Crude Oil News

 

U.S. Gulf of Mexico Pipeline Won't Resume Full Output Before Oct.1, Operator Says

Sep 11, 2020

A U.S. Gulf of Mexico crude oil pipeline owned by Genesis Energy LP is not expected to be fully restored before Oct. 1, the company said on Thursday, after destructive storms tore through the coastal region late last month.Houston-based Genesis…

Oil Prices Rise on Gulf of Mexico Shutdowns

Aug 25, 2020

Crude oil prices rose on Tuesday, supported by production cuts in the U.S. Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane while rising coronavirus cases in Asia and Europe capped gains.Brent crude oil futures added 37 cents…

Shipments Resume from Pemex FPSO After Collision

Jul 19, 2020

An oil production and storage vessel operated by Mexican state oil firm Pemex in the Gulf of Mexico has resumed crude shipments after a tanker collision halted exports earlier this month, according to a person with knowledge of the matter and data from Refinitiv Eikon…

Norway's Oil Output in June Drops More than Expected

Jul 17, 2020

Norway's June crude oil output fell more than expected from May while natural gas production rose less than expected, the Norwegian Petroleum Directorate said on Friday.Crude oil output fell 12% to 1.54 million barrels per day (bpd) which was 4…

Oil Prices Drop on Demand Recovery Fears, OPEC+ Easing Expectations

Jul 14, 2020

Oil prices fell more than 2% on Tuesday on worries that new clampdowns on businesses to stem surging U.S. coronavirus cases could threaten fuel demand recovery and expectations that OPEC+ might ease output cuts from August in an upcoming meeting…

PetroVietnam to Invest in Renewables Amid Shrinking Oil Output

Jul 08, 2020

Vietnam's state oil firm PetroVietnam is seeking to venture into renewable energy sources like wind farms and floating solar panels, as domestic crude oil production has peaked at most of its offshore oil fields.The company, formally known as Vietnam Oil and Gas Group…

Kosmos Energy in $200M Prepayment Deal for Gulf of Mexico Crude

Jun 29, 2020

Oil and gas company Kosmos Energy has into a crude oil prepayment agreement with commodities trader Trafigura for a portion of its production in the U.S. Gulf of Mexico.The prepayment agreement provides up to $200 million of crude oil sales…

About 24% U.S. Gulf Offshore Oil Output Shut after Storm

Jun 11, 2020

About 24%, or 435,767 barrels per day (bpd), of crude oil production, remain[ed] shut in the offshore U.S.-regulated Gulf of Mexico on Wednesday after Tropical Storm Cristobal, the U.S. Bureau of Safety and Environmental Enforcement (BSEE) said…

About 31% Oil, 33% Gas Output Shut in U.S. Gulf After Storm

Jun 10, 2020

About 31%, or 575,541 barrels per day (bpd), of offshore crude oil production remain[ed] shut in the U.S.-regulated Gulf of Mexico on Tuesday following the passage of Tropical Storm Cristobal, the U.S. government said.About 33%, or 898.32 million cubic feet a day (cfd)…

Petrofac in Iraq Contract Extension

May 29, 2020

UK oilfield services company Petrofac has secured a further six-month contract extension with Basra Oil Company (BOC) for its Iraq Crude Oil Export Expansion Project (ICOEEP).The contract extension was awarded to Petrofac's Engineering & Production…

EIA Expects Brent to Average $48 a Barrel in 2021

May 13, 2020

U.S. Energy Information Administration (EIA) on Tuesday noted the Brent oil price remained low despite the recent OPEC+ deal, but added it expected the prices to average $48 a barrel next year. It also warned that the forecast was subject to…

OPINION: Drowning in Oil, Regulatory Measures to Keep Prices Afloat

May 01, 2020

These days history seems to be in the making on a daily basis. On April 20, 2020, the price of the NYMEX West Texas Intermediate Sweet Crude Oil (WTI) futures contract for May delivery plunged into the negative, forcing sellers to actually pay…

Oil Traders Vie for Guyana Marketing Deal Despite Price Tumble

Apr 21, 2020

Guyana has attracted interest from several oil trading companies for a contract to serve as the marketing agent for the government's share of the country's crude, despite a plunge in global prices, four people familiar with the matter said.Oil…

Nigeria: Union Suspends Strike after Exxon Workers Freed

Apr 20, 2020

A major Nigerian oil union has suspended planned industrial action after 21 Exxon Mobil Corp. employees quarantined last week after their arrest for violating coronavirus-related movement restrictions were freed, it said on Sunday.The governor of southern oil hub Rivers State…

Indonesia Cuts 2020 Oil, Gas Production Outlook

Apr 17, 2020

Indonesia's upstream oil and gas regulator SKK Migas has cut its full-year production outlook for the country, its chairman Dwi Soetjipto told reporters on Thursday, after reporting a drop in oil and gas output in the first quarter.The coronavirus…

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