Chevron-Chartered Oil Tankers Return to Venezuela After New US License
At least three vessels that oil major Chevron had used to transport Venezuelan crude to the U.S. were navigating toward the South American country's waters on Thursday, with exports expected to resume later this month following a new U.S. license, according to shipping data and sources.The U.S.
Devon Energy's profit forecast for the second quarter was missed due to low oil prices
The U.S. oil-and-gas producer Devon Energy narrowly missed Wall Street's expectations for the second quarter profit on Tuesday as lower commodity prices offset an increase in production. As a result of the growing demand for natural gas, the company has also announced two new supply agreements.
Enbridge Sees Demand for More Pipeline Capacity from Canada to US Gulf
Canadian pipeline operator Enbridge said on Friday its recent commercial process to gauge oil shippers' interest in an expansion of its Flanagan South pipeline was oversubscribed, indicating strong demand for additional oil transport capacity from Canada to the U.S. Gulf Coast.The…
Exxon exceeds profit expectations with higher production despite low oil prices
Exxon Mobil - the United States’ largest oil producer - beat Wall Street expectations for the second quarter profit on Friday, as increased oil and gas production and low production costs compensated for the lower crude oil prices. Exxon Mobil reported that oil and gas production…
Chevron Granted Restricted US License to Operate in Sanctioned Venezuela
Chevron has been granted a restricted U.S. license to operate in sanctioned Venezuela, three sources close to the decision said on Wednesday, adding that no money from oil proceeds can be transferred in any way to the administration of Venezuelan President Nicolas Maduro.Last week, Reuters reported that the U.S.
Guyana's crude oil production fell to 664,000 barrels per day in June.
The government reported that the average crude oil production in Guyana, a country rich in oil, fell to 664,000 barrels a day (bpd), down from 667,000 the month before. Guyana, where the entire oil and gas production is controlled by Exxon Mobil, a U.S.-based major, since it began offshore production in 2019 expects to reach 900…
Russian Oil Tanker Diverted Away From EU-Sanctioned Port
An oil tanker carrying Russian Urals crude has been diverted away from the EU-sanctioned Nayara Energy's Vadinar port in India to unload its cargo at the port of Mundra, according to shipping data and four industry sources on Thursday.Two tankers have also skipped loading refined products from Vadinar port since Friday when Nayara…
Sources say that ConocoPhillips is close to selling Oklahoma assets to Stone Ridge Energy.
Three people with knowledge of the situation said on Tuesday that ConocoPhillips, a U.S. oil producer and gas company, is in advanced discussions to sell assets in Oklahoma for $1.3 billion to Stone Ridge Energy. One source said that Oklahoma City's Flywheel Energy will manage the assets for Stone Ridge Energy.
Sources: BP chartered tanker leaves sanctioned Nayara Energy port without loading oil
According to five sources in the industry and shipping data from LSEG, oil tanker Talara chartered by energy giant BP has left Vadinar, India's newly-sanctioned refiner Nayara Energy, without loading diesel, as planned. LSEG data indicated that the vessel was to load 60,000 metric tonnes (447…
Investors continue to monitor the impact of new sanctions against Russia on oil prices.
The oil price was little changed Monday, as traders assessed the impact of European sanctions on Russian supply. They also worried about tariffs that could weaken fuel demand because Middle East producers were increasing output. Brent crude futures dropped 1 cent to $69.27 per barrel at 0153 GMT, after closing 0.35% lower Friday. U.S.
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package approved by the European Union on Friday against Russia for its war in Ukraine. This package is aimed at further damaging Russia's energy and oil industry. The package includes a price cap for Russian oil, which is intended to reduce Moscow's revenues…
What is in the EU's 18th package of sanctions against Russia?
The details of the 18th package of sanctions against Russia for its war in Ukraine were approved by the European Union on Friday. It is aimed at further damaging the Russian oil and energy industries. The package includes a price cap for Russian oil, which is intended to reduce…
Palm oil gains on the strength of rival oils and is set to gain for a second consecutive weekly.
The market was supported by a stronger ringgit and stronger edible oils. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for September delivery had gained 37 ringgit or 0.89% to 4,183 Ringgit ($993.42) per metric ton. The contract is up 2.98% this week.
Gold Reserve, a bidder for Citgo, is happy with the refinery's management
Gold Reserve executives said that they were pleased with Citgo Petroleum management's performance on Thursday. This could be a sign of top executives staying at the Venezuelan-owned U.S. refining company if the bid of a Gold Reserve division for its parent was approved by an American federal judge.
EIA: US oil production will be lower than expected in 2025 due to falling prices
Energy Information Administration's monthly report on Tuesday predicted that the U.S. would produce less oil by 2025 than originally expected, as lower oil prices have caused U.S. producers this year to reduce their activity. In its report on short-term energy forecast, the EIA…
Sources say that OPEC+ is set to increase oil production again in August.
Four delegates from OPEC+ said that the world's largest oil producer group, OPEC+ is planning to announce a production increase of 411,000 barrels a day for August in order to regain market shares. If the agreement is reached, the increase in supply by OPEC+ would be 1.78 million bpd, which is equivalent to more than 1.5% of the global demand.
Alberta has eliminated the gas flaring limit in 2024.
Calculations show that energy producers in Alberta, Canada’s largest oil producing province, exceeded the self-imposed provincial limit for annual gas flaring by 2024, for the second consecutive year. Alberta's energy regulator announced late last week that it would be ending the flaring limit.
Crude Output to Halt at Russia's Sakhalin-1 in August Due to Maintenance
Russia's largest oil producer Rosneft will suspend output of its export-oriented Sokol crude grade at its far eastern Sakhalin-1 project in August because of maintenance, three industry sources told Reuters.According to one of them, the maintenance will last between 20 and 25 days.
Gazprom says that the US and Chinese purchases of strategic reserves may offset Russia's oil surplus.
The head of Russian oil producer Gazprom said that the U.S., China and other countries' purchases of strategic oil reserves will offset any global surplus to keep oil prices in check. The eight members, who are OPEC+ and include Russia and other producers, have decided to increase production for the months of April, July and August.
Strathcona backs MEG's alternative strategic process after C$6 billion rejected bid
Strathcona, a Canadian oil and natural gas producer, said it supported MEG Energy’s decision on Friday to explore strategic alternatives and initiate a strategic alternative process after MEG Energy urged its shareholders to reject Strathcona’s hostile takeover offer of C$6 billion (US$4.38 billion).
