Oceaneering Secures Contract with Petrobras for Offshore Brazil
Oceaneering International Inc. will supply steel tube and thermoplastic electro-hydraulic umbilicals and associated subsea distribution hardware to projects offshore Brazil.
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Mountain Valley Venture Seeks Authorization for US Pipeline Projects
Testing of the Mountain Valley Pipeline for leaks and strength is complete.
What’s Affecting Oil Prices This Week? (June 10, 2024)
Stratas Advisors says the latest EIA report illustrates that U.S. production growth has stagnated with U.S. oil production remaining at 13.1 MMbbl/d, which is unchanged from the previous 12 weeks.
US Speeds Up Purchasing for Strategic Petroleum Reserve as Oil Prices Dip
President Joe Biden’s administration said on June 6 it has increased purchasing of crude oil to replenish the Strategic Petroleum Reserve.
Phillips 66 Calls Open Season for Blue Line NGL Transport
Phillips 66 Pipeline’s, a subsidiary of Phillips 66, NGL network Blue Line System provides services from Kansas to Missouri and Illinois.
Goldman Expects Summer Demand to Lift Brent Crude to $86/Bbl in Q3
A healthy growth in consumer spending and solid summer demand will push the oil market to a 1.3 million barrels per day (bpd) deficit in the third quarter and lift benchmark Brent prices to $86 a barrel, Goldman Sachs said. The bank cut its 2024 oil demand growth forecast by 0.2 million bpd to 1.25 …
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COMMENTARY: OPEC⁺ Surprise Triggered Record Hedge Fund Oil Sales – John Kemp
Portfolio investors sold record volumes of petroleum last week after OPEC⁺ surprised the market by announcing plans to increase production starting from the fourth quarter of 2024. Hedge funds and other money managers sold the equivalent of 194 million barrels in the six most important futures and options contracts over the seven days ending on …
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Noble to Acquire Diamond Offshore Drilling for $1.6B in Cash, Stock
The combination of offshore drilling powerhouses Noble Corp. and Diamond Offshore Drilling will create the “leading tier one drillship fleet,” Noble said.
U.S. Manufacturers in Halting Recovery but Diesel Use Tepid
By John Kemp (Reuters) – U.S. manufacturers are gradually emerging from a prolonged but shallow slowdown over the last two years, but progress has been fitful, and their consumption of diesel remains tepid, which is weighing on oil prices. The Institute for Supply Management’s manufacturing index slipped to 48.7 (22nd percentile for all months since 1980) …
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BP Tightens Workplace Relationships Policy After Looney Dismissal
Summary BP updates its conflict of interest policy Senior staff have three months to disclose relationships Staff face potential sacking for failure to comply (Reuters) – BP employees must disclose any intimate relationships with colleagues or risk losing their jobs, the oil major told staff in a policy update, following the sacking of former CEO …
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