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Summary Brent crude futures, WTI both fall 1.6% IEA raises its forecast for global oil supply growth this year IEA also lowers its demand growth forecast LONDON, Oct 14 (Reuters) – Oil prices fell by more than 2% on Tuesday as trade tensions flare between the U.S. and China, the world’s two biggest economies, and …
Oil Falls More Than 2% on US-China Trade Tensions and IEA Report Read More »
Saudi Aramco can sustain crude oil production at 12 million barrels per day (bpd) for a year without incurring additional costs, Chief Executive Amin Nasser said on Monday. Saudi Arabia holds a substantial share of the world’s spare oil capacity – idle supply that can quickly be brought to market. Speaking at the Energy Intelligence …
Saudi Aramco Can Sustain 12 Million Bpd Maximum Oil Capacity for a year, CEO Says Read More »
The recent surge in suspected Russian “hybrid warfare” incidents across Europe has put governments on high alert, raising questions about the vulnerability of the region’s energy infrastructure as the continent enters the critical winter heating season. Preventing sabotage of a massive energy network poses security and logistical challenges. But Europe’s leaders may need to start …
Russian Hybrid Warfare Could Leave Europe’s Energy Consumers in the Cold: Bousso Read More »
The latest U.S. sanctions on a major Chinese crude oil terminal have forced refining group Sinopec to divert a supertanker and ask some plants to cut crude processing rates, according to ship tracking data and Chinese consultancies. A supertanker carrying oil to the Chinese port of Rizhao in Shandong province changed its destination over the …
Sinopec Diverts Supertanker from US-Sanctioned Port, Ship Tracking Data Shows Read More »
By Hugo Dixon (Reuters Breakingviews) – The Group of Seven says it wants to “maximise pressure on Russia’s oil exports”. If the rich industrialised nations are serious, they could slash Moscow’s income from overseas crude by up to $80 billion a year. That would deliver a big blow to the Kremlin’s flagging economy and might …
How to Cut Russia’s Oil Revenue by $80 Bln a Year Read More »
U.S. energy major ExxonMobil sees a tighter oil market in the medium to longer term, particularly in the absence of further investments in unconventional oil and gas assets, Chief Executive Darren Woods said on Monday. Oil market oversupply is likely to be a short-term issue, with demand from emerging economies set to make meeting global …
Exxon Sees Tighter Oil Market in Medium-Long Term, CEO Says Read More »
By Erwin Seba HOUSTON, Oct 10 (Reuters) – Exxon Mobil restarted the gasoline-producing fluidic catalytic cracking unit on Thursday at its 612,000-barrel-per-day Beaumont, Texas, refinery, people familiar with plant operations said. The 120,000-bpd FCCU was shut on Tuesday night by a malfunction, according to a notice the company filed with the Texas Commission on Environmental …
Exxon Restarts FCCU at Beaumont, Texas, Refinery, Sources Say Read More »
By Erwin Seba Brent and WTI crude prices fall to levels last seen in spring Gaza ceasefire shifts focus to potential oil surplus OPEC production increases, U.S. output seen leading glut HOUSTON, Oct 10 (Reuters) – Brent and U.S. crude futures fell more than $2 a barrel, or more than 3%, on Friday as U.S. …
Trump Tariff Threat Pushes Oil to Five-Month Low Read More »
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating, the first reduction in six weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, fell by two to 547 in the …
US Drillers Cut Oil and Gas Rigs for First Time in 6 Weeks, Baker Hughes Says Read More »
(Reuters Breakingviews) – When it comes to finding black gold, oil companies have easier places to look than in the ground. That logic explains a fraught battle between oil sands firms Cenovus Energy and Strathcona Resources for MEG Energy. Both suitors have lobbed in bids worth just under C$8 billion for their rival, with a vote coming later this …
