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Oil Firms Evacuating U.S. Gulf of Mexico Staff as Hurricane Threat Rises

Conventional Energy, Latest, Offshore, Oil, Tri-Pinned, US News / By

Sept 23 (Reuters) – U.S. oil producers on Monday were scrambling to evacuate staff from Gulf of Mexico oil production platforms as forecasters predicted the second major hurricane in two weeks could tear through offshore oil producing fields. The U.S. National Hurricane Center said a potential Tropical Cyclone System Nine near the western tip of …

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FTC Set to Greenlight Chevron’s $53 Bln Buy of Oil Rival Hess, Sources Say

Conventional Energy, Energy Topics & Technology, Latest, Mergers and Acquisitions, Oil, Pinned Primary, US News / By

The U.S. Federal Trade Commission is expected to greenlight U.S. oil producer Chevron’s purchase of Hess as soon as this week, two people familiar with the matter said, leaving Exxon Mobil’s challenge to the $53 billion deal as its final hurdle.                      The proposed merger was first …

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Shell to Shut Production at Two Oil Facilities in Gulf of Mexico

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(Reuters) – Shell  said on Sunday that it would shut production at its Stones and Appomattox facilities in the Gulf of Mexico as a precautionary measure in response to a tropical disturbance. “We are in the process of safely pausing some of our drilling operations, and currently have no other impact on our production across the …

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Oil Edges Higher as U.S. Interest Rate Cut Counters Weak Demand

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By Arunima Kumar (Reuters) – Oil prices rose slightly in choppy trade on Monday after last week’s cut to U.S. interest rates and a dip in U.S. crude supply in the aftermath of Hurricane Francine countered weaker demand from top oil importer China. Brent crude futures for November edged up by 16 cents, or 0.21%, to …

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U.S. Drillers Cut Oil and Gas Rigs for Fifth Week in Six, Baker Hughes Says

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U.S. energy firms this week resumed cutting the number of oil and natural gas rigs after adding rigs last week, with the count falling for a fifth week in six, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, …

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Global Refiners Face Profit Slump as New Plants Come Online

CDN and International News, Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, Refineries / By

(Reuters) – Oil refiners in Asia, Europe and the United States are facing a drop in profitability to multi-year lows, marking a downturn for an industry that had enjoyed surging returns post-pandemic and underlining the extent of the current slowdown in global demand. The weakness is a further sign of soft consumer and industrial demand, …

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Canada’s Expanded Trans Mountain Pipeline Has the Tanks at Cushing, Oklahoma Running Dry

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

Inventories at this key crude hub at the lowest in a decade for this time of year Bloomberg News Inventories in Cushing, Oklahoma, have been dwindling for the past four months and now sit near the lowest in a decade for this time of year. Photo by Daniel Acker/Bloomberg Oil-storage tanks at a key United States crude …

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Saudi Arabia’s Crude Oil Exports in July Hit Almost One-Year Low

CDN and International News, Conventional Energy, Latest, Oil / By

(Reuters) – Saudi Arabia’s crude oil exports in July fell to their lowest level in nearly a year, data from the Joint Organizations Data Initiative (JODI) showed on Thursday. The country’s oil exports stood at 5.741 million barrels per day (bpd) in July, their lowest level since August 2023. Saudi Arabia is world’s largest exporter …

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Oil Industry Yet to Prove Carbon Capture Viable: Kerry

Carbon Capture, Conventional Energy, Energy Topics & Technology, Latest, Natural Gas, Oil, US News / By

Kerry urges industry to back CCUS talk with workable projects Former climate diplomat helped broker fossil COP28 deal John KerryPhotographer: Benjamin Girette/Bloomberg John Kerry, the Biden administration’s former top climate diplomat, said the oil and gas industry must prove carbon capture can play a meaningful role lowering emissions or face a quicker-than-expected transition away from …

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Why Oil Prices Can Rise After an Interest Rate Cut

Conventional Energy, Energy Topics & Technology, Finance, Latest, Oil, Tri-Pinned, US News / By

Oil prices can rise after an interest rate cut due to several interconnected economic factors: Weaker Dollar: Interest rate cuts often lead to a weakening of the country’s currency, especially the U.S. dollar. Oil is typically priced in dollars on global markets, so when the dollar weakens, oil becomes cheaper for buyers using other currencies, …

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