Conventional Energy

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Asian Demand for US LNG Unshaken by China-Russia Pipeline Plans, Says Venture Global CEO

Conventional Energy, Latest, LNG, US News / By

Recent gas agreements between China and Russia are unlikely to weaken Asian demand for U.S. liquefied natural gas (LNG), according to Michael Sabel, CEO of Venture Global LNG, the second-largest U.S. exporter of the fuel. China, the world’s largest LNG importer, signed deals on September 2 to boost gas supply through the existing Power of …

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ConocoPhillips’ Deep Layoffs Highlight Need for Capital Discipline

Conventional Energy, Latest, US News / By

ConocoPhillips must sharpen its focus on capital discipline and investment priorities in order to regain its competitiveness against peers as oil prices and revenues fall, investors and analysts said, after the company announced last week it would lay off up to 25% of staff to cut costs. The third-largest U.S. oil producer joins majors Chevron and BP, …

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Oil Field Job Cuts Pile Up in the US Shale Patch for Fear of a Glut

Conventional Energy, Latest, Natural Gas, Oil, US News / By

Producers are slashing head count as OPEC+ hikes threaten to weaken prices further. Roustabouts, roughnecks and petroleum engineers in US oil fields are facing the deepest job cuts since crude prices crashed three years ago, and the prospects of an upturn any time soon are looking bleak. Employment slid 1.7% last month to levels not …

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Cenovus Selling Stake in WRB Refining to Joint Venture Partner Phillips 66 for $1.9B

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Cenovus Energy Inc. has signed a deal to sell its 50 per cent stake in WRB Refining LP to its joint venture partner Phillips 66 for about $1.9 billion. The WRB joint venture includes the Wood River Refinery in Illinois and the Borger Refinery in Texas. The operations have combined crude throughput capacity of 495,000 …

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Ukrainian Strikes on Russian Oil Facilities Could be a Boon for US Refiners

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Ron Bousso (Reuters) – The recent wave of Ukrainian drone attacks on Russian oil refineries and export facilities could boost global refining profit margins – particularly those in the U.S. – just as the peak summer demand season fades. Ukrainian attacks have shut down facilities accounting for at least 17% of Russia’s oil processing capacity, …

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Oil Rises on Modest OPEC+ Output Hike, Russia Supply Concern

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

Summary Brent and U.S. crude rise about 1% Threat of tighter sanctions on Russian oil also underpins market China to carry on stockpiling oil in 2026, Gunvor official says (Reuters) – Oil extended gains on Tuesday, supported by the latest oil output hike from OPEC+ being smaller than anticipated, expectations that China will continue stockpiling …

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Crude Oil Sentiment Swings to Lower Prices as Bearish Factors Mount

Conventional Energy, Latest, Oil, Tri-Pinned, US News / By

(Reuters) – Sentiment in the crude oil market has shifted to expecting prices to decline, with the debate at the industry’s biggest gathering in Asia more about timing than direction. The topic of presentations and conversations at the annual APPEC conference is always dominated by the outlook for prices, and this week’s event was no …

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Cuts to US Oil Jobs and Spending Threaten Output Growth

Conventional Energy, Drilling Rigs, Energy Topics & Technology, Exploration & Production, Latest, Natural Gas, OFS-Oilfield Services, Oil, Pinned Primary, US News / By

Summary Oil and gas producers cut $2 bln in expenditure, Reuters analysis shows US oil rig counts have fallen by 69 this year Trump’s trade policies and tariffs push up material costs HOUSTON, Sept 8 (Reuters) – The U.S. oil industry has laid off thousands of workers and cut billions in spending due to lower …

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Barclays Cuts 2026 Brent Forecast on OPEC+ Supply Increase Expectations

Conventional Energy, Latest, Oil, US News / By

(Reuters) – Barclays on Monday lowered its Brent crude oil price forecast for 2026 by $4 to $66 a barrel, citing expectations that OPEC+ will fully unwind voluntary production cuts by September next year. The bank said OPEC+’s weekend decision to raise October production targets by 137,000 barrels per day (bpd) was “the group initiating …

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Oil Set to Fall Below $60 Into Next Year, FGE’s Fesharaki Says

Conventional Energy, Latest, Oil, US News / By

By Haslinda Amin The decision by OPEC+ to once again raise production may have been more modest than expected, but oil prices could still tumble below $60 a barrel into the end of the year and the start of 2026, FGE NexantECA Chairman Emeritus Fereidun Fesharaki said on Bloomberg Television. The Organization of the Petroleum …

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