Oil

OPEC+ Keen to Slow U.S. Shale Recovery as Oil Prices Rally

As U.S. shale production begins to show signs of recovery, OPEC and its allies are looking to keep prices low in an effort to prevent another market oversupply.

Ecuador Declares Force Majeure After Oil Pipeline Shutdown

Soil erosion which damaged the primary oil pipeline in Ecuador has caused the country to declare force majeure on exploration and production until the pipeline can be repaired.

U.S. Shale Producers Begin Restoring Output as Oil Prices Turn Higher

As oil prices begin to recover, U.S. shale producers are beginning to reverse production cuts made earlier in the year as demand plunged due to the coronavirus pandemic even as other major oil-producing countries consider extending production cuts.

Ecopetrol Extends Subsidies, Increases Pipeline Financing Assistance

Columbia's state-run oil company Ecopetrol announced on Friday that it is extending tariff subsidies and financing programs for oil shippers in South American country to help ease the burden of falling oil prices due to the pandemic.

Oil Surges on U.S.-China Trade Optimism, Falling Crude Output

Oil prices jumped around 5% on Friday as crude oil production continues to fall around the world and President Trump indicated that the U.S.-China trade deal was still on track.

Alberta Cuts Oil Output by 1 Million Barrels Per Day: Minister

The energy minister of Alberta, Canada's oil-producing province, has informed OPEC that the province has cut 1 million barrels per day (bpd) in production since many of the largest oil-producing countries around the world agreed to production cuts.

Enbridge to Raise Rates on Express Crude Pipeline

Enbridge has filed a proposal with the Federal Energy Regulatory Commission (FERC) to raise shipping tariffs on its Express crude oil pipeline by 3%.

India Looks to Store Cheap Oil in United States — Oil Minister

India's oil minister said the country is exploring the possibility of storing some of the excess oil it purchased from the U.S. in American storage facilities.

U.S. Oil Output from Major Shale to Reach Nearly Two-Year Low in June — EIA

New data from the U.S. Energy Information Administration expects oil output from seven major shale operations in the U.S. to fall by nearly 200,000 bpd in June.

Ukraine's Odessa Receives First WTI Oil Cargo from U.S. — Sources

Ukraine's Odessa import facility received its first West Texas Intermediate oil cargo from the U.S. this week after futures prices turned negative last month.

Colombian Government Considers Intervention in Oil Pipeline Tariffs

The Columbian governments is re-examining how tariffs on oil pipelines in the country are calculated as many producers have been hit hard by falling oil prices due to the coronavirus pandemic.

Oryx Launches Binding Open Season on Proposed Expansion of Delaware System

Oryx Midstream has launched a binding open season to gauge interest on a proposed expansion of its Delaware oil pipeline system.

Russia's Transneft, Rosneft Disagree Over Oil Transport Costs

Two of Russia's largest energy companies have failed to reach an agreement on restructuring oil transportation costs amidst the global collapse in oil prices due the coronavirus pandemic.

Phillips 66 to Raise Rates for Gray Oak Crude Pipeline

Phillips 66 is proposing to raise its tariff rates on its Gray Oak, Permian Basin pipeline.

U.S. Pipeline Regulator Strikes Down Washington State's Crude-by-Rail Safety Limits

The U.S. Pipeline and Hazardous Materials Safety Administration (PHMSA) on Monday struck down crude-by-rail transportation restrictions imposed by Washington state, saying the measures would not lower the risk of explosions.

Oklahoma Regulators Take no Action After Oil Output Hearing

Energy regulators in Oklahoma declined to provide a timeline for a decision regarding requests from oil producers in the state to mandate production cuts in an attempt to stabilize to hard-hit industry.

Oklahoma Oil Regulators Hear Arguments on Output Cuts

Oil regulators in Oklahoma began hearing arguments on Monday from major oil producers hoping to convince the state to set production limits in an effort to bolster the industry slammed by collapsing oil prices.

BP Midstream Sees Lower Onshore Oil Pipeline Volumes Amid Pandemic

The ongoing coronavirus pandemic has caused a drop in volumes on BP Midstream's onshore oil pipelines for the first quarter, the company said on Friday.

North American Oil Producers Slash Output Faster than OPEC Skeptics Expected

Oil producers in North America have cut oil production faster than many expected on track to reduce about 1.7 million barrels per day by June.

Enbridge Mainline Volumes Fall, Company Posts Quarterly Loss

Flows on Enbridge's Mainline system dropped in Q1 as the company posted a loss during the same period.

Shell Midstream Offers Mars Sour Crude Storage as Offshore Producers Keep Pumping

Shell Midstream is offering to store barrels of Mars Sour crude as offshore producers continue to pump oil amid the coronavirus pandemic.

Plains All American Sees Drop in Pipeline Volumes, Capline Reversal Progressing

Flows on Plains All American pipelines fell this quarter leading to a $2.8 billion loss for the company. The reversal of its Capline systems is still progressing as planned.

Ecopetrol Condemns Attacks on Oil Pipelines

Ecopetrol's oil transportation unit condemned a series of attacks in north east Colombia that have taken place against two of its pipelines since last Saturday.

Regulators Ease Storage Rules, Fees for Texas Producers

Texas oil and gas regulators voted to temporarily relax their rules for underground crude storage and waive related fees and surcharges that producers typically pay.

Texas Will Not Mandate Oil Production Cuts

Texas energy regulators on Tuesday said they will not mandate oil production cuts, ending a month-long debate about whether they would wade into global oil politics for the first time in 50 years as crude prices cratered.

Magellan Midstream Diesel Flows Fall, Projects Continue

Magellan Midstream has reported a decline in diesel flows on its pipelines as drilling activity in the Permian Basin has dropped due to the collapse in oil prices.

TC Energy Boosts 2020 Capex to Build Keystone XL Pipeline

TC Energy, bolstered by better-than-expected quarterly profit earnings, is raising its capital spending budget for 2020 in order to build its Keystone XL Pipeline.

Head of Texas Energy Regulator Opposes State-Mandated Oil Curbs

The head of the Texas energy regulator has stated his opposition to a proposal of state-mandated oil production cuts.

Ecopetrol Unit to Let Colombia Oil Producers Cut Pipeline Costs for Two Months

Ecopetrol subsidiary Cenit is allowing Columbian oil producers to reduce their transit tariffs by 50% for two months in an effort to ease the strain on the industry due to the coronavirus pandemic.

Reporting Higher Q1 Profits, Enterprise Products CEO Puts a Personal Spin on COVID Response

Enterprise Products Partners’ outspoken co-CEO Jim Teague used a conference call with investors Wednesday as an opportunity to comment on the U.S. economic shutdown, reflecting on his personal experiences during the 1950s polio epidemic and as a helicopter pilot in Vietnam in relation to the COVID-19 response.