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Oil Slips on Sverdrup Field Restart, Geopolitical Fears Support

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Summary Johan Sverdrup field partially resumes output Biden allows Ukraine to use U.S. weapons to strike into Russia U.S. crude slips into contango, suggesting easing supply tightness (Reuters) – Oil slipped on Tuesday pressured by the restart of production at Norway’s Johan Sverdrup oilfield, although investor caution arising from fears of an escalation in the Russia-Ukraine war …

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What Will Be the Future of the Keystone XL Pipeline Under President Trump?

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

by Terry Winnitoy, EnergyNow The Keystone XL Pipeline, proposed in 2008, was designed to transport Canadian crude oil from Alberta to refineries in the United States, specifically to Steele City, Nebraska, and onward to refineries in Illinois and Texas, as well as to an oil pipeline distribution center in Cushing, Oklahoma. Spanning approximately 1,179 miles …

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Oil Prices Tick Higher as Russia-Ukraine Tensions Escalate

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(Reuters) – Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China and forecasts of a global oil surplus weighed on markets. Brent crude futures were up 55 cents, or 0.8%, to $71.59 a barrel at 0954 GMT, while U.S. West Texas …

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Trump Chooses Oil Fracking Boss Chris Wright as Energy Secretary

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Liberty Energy CEO has said there is no climate crisis Trump cites goals of deregulation, getting US energy dominance President-elect Donald Trump nominated Chris Wright, who runs a Colorado-based oil and natural gas fracking services company, to lead the Energy Department. Wright, the chief executive officer of Liberty Energy Inc., has no previous Washington experience. He’s made a name …

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US Drillers Cut Oil and Gas Rigs for First Time in Four Weeks – Baker Hughes

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By Scott Disavino Nov 15 (Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for the first time in four weeks, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, …

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Trump Aims a ‘Wrecking Ball’ at Climate Policy

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The president-elect has said he’ll exit the Paris climate accord and ramp up oil and gas production. President-elect Donald Trump has been crystal clear: His second term will be an assault on climate policy. On the campaign trail, he vowed to “drill, baby, drill” for more oil and gas and inveighed against offshore wind farms. He attacked President Joe …

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U.S. Oil Industry Urges Trump to Ditch Biden Climate Policies

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By Nichola Groom (Reuters) – The U.S. oil and gas industry on Tuesday called on President-elect Donald Trump to scrap many of President Joe Biden’s policies aimed at fighting climate change, saying the measures threaten jobs, consumer choice and energy security. The American Petroleum Institute (API), the nation’s top oil and gas trade group, urged …

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Global Oil Market Faces a Million-Barrel Glut Next Year, Says IEA

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

Supply from the U.S., Brazil, Canada and Guyana is set to grow Oil drums sit stacked in a warehouse at Jacobi Oil Service, Inc. in Floyds Knobs, Ind. Global oil markets are facing a surplus next year as Chinese demand continues to falter. Photo by Luke Sharrett /Bloomberg Global oil markets face a surplus of …

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IEA’s Monthly Oil Statistics: August 2024

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The latest IEA’s Monthly Oil Statistics report including August 2024 data shows that for Total OECD: Total OECD production of crude oil, NGL and refinery feedstocks increased by 2.7% in August 2024 compared to August 2023. Refinery gross output of total products decreased by 0.3% on a year-on-year basis. Net deliveries of total products stayed flat in August 2024 compared to August 2023. Oil stock levels …

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Ovintiv to Buy Oil-Rich Assets in Canada’s Montney Shale for USD$2.38 Billion

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Shale producer Ovintiv announced a $2.38-billion all-cash acquisition of oil assets from Paramount Resources on Thursday, expanding its presence in Canada’s Montney shale play. The shale formation, a 50,000-square-mile (32-million acre) area spanning northern Alberta and British Columbia, is considered one of Canada’s most attractive oil and gas-producing regions due to its strong economics. “The assets come with …

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