Power failures that kept Venezuela in darkness for much of March also briefly slashed the country’s crude production by 50%, people familiar with the situation told Bloomberg. Rolling blackouts across much of the country that started on March 7 temporarily paralyzed most of the country’s oil industry, Kallanish Energy finds. Oil output averaged less than
Read More...Brent crude oil prices Thursday pushed through $70 per barrel for the first time in nearly five months, as expectations of tight global supply outweighed pressure from rising U.S. production and lower global demand, Kallanish Energy reports. Brent futures touched $70.03/Bbl, the highest level since Nov. 12, when it last traded above $70/Bbl. The international benchmark for
Read More...Royal Dutch Shell Plc this week said it was leaving a U.S. refining lobbying organization in 2020 because the oil supermajor disagrees with the firm’s climate policy, Kallanish Energy learns. The oil giant, in its first review of its association with 19 industry groups, said it found “material misalignment” over climate policy with the American
Read More...ExxonMobil has held talks on the sale of a number of oil and gas fields in Nigeria, as the company focuses on developments in the U.S.’s Permian Basin and Guyana, industry and banking sources told Reuters. The potential sales are expected to include stakes in onshore and offshore fields and could raise up to $3
Read More...Oilfield services firm Parker Drilling Co. announced its common stock has been approved for listing on the New York Stock Exchange. Parker expects its common stock will begin trading tomorrow under the trading symbol “PKD,” the same trading symbol used for the company’s common when it was listed previously on the exchange. Last December, the
Read More...Crude oil jumped more than 2%, to new 2019 highs Monday, with Brent crude touching $69 a barrel, after positive signs for the global economy and tighter supplies powered West Texas Intermediate and Brent prices. U.S. WTI futures settled up $1.45, or 2.4%, to $61.59/Bbl, after reaching their highest price in nearly five months, at $61.72/Bbl,
Read More...Japanese refineries have stopped importing Iranian oil after buying 15.3 million barrels between January and March ahead of the expiration of a temporary waiver on U.S. sanctions, according to industry sources and data on Refinitiv Eikon, Reuters reported. The waiver, which allowed Japan to buy crude from Iran for an extra 180 days, expires in early May,
Read More...U.S. refiner Citgo Petroleum said last week it received $1.2 billion in financing via a five-year Term Loan B, with participation from roughly 35 financial institutions. As part of the transaction, Citgo’s $320 million accounts receivable securitization facility and $900 million revolver, with maturities in May and July, 2019, respectively, were retired, Kallanish Energy reports. “The significant interest in
Read More...Oil prices settled roughly flat Thursday, recovering from the day’s worst losses that came shortly after President Trump called for Opec to boost crude production to lower prices. “Very important that OPEC increase the flow of Oil. World Markets are fragile, price of Oil getting too high. Thank you!” Trump tweeted. Futures hit a session low immediately
Read More...An environmental group is taking its battle against an oil refinery being developed near Theodore Roosevelt National Park to the North Dakota Supreme Court. The National Parks Conservation Association (Npca) argued in its filing an air quality permit issued by the state Health Department for the $800 million Davis Refinery and upheld by a state
Read More...U.S. crude oil inventories for the week ended March 22 (excluding the Strategic Petroleum Reserve), increased by 2.8 million barrels (Mmbbl) from the previous week, according to Energy Information Administration data. At 442.3 Mmbbl, U.S. crude oil inventories are roughly 2% below the five-year average for early spring, the report showed. Trade group the American
Read More...Kimbell Royalty Partners said Monday it’s closed the previously announced purchase of oil and gas royalty assets from EnCap Investments for roughly $171.6 million in Kimbell Royalty Operating stock. The acquisition includes oil and natural gas mineral and royalty interests previously controlled by EnCap through Phillips Energy Partners, Phillips Energy Partners II and Phillips Energy Partners
Read More...Venezuela’s main oil port of Jose, operated by state-run oil giant Pdvsa, was virtually shut down following a massive power blackout Monday, two oil industry workers and a union leader close to the facility told Reuters. The most recent oil shipment for export, on very large crude carrier Dragon, chartered by Russia’s Rosneft, left the
Read More...Crude oil rose sharply Tuesday as Opec+ supply cuts and expectations of lower U.S. inventories outweighed concern about weaker demand due to a potential worldwide economic slowdown. Brent crude was up 70 cents at $67.89 a barrel, not far from its 2019 high of $68.69/Bbl hit on March 21, Kallanish Energy reports. U.S. West Texas
Read More...Midstreamer Tallgrass Energy this week announced the promotion of chief operating officer Bill Moler to president, effective immediately. The Kansas-based company said David G. Dehaemers Jr. remains CEO and Moler will retain his current COO title, Kallanish Energy reports. “I’m delighted to announce Bill’s ascent to President, a move that recognizes his increasingly vital role
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