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A California judge on Tuesday sided with the state government and tentatively ruled against Houston-based oil company Sable Offshore’s request to restart a pipeline that pulls crude from the Santa Ynez offshore oil project. The tentative ruling from Judge Thomas Anderle in the Superior Court for Santa Barbara County marks a major setback for Sable, …
California Judge Blocks Efforts to Restart Santa Ynez Oil Pipeline Read More »
Ukrainian long-range drones at an undisclosed location in February. Photographer: Evgeniy Maloletka/AP Photo The impact from Ukrainian drone strikes will suppress Russia’s refinery processing rates until at least mid-2026, the International Energy Agency says in its latest monthly oil-market report. Kyiv has been intensifying attacks on its foe’s energy infrastructure — including oil refineries, pipelines …
IEA Sees Drone Hits Weighing on Russia Refinery Runs to Mid-2026 Read More »
By Grant Smith Evidence of a long-awaited supply overhang on global crude markets is becoming more tangible. This year’s long-anticipated oil surplus has taken so long to show itself that traders were starting to doubt it would ever arrive. The wait seems to be ending. While global supply has been exceeding demand at a brisk …
From Ships to Spreads, There Are Growing Signs the Oil Surplus Has Arrived Read More »
By Foo Yun Chee BRUSSELS, Oct 14 (Reuters) – Abu Dhabi state oil firm ADNOC is set to secure EU approval for its 14.7-billion-euro ($17 billion) bid for German chemicals company Covestro, with EU regulators likely to seek tweaks to remedies provided earlier this month, sources with direct knowledge of the matter said. The European …
ADNOC Set to Win EU Nod for $17 Billion Covestro Deal With Remedy Tweaks, Sources Say Read More »
Summary Most World Bank directors signed the statement Statement calls for continuing 45% pledge for climate finance IMF, World Bank preparing for annual meetings next week (Reuters) – Nineteen of the World Bank’s 25 executive directors issued a joint statement this week affirming their support for the bank’s continued work on climate change, defying the …
US Declines to Sign World Bank Directors’ Joint Statement on Climate Agenda Read More »
Summary OPEC’s forecasts had pointed to tighter market in 2026 OPEC leaves demand forecasts unchanged for 2025, 2026 IEA, which sees big 2026 surplus, to update view on Tuesday (Reuters) – World oil supply is expected to closely match demand next year as the wider OPEC+ group increases production, an OPEC report showed on Monday, …
OPEC Points to Smaller 2026 Oil Supply Deficit as OPEC+ Pumps More Read More »
Summary Oil and fuel export revenues down to $13.35 billion in September Crude exports rise to 5.1 mln bpd, highest since May 2023 Oil product exports drop to 2.4 mln bpd, lowest since April 2020 Drones knocked out another 200,000 bpd of crude processing MOSCOW, Oct 14 (Reuters) – Russia’s revenues from crude oil and …
Russia’s Oil and Fuel Export Revenues Fell Again in September, IEA Says Read More »
Summary IEA expects global supply to rise by 3 million bpd in 2025 Trims demand growth forecast this year to 710,000 bpd Implied surplus to reach 4 million bpd in 2026 LONDON, Oct 14 (Reuters) – The world oil market faces an even bigger surplus next year of as much as 4 million barrels per …
World Oil Market to See Huge Glut in 2026, IEA Says Read More »
Canada’s secret energy advantage: long life, no decline By Stewart Muir Oil and gas fields almost everywhere face natural decline. Shale wells lose about 70 per cent of their output in the first year. Many conventional reservoirs also taper off, often in the range of 5 to 7 per cent annually, though actual decline rates …
Front-month U.S. crude oil futures ended Monday’s trading at their smallest premium since January 2024 over the seventh-month contract, as OPEC+ ramps up supply while seasonal refinery maintenance in the U.S. pressures demand for prompt barrels. Narrowing backwardation, the market term for immediate deliveries fetching a premium over later deliveries, suggests investors are making less …
US Oil Futures Backwardation Narrows to 20-Month Low on Mounting Fears of a Glut Read More »
