Conventional Energy

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White House Rejects Tying Ukraine Aid to Reversing Natural Gas Policy

Conventional Energy, Latest, LNG, US News / By

Bloomberg The Biden administration has dismissed a deal with House Speaker Mike Johnson to tie Ukraine aid to lifting the Biden administration’s pause of new liquefied natural gas export licenses. “The president has been clear that House Republicans should pass the bipartisan national security agreement that already passed the Senate as soon as possible to get Ukraine …

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Canada’s RBC Struggles to Go Green While Financing Oil

CDN and International News, Conventional Energy, Energy Topics & Technology, Finance, Latest, Oil / By

Royal Bank of Canada’s travails show the fine line banks must walk in shifting toward a lower-carbon future. Bloomberg In November, Dave McKay traveled from his Toronto home to Ottawa, where he accepted a medal from the Royal Canadian Geographical Society. During a gala at the national war museum, the group showered the chief executive officer of Royal …

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OPEC+ Gets Oil Price to its Sweet Spot, the Trick is Keeping it There

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Oil, OPEC, Tri-Pinned / By

Reuters) – There was no surprise that a top meeting of OPEC+ ministers opted to keep output policy unchanged since the global crude oil market is almost exactly where the exporter group wants it. OPEC+’s ministerial committee on Wednesday kept the current output targets but did note that some countries had been over-producing and had undertaken to …

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U.S. Has Not Asked India to Cut Russian Oil Purchases, American Official Says

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(Reuters) – The United States has not asked India to cut Russian oil imports as the goal of sanctions and the G7-imposed $60 per barrel price cap is to have stable global oil supplies while hitting Moscow’s revenue, an American treasury official said on Thursday. India has emerged as one of the top buyers of Russian sea-borne …

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U.S. Sanctions Hamper Russian Efforts to Repair Refineries

Conventional Energy, Energy Topics & Technology, Latest, Oil, Refineries, US News / By

Summary Lukoil refinery struggles to repair gasoline unit U.S. firm UOP says not helping Lukoil All Russian refineries use Western technology, software Ukrainian drones damage dozens of Russian plants (Reuters) – When engineers at Russian oil firm Lukoil  discovered a turbine had broken at their largest refinery on January 4, they quickly realised the problem …

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U.S. Oil and Gas Output was Severely Hit by Winter Storm: John Kemp

Conventional Energy, Energy Topics & Technology, Exploration & Production, Latest, Natural Gas, Oil, US News / By

U.S. oil production dropped sharply at the start of the year as exceptionally cold weather for ten days in the middle of January caused widespread freeze offs at oil wells. Nationwide crude and condensates output was down by almost 24 million barrels or 0.8 million barrels per day (b/d) in January 2024 compared with December …

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U.S. Crude Stocks Rise, Gasoline and Distillate Inventories Fall – EIA

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil, US News / By

U.S. crude stocks rose while gasoline and distillate inventories fell in the week ending March 29, the Energy Information Administration said on Wednesday. Crude inventories rose by 3.2 million barrels to 451.4 million barrels last week, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1.5 million-barrel draw. Oil futures pared …

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U.S. Won’t Award Contracts for Louisiana SPR Site Over Oil Price, Energy Department Says

Conventional Energy, Energy Storage, Energy Topics & Technology, Latest, Oil, US News / By

The U.S. Department of Energy on Wednesday said it will not award oil supply contracts for Louisiana’s Bayou Choctaw Strategic Petroleum Reserve (SPR) site in August and September due to high oil prices. “We monitor market dynamics to remain nimble and innovative in our successful replenishment approach to protect this critical national security asset,” said …

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BofA Hikes 2024 Oil Forecasts on Tighter Supply, Geopolitical Risks

Conventional Energy, Energy Topics & Technology, Forecasts, Latest, Oil, US News / By

Bank of America (BofA) Global Research has raised its 2024 Brent and WTI oil price forecasts, citing escalating geopolitical tensions and the OPEC+ producer group maintaining supply curbs. The bank now expects Brent and WTI crude prices this year to average $86 and $81 per barrel respectively, with prices of both peaking around $95 per …

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