases in quarterly earnings compared to the same period a year earlier. Shell said its profit on a cost-of-supplies b..
The Radical Transformation Of U.S. Oil Imports
Last week we discussed how flows from Saudi Arabia into the U.S. were about to be surpassed by Iraq for the first time since 1985 (teeing up Back to the Future / Carly Simon / Tears for Fears references). With October closing out, this has now become fact. Such a reversal highlights Saudi Arabia’s o..
TransCanada Wants Alberta To Commit To Keystone XL Capacity
TransCanada wants Alberta’s government to purchase capacity on the Keystone XL pipeline construction project.
Dakota Access Developer, Corps Object to Tribes’ Proposal
The U.S. Army Corps of Engineers and Energy Transfer Partners object to tribes’ Dakota Access pipeline construction project proposal.
U.S. Oil Exports Hit A Record High
Crude oil exports from the United States hit another record last week, at 2.133 million bpd, as production also continued growing, the Energy Information Administration said. This is the first time U.S. oil exports have breached the 2-million-bpd level. The authority said average daily production st..
Tensions Rise As Iraq Halts Kirkuk Oil Exports
Since the Iraqi army took control of the fields in the oil-rich Kirkuk area in mid-October, reports of disruptions in oil flows have been a daily occurrence, but now, according to an official at the Kirkuk provincial council, Iraq’s oil ministry has ordered a stop to all oil exports from Kirkuk’s oi..
Oil Prices Fly Higher On EIA Report
The Energy Information Administration confirmed a draw in crude oil inventories, boosting the rally of WTI that almost brought the U.S. benchmark to US$55 a barrel. According to the authority, inventories fell by 2.4 million barrels in the week to October 27, to 454.9 million barrels. A day earlier..
Can Nigeria Achieve Its Zero Oil Agenda?
The Nigerian National Petroleum Company (NNPC) is a cash cow. It attracts the highest earnings for the country, at least for now, until the Zero Oil Agenda goal to wean the country off oil as the staple source of income materializes, if at all. The nation’s economy is intractably tied to the vagari..
Enbridge Official Testifies Aging Pipeline Needs Replacing
Enbridge official testifies that the company needs to proceed with Line 3 pipeline construction project to repair corrosion and cracking in the system.
Dakota Access Sued over Farmland Damage
SIOUX FALLS, S.D. (AP) — A South Dakota farming family has sued the Dakota Access pipeline company, alleging it reneged on promises to restore farmland damaged during the oil pipeline’s construction. Slack Family Properties accuses Dakota Access LLC of fraud, deceit, breach of contract and taking p..
Alaskans Differ as Senate Debates Drilling in Arctic Refuge
WASHINGTON (AP) — Alaska’s governor and congressional delegation said Thursday that oil drilling in the Arctic National Wildlife Refuge would create jobs and enhance energy security, while maintaining important environmental protections and conserving caribou and other wildlife. But a leader of an ..
Oklahoma House Raises Oil and Gas Production Tax on Some Wells
OKLAHOMA CITY (AP) — The Oklahoma House has approved a measure to increase the gross production tax on oil and gas to 7 percent for some wells after defeating a proposal to impose the maximum 7 percent rate on all wells. The House approved the measure Wednesday on a 64-31 vote. The Republican..
- 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
