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(Reuters) – OPEC does not see a peak in oil demand in its long-term forecast and expects demand to grow to 116 million barrels a day by 2045, and may be higher, the secretary general said on Thursday. The International Energy Agency said in a report on Wednesday it sees oil demand peaking by 2029, levelling off …
OPEC Sees No Peak Oil Demand Long Term, Secretary General Says Read More »
U.S. oil refineries have been processing petroleum at the fastest rate for the time of year since before the pandemic, but rising fuel inventories have begun to weigh on crack spreads and likely signal a slowdown ahead. Refineries processed 17.5 million barrels per day (b/d) of crude and other feedstocks over the week ending on …
U.S. Refining Margins Slump as Fuel Stocks Climb: John Kemp Read More »
EQT Corp. CEO Toby Rice announced that the Pittsburgh-headquartered company is now reinstating the 1 billion cubic feet per day (Bcf/d) that was previously curtailed since late February, Natural Gas Intelligence said in a report on Wednesday. EQT Corp., the leading producer of natural gas in North America, reduced production earlier this year due to …
EQT Restarts Curtailed Gas Production, Natural Gas Intelligence News Says Read More »
The nation’s largest oil trade group, which includes Exxon Mobil and Chevron, will file a federal lawsuit on Thursday seeking to block the Biden administration’s efforts to reduce planet-warming emissions from cars and light trucks and encourage electric vehicle manufacturing, the group said. The U.S. Environmental Protection Agency issued new tailpipe emission rules in March that will force …
Largest U.S. Oil Trade Group to Sue to Block Biden’s EV Push Read More »
U.S. crude oil imports rose last week to their highest since 2018, the U.S. Energy Information Administration said on Wednesday, as volumes from Mexico rebounded and the expanded Trans Mountain pipeline boosted shipments from Canada. Imports of crude oil from Mexico rose by 449,000 barrels per day to 987,000 bpd in the week to June …
U.S. Crude Oil Imports Rise to Highest Since 2018, EIA Says Read More »
Global oil markets face a “major” surplus this decade as the shift away from fossil fuels causes demand to hit a plateau amid plentiful supply growth, the International Energy Agency said. World consumption will “level off” at 105.6 million barrels a day in 2029, about 4% higher than last year’s level, amid surging sales of electric vehicles …
Major Oil Surplus Seen This Decade as Demand Hits Peak, IEA Says Read More »
Photographer: Callaghan O’Hare/Bloomberg Oil producer Matador Resources Co. agreed to buy assets in the Permian Basin from a portfolio company of EnCap Investments LP for $1.9 billion in cash, the latest in a series of shale industry tie-ups. The deal includes oil and gas producing properties and undeveloped acreage in New Mexico and West Texas owned by …
Matador to Buy Permian Oil Assets From EnCap for $1.9 Billion Read More »
Analysts at producer and consumer agencies have different takes on how much the world needs. Analysts from the International Energy Agency and the Organization of Petroleum Exporting Countries are growing even further apart on how much oil the world needs. The two agencies have updated their forecasts for the first time since the wider OPEC+ …
OPEC+ Producers Are Caught Between Diverging Oil Forecasts Read More »
By Reuters June 12 (Reuters) – Mountain Valley can begin operating its $7.85 billion Virginia natural gas pipeline after receiving approval from the U.S. Federal Energy Regulatory Commission (FERC) according to a filing on Tuesday. The Mountain Valley project, the only big gas pipeline under construction in the U.S. Northeast, has encountered numerous regulatory and court …
Mountain Valley Gets Regulator’s Approval for U.S. Natural Gas Pipeline Read More »
NEW YORK (AP) — Gas prices are once again on the decline across the U.S., bringing some relief to drivers now paying a little less to fill up their tanks. The national average for gas prices on Monday stood around $3.44, according to AAA. That’s down about 9 cents from a week ago — marking …
