Oil

Enterprise Products Partners Cuts Capex, Says Oil Pipeline Volumes Steady

Enterprise Products has cut its capital expenditures for 2020 and says volumes on its oil pipelines have not yet declined as oil demand continues to drop around the world.

Continental Resources Halts Bakken Shale Output, Seeks to Cancel Sales

The largest oil producer in North Dakota has halted most of its production and reportedly told some customers it will not supply crude after the latest price crash, but there are doubts whether force majeure applies.

PHMSA Eases Pipeline Regulations, Enforcement in Response to Pandemic

Responding to the impact Covid-19 on midstream staffing and resources, PHMSA has issued two guidance documents to ease some operating requirements, allow discretion in enforcement and provide flexibility to support the critical needs of state and industry partners.

Drowning in Crude, U.S. Producers Say Trump Strategic Reserve Plan Won’t Help

American oil producers are not sure how helpful President Trump's plan to fill the U.S. Strategic Petroleum Reserve will be considering the logistical and economic challenges associated with getting the crude to the storage sites.

Remaining Oil Storage in Cushing, OK is Already Booked — Traders

Oil traders have said the remaining storage space for crude oil in Cushing, Oklahoma, the largest storage site in the U.S., is already completely booked up by producers.

CPC Oil Producers Eye New Transit Routes via Russia’s Transneft

Oil producers in Kazakhstan are seeking to divert flows away from the Caspian Pipeline Consortium (CPC) to systems owned by Russia's Transeft as CPC Blend margins fall.

Texas Regulators Decline Production Cuts for Now

Texas oil and gas regulators declined to cut oil production in the state on Tuesday after prices reached negative territory for the first time in history but will most likely revisit the issue at their next meeting.

Producers Scramble for Storage Space as Oil Glut Grows

Oil producers are scrambling to find storage space for excess barrels, many being forced to pay storage companies to take oil as prices turned negative on Monday for the first time in history due to an unprecedented slump in demand.

Oil Price Goes Negative as Demand Collapses

Oil futures plunged below zero for the first time on Monday as demand for energy collapses amid the coronavirus pandemic and traders sought to avoid owning crude with nowhere to store it.

Canada’s Court Rulings Brighten Path for Pipeline Expansion

Canada's efforts to add oil and gas pipeline capacity were stalemated by legal challenges over the past decade, but two important court rulings since the start of the year may break the bottleneck.

Chevron Sells Azerbaijan Pipeline Assets

Chevron announced that its affiliate companies have sold their non-operating interests in the Azeri-Chirag-Deepwater Gunashli (ACG) oil fields, including interests in two pipelines, to MOL Hungarian Oil and Gas for $1.57 billion.

Oklahoma Judge May Recommend Ruling Oil Production 'Economic Waste'

An Oklahoma Judge will recommend the state's oil and gas regulator approve an emergency order declaring oil production in the state could constitute economic waste, a spokesman for the state's Corporation Commission said.

ConocoPhillips Cuts Oil Output in North America by 30%

ConocoPhillips is cutting its oil output by 30% of its 2020 target, more than any U.S. producer so far.

Shell Restarts U.S. Offshore Oil Hub After Pipeline Leak

Shell has resumed production at its Perdido offshore oil rig after a pipeline leak last week forced the company to halt production.

Tallgrass Energy Shareholders Approve Blackstone-Led Buyout

Tallgrass Energy shareholders have approved a buyout deal worth over $6 billion from a group led by the Blackstone investment company, retaining the valuation offered before the market crash.

U.S. Shale Oil Output to Drop by Record 194,000 Bpd in April — EIA

New data from the U.S. Energy Information Administration predicts the country's shale oil output will fall by a record 194,000 bpd in April.

U.S. Crude Stocks Jump by Record 19 Million Barrels: EIA

Crude oil stockpiles in the U.S. rose by 19 million barrels last week, the largest one-week increase in history.

Texas Oil Hearing Stirs Debate but No Decision; Oklahoma Sets May Hearing

Texas energy regulators listened as top executives on Tuesday debated whether the state should cut oil output by 1 million barrels per day, but did not indicate how they might vote after more than 10 hours of sometimes dire testimony.

Kazakhstan Pipeline Work Continues Despite Tengiz Slowdown

Kazakhstan's biggest oil producer has reduced some work on its $45 billion expansion project in the west of the country due to the coronavirus outbreak, but pipeline construction continues.

Pipeline Operator Sues Chesapeake Energy Over Transport Payment Dispute

Chesapeake Energy is being sued for defaulting on transport payments owed to pipeline operator Glass Mountain from a contract that had been renegotiated earlier this year.

Enterprise Offers Crude Shipments on Existing Pipeline from U.S. Gulf Coast to Cushing, OK

Enterprise Products Partners is going to offer spot shipments from the U.S. Gulf Coast to Cushing, OK as demand for inland flow routes surges.

Russia's Rosneft Becomes Top Oil Supplier to Belarus

Russian state oil company Rosneft will be biggest oil supplier to Belarus this month, after Moscow and Minsk settled their oil price row, Belarus state energy company Belneftekhim said on Monday.

OPEC+ Approves Historic Oil Cut Amid Coronavirus Pandemic

OPEC and allies led by Russia agreed on Sunday to cut oil output by a record amount - representing around 10% of global supply - to support oil prices amid the coronavirus pandemic, and sources said effective cuts could amount to as much as 20%.

Slivers of Hope Shine Through Dire Industry Period

As much of the industry focuses on worst-case scenarios, some analysts view recent crude oil forecasts as overly pessimistic and predict the pandemic may have only a short-term impact on global natural gas markets.

Norway Says it May Cut Oil Output if OPEC+ Deal Implemented

Norway, Western Europe's largest oil producer, signalled on Friday it could cut its output if the deal negotiated by the so-called OPEC+ nations was implemented as planned.

France's CIM's Storage Tanks Brimming on Low Oil Demand

Oil tanks at France's storage and dispatch services company CIM are completely full due to the glut in global oil supply and the sharp drop in products demand, the director general of the company said.

Oil Industry Crisis Starkly Revealed in U.S. Weekly Data

The EIA's latest Weekly Petroleum Status Report reveals an industry in crisis – unable to cope with the simultaneous collapse in fuel consumption and rise in crude production.

Enbridge Applies for Construction of Great Lakes Pipeline Tunnel

Enbridge applied for permission to construct a pipeline tunnel beneath a waterway connecting two Great Lakes to replace an aging 4-mile stretch of its aging Line 5.

U.S. Railroads Refusing Demands for Oil Storage in Rail Cars

American railroad companies are refusing to store oil in rail cars as storage space rapidly dwindles.

OPEC+ Tentatively Agrees on Record Oil Cut Deal

Oil prices rose on Thursday as members of OPEC+ worked on a deal to cut oil production by anywhere from 10-20 million barrels per day.