Oil News

 

Guyana Approves Wealth Fund, Local Content Rules for Expected Oil Boom

Dec 30, 2021

Guyana's parliament on Wednesday approved local content rules for oil producers and a sovereign wealth fund to oversee the South American nation's earnings from a budding oil bonanza.International oil producers have discovered 10 billion barrels…

North Sea Benchmark Crude Oil Supply to Fall in February

Dec 30, 2021

Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark will average about 707,000 barrels per day (bpd) in February, loading programs showed, down from 813,000 bpd planned in January.Dated Brent is based on the Brent…

Oil Prices Hold Near $80 on Tight Supply and Stocks Drop

Dec 29, 2021

Oil prices held close to $80 a barrel on Wednesday as global supply outages and declining U.S. inventories offset worries that rising coronavirus cases might reduce demand.Brent crude rose to as much as $79.20 a barrel before retreating to trade 24 cents down on the day at $78…

Fracking Under the Gun: Latest quake in U.S. Oilfield Raises scrutiny of Drilling Waste Injections

Dec 29, 2021

A magnitude 4.5 earthquake that rattled the Permian basin in Texas on Monday night is likely to add pressure on oil producers in the region to slow or stop underground wastewater injections that regulators believe may cause the tremors.The quake…

As Omicron Concerns Ease, Oil Prices Rise

Dec 28, 2021

Oil prices extended gains on Tuesday with prices trading near the previous day's one-month high on hopes that the Omicron coronavirus variant will have a limited impact on fuel demand.Brent crude rose 7 cents, or 0.1%, to $78.67 a barrel, by 0728 GMT…

China Oil Demand to Peak by 2030

Dec 27, 2021

China's oil consumption is expected to keep growing for a decade on robust chemical demand, reaching a peak of about 780 million tonnes per year by 2030, a research institute affiliated with China National Petroleum Corp (CNPC) said on Sunday…

Brent Oil Rises Toward $77

Dec 27, 2021

Brent crude oil rose towards $77 on Monday due to hopes that the Omicron COVID-19 variant will have a limited impact on global demand in 2022, even as U.S. crude came under pressure from flight cancellations amid surging cases.More than 1,300 flights were cancelled by U…

How Venezuela Pulled Its Oil Production Out of a Tailspin

Dec 27, 2021

Venezuela this year almost doubled its oil production from last year's decades-low as its state-owned company struck deals that let it pump and process more extra heavy crude into exportable grades.The surprising reversal began as state-run Petroleos de Venezuela…

BP: Brent Benchmark Reform Should Include U.S. Oil, Dump Brent

Dec 07, 2021

BP supports the addition of U.S. oil crude grade WTI Midland to global dated Brent, suggesting the removal in the medium-term of Brent and Forties grades from the benchmark as flows have evaporated, according to a document seen by Reuters.Dated Brent…

Pemex Back in Red Despite Oil Production Uptick

Oct 29, 2021

Higher tax payments and foreign exchange losses pushed Mexico's Petroleos Mexicanos back into the red in the third quarter, even as crude production recovered somewhat, the state oil company said on Thursday.Pemex lost 77.2 billion pesos ($3…

LOOP Did Not Deliver Sour Crude from Storage in September

Oct 01, 2021

The Louisiana Offshore Oil Port (LOOP), the largest U.S. privately owned deepwater crude terminal, said on Friday it made no deliveries of sour crude from storage last month, following two storms that hit the U.S. Gulf Coast.The facility closed on August 28 ahead of Hurricane Ida…

Louisiana Offshore Oil Port Fully Reopens After Ida Damages

Sep 10, 2021

The Louisiana Offshore Oil Port (LOOP), the largest U.S. privately owned deepwater crude terminal, has fully reopened its marine operations for imports and exports, a spokesperson said on Friday.The facility closed on Aug. 28 ahead of Hurricane Ida…

US Gulf of Mexico Oil Production Losses Lead to Cargo Cancellations

Sep 09, 2021

U.S. oil offshore losses remained at 76% on Thursday after Hurricane Ida hit the Gulf of Mexico, according to government data, which prolonged outages and caused the first oil cargo shipment cancellations to buyers in Asia.Production should…

Cambodia Seeks Return of Ship Carrying Country's First Oil Output

Aug 26, 2021

The Cambodian government is seeking the return of an oil tanker and its crew who have been detained in Indonesia, alleging that the ship had loaded oil illegally from an offshore oil field, a government official said on Thursday.The Bahamas…

Indonesia Seizes Tanker Loaded with 'Stolen' Cambodian Crude

Aug 26, 2021

Indonesia's navy is preparing to charge the captain of a ship accused of loading oil illegally in Cambodia and anchoring in Indonesian waters without permission, according to local authorities and the vessel owner.Bahamas-flagged tanker MT Strovolos…

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