Middle East
Iran Works to Contain Oil Spill Near Kharg Island, Says IRNA
Iranian authorities are working to control an oil spill four miles (6.4 kilometers) off Iran's Kharg Island, the country's IRNA news agency reported on Wednesday.
TotalEnergies Expands LNG Bunkering Fleet with New Vessel Charter
TotalEnergies has signed a charter contract with Spanish shipowner Ibaizabal for a new liquefied natural gas (LNG) bunkering vessel, increasing the company’s global LNG bunkering capacity.
U.S. Broadens Sanctions on Iran’s Oil Sector, Targeting 'Ghost Fleet' of Illicit Tankers
The U.S. has expanded sanctions against Iran's petroleum and petrochemical sectors in response to a missile attack on Israel. The new measures target Iran's 'ghost fleet' of oil tankers involved in illicit oil shipments, aiming to cut off financial resources for Iran’s missile programs and terrorist activities.
Oman LNG Signs 4-Year LNG Supply Deal with Japan's Kansai Electric
Oman LNG signed a four-year agreement to supply liquefied natural gas to Japan's Kansai Electric Power.
OPEC+ Prepared to Offset Iranian Oil Loss, But Broader Disruptions Remain a Concern
OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country's facilities, but the producer group would struggle if Iran retaliates by hitting installations of its Gulf neighbors.
Goldman Sachs Predicts Brent Price Surge Amid Escalating Iran Tensions
Goldman Sachs said on Friday that it expects its Brent price forecast to peak $10-$20 per barrel in 2025 due to potential disruptions in Iranian production.
Global News October 2024
Stay informed with the latest industry news and developments in the midstream sector. From pipeline projects to regulatory updates and company announcements, P&GJ's Global News column brings you the most important insights from around the world.
P&GJ’s Europe 500 Report of Top Pipelines
The following is a list of some of the longest transportation routes on the continent of Europe as of July 2024. This third such report will be broken down into two sections: gas and liquids (oil and products), which will be updated in each of our September issues going forward.
U.S. Sanctions Syrian, Iranian Entities for Shipping Oil to Syria and East Asia
The U.S. Department of Treasury has sanctioned more than a dozen entities and vessels over their involvement in the shipment of Iranian crude oil and liquid petroleum gas to Syria and East Asia on behalf of the Iran's Revolutionary Guards and Hezbollah.
EQT CEO Predicts U.S. Natural Gas Prices to Stay Below $3/MMBtu Amid LNG Demand Growth
The CEO of U.S. natural gas producer EQT Corp. on Wednesday said U.S. prices for the fuel will remain below $3 per million British thermal units in the short term.
Saudi Aramco Aims to Become Major LNG Player, Says Gas Chief
The world's largest oil producer, Saudi Aramco, wants to become a major liquefied natural gas player, the head of its natural gas business said on Tuesday.
Thailand’s PTT Signs 5-Year LNG Supply Deal with Oman LNG
Thailand's largest energy firm, state-controlled PTT PCL, has signed a five-year deal to buy liquefied natural gas (LNG) from Oman.
Saipem Secures $4 Billion Offshore Contract with QatarEnergy to Boost LNG Production
Italian energy engineering group Saipem SPMI.MI said on Sunday it had won an offshore contract worth $4 billion from QatarEnergy, one of the world's top suppliers of liquefied natural gas (LNG).
BlackRock Fund Acquires Stake in Saudi-Bahrain Pipeline from Bapco Energies
A BlackRock-managed fund has bought a minority stake in a pipeline linking Saudi Arabia and Bahrain from Bahrain state oil firm Bapco Energies, the two firms said on Wednesday, as the small Gulf state tries to extract value from its energy assets.
Libya Oil Exports Drop 81% as NOC Cancels Cargoes Amid Central Bank Crisis
Libyan oil exports fell around 81% last week, Kpler data showed, as the National Oil Corporation cancelled cargoes amid a crisis over control of Libya's central bank and oil revenue.
Energean's Profit Rises on Israel Output Boost, Despite Market Challenges
Gas producer Energean reported higher first-half profit on Wednesday, helped by a rise in production due to strong summer demand in Israel, which accounts for more than 70% of total output.
ADNOC Secures 15-Year LNG Supply Deal with Indian Oil
The Abu Dhabi National Oil Company has agreed a 15-year deal to supply Indian Oil with 1 million metric tons per annum of liquefied natural gas.
QatarEnergy Expands LNG Fleet with Six New Vessels from China State Shipbuilding
QatarEnergy has signed a deal with China State Shipbuilding Corporation to buy six additional ultra-large ships to carry liquefied natural gas, it said on Monday, raising such vessels it has on order to 128 as part of a fleet-expansion program.
Goldman Sachs Warns AI Could Weigh on Oil Prices, Reshaping Market Dynamics
Artificial intelligence could hurt oil prices over the next decade by boosting supply by potentially reducing costs via improved logistics and increasing the amount of profitably recoverable resources, Goldman Sachs said on Sept. 3.
Exports from Libya's Hariga Oil Port Stopped as Crude Supply Dries Up
The Libyan oil export port of Hariga has stopped operating due to insufficient crude supplies, two engineers at the terminal told Reuters on Saturday, as a standoff between rival political factions shuts most of the country's oilfields.
Saudi Arabia Expected to Slash October Crude Prices for Asia Amid Weak Margins
Top oil exporter Saudi Arabia is expected to cut prices for most of the crude grades it sells to Asia in October after Middle East benchmark Dubai slumped last month, industry sources said on Monday.
‘Capricious’ You Say?
Is it just me or does the decision by the D.C. appeals court to throw out FERC’s approval of a Williams Cos. pipeline project due to the regulator’s “arbitrary and capricious” review process seem a bit more short-sighted than usual?
Iraq Seeks U.S. Investment in Gas Projects to Boost Energy Independence
Iraq plans to offer 10 gas exploration blocks to U.S. companies during an upcoming visit by Oil Minister Hayan Abdel-Ghani to the United States, he announced on Saturday.
OPEC+ Set to Move Forward with October Output Hike Despite Demand Woes, Sources Say
OPEC+ is set to proceed with a planned oil output hike from October, as Libyan outages and pledged cuts by some members to compensate for overproduction counter the impact of sluggish demand, six sources from the producer group told Reuters.
Enbridge Predicts Rising Oil Demand Through 2050 as U.S. Supply Grows
Enbridge CEO Greg Ebel predicts global oil demand could surpass 110 million barrels per day by 2050, prompting significant investments in U.S. supply and LNG expansion.
Qatar Strikes Another 15-Year LNG Supply Deal with Kuwait
Qatar agreed on Monday to supply Kuwait with 3 million tons per annum of LNG for 15 years, the second such deal since 2020 as Kuwait imports the fuel to help meet rising demand for power generation.
Mideast Tensions and U.S. Rate Cuts Drive Oil Prices Higher, Raising Supply Disruption Fears
Oil prices extended gains on Monday on fears a major spillover in fighting from the Gaza conflict into the Middle East could disrupt regional oil supplies, while imminent U.S. interest rate cuts lifted the global economic and fuel demand outlook.
Morgan Stanley Cuts 2024 Oil Demand Forecast on China's LNG Truck Growth, Economic Slowdown
Morgan Stanley has lowered its global oil demand growth forecast for 2024, mainly due to China's slower economic growth, increased electric vehicle usage there, and a rise in the number of trucks in China powered by LNG.
Global News August 2024
Latest industry developments from around the world!
U.S. Oil Export Growth Slows as Output and Global Demand Wane
U.S. crude oil export gains should plateau in 2024 after years of strong growth, with domestic output expected to increase by the smallest amount since the pandemic at a time when global oil demand remains sluggish.
- Texas Waha Hub Gas Prices Plunge to Record Lows, Hit Negative Territory
- Williams Seeks Emergency Certificate to Operate $1 Billion Mid-Atlantic Gas Pipeline After Court Reversal
- Texas Oil Pipelines Near Max Capacity, Threatening Future Export Limits
- Energy Transfer Subsidiary Selects KTJV for Lake Charles LNG Export Project
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- Saudi Arabia Looking to Expand Pipeline to Reduce Oil Exports via Gulf
- Report: Houston Region Poised to Become a Global Clean Hydrogen Hub
- Texas Startup Endeavors Again to Build First Major U.S. Oil Refinery Since 1977
- Alaska Greenlights Enstar’s $57 Million Pipeline to Boost LNG Imports
- Editor’s Notebook: Alaska’s New LNG Pipeline Push Faces Long Odds
