Oil

Oil Pricing Agencies Platts, Argus Launch New U.S. Crude Benchmarks

The top two oil pricing agencies announced on Thursday they will start new pricing benchmarks reflecting the price of Gulf Coast crude on oil tankers loaded on tankers for export.

Easton Energy Adds Crude, NGL Storage Rights at Texas Facility

U.S. pipeline and storage operator Easton Energy is planning to expand its natural gas liquids and olefins storage at existing salt caverns along the Texas Gulf Coast and add crude storage capability.

Oil Price Structure Sparks Storage Draw Down

Oil’s price structure for Brent and U.S. crude has caused storage to be drawn down, signalling a recovery in global markets and tighter supplies as major producers cut output

API’s May Data Report Shows Signs of Industry Recovery

New data from the American Petroleum Institue (API) during the month of May shows the U.S. energy market may be headed for a swift recovery.

Williams to Handle Gathering, Production for Taggart

Williams announced a tieback agreement with LLOG Exploration Offshore to provide oil and gas gathering and production services for the Taggart development in the Gulf of Mexico.

U.S. Shale Companies to Boost Oil Output by 500,000 Bpd by July

According to industry analysts, U.S. shale producers are expected to restore roughly 500,000 bpd of crude oil production by the end of the month.

Shell Launches Sale of Stakes in Norwegian Fields, Pipelines — Document

According to a sales document seen by Reuters, Royal Dutch Shell is selling its stakes in two Norwegian oil fields and associated pipelines.

24% of U.S. Gulf of Mexico Production Shut After Storm

More than 400,000 bpd of U.S. Gulf of Mexico crude oil production remained shut on Wednesday after Tropical Storm Cristobal, the U.S. Bureau of Safety and Environmental Enforcement said.

COVID-19 Mitigation Results in Lowest US Petroleum Consumption in Decades

U.S. consumption of petroleum products has fallen to its lowest level in decades because of measures that limit travel and the general economic slowdown induced by mitigation efforts for coronavirus (COVID-19).

Enterprise Working to Address U.S. Regulatory Delays on Offshore Crude Terminal

Enterprise Products Partners is working to address additional requests from U.S. officials concerning its major offshore crude terminal project being developed off the country's Gulf Coast.

U.S. Oil for Belarus Reaches Europe as Country Seeks to Reduce Reliance on Russia

The first shipment of U.S. oil bound for Belarus reached Europe late on Friday as the Eastern European country looks to reduce its reliance on neighboring Russia.

Libya's Sharara Oilfield Declares Force Majeure After New Shutdown

Days after Libya's Sharara oilfield had resumed production, armed militants forced production to halt again causing the country's National Oil Corporation (NOC) to declare force majeure.

Oil Climbs After OPEC+ Extends Output Cuts to End-July

Oil prices rose to their highest levels in months early Monday as OPEC+ announced a deal to extend production cuts, but lost steam as some producers said they won't maintain additional reductions.

Libyan Oil Pipeline, Oilfields Reopen After Months of Blockade

Libya has restarted one of its oil pipelines and production at two of its major oil fields after months of blockade due to the ongoing conflict in the country.

Illinois Rejects Bid to Delay Decision on Dakota Access Expansion

Regulators in Illinois have unanimously rejected an attempt by environmental groups to delay the expansion of TC Energy's Dakota Access Pipeline due to the coronavirus.

China Oil Demand Recovery Positive Sign for Industry

China's oil demand has recovered remarkably well in the past few weeks, a move that industry analysts hope will be mirrored as other countries emerge from pandemic lockdowns.

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.