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Exxon Sees $1.6 Billion Earnings Hit From Oil, Refining Margins

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

Exxon Mobil Corp. said lower oil prices and refining margins reduced third-quarter earnings by $1.6 billion compared with the previous period. The oil giant revealed quarterly earnings guidance in a regulatory filing Thursday. The impacts of lower oil prices and shrinking refining margins will be partly mitigated by gains of about $900 million from timing effects and …

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The 2024 Disinflation Lesson: Ignore Oil at Your Peril: McGeever

Conventional Energy, Latest, Oil, US News / By

In today’s digital and services-dominated economy, one might be forgiven for buying into the narrative that oil no longer has any real bearing on inflation. That would be a mistake. Inflation is starting to undershoot some central banks’ targets, in large part because the year-on-year change in the oil price is deeply negative. This is …

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Russia’s Novak Says Market Wary of Oil Supply Cuts Due to Middle East Conflict

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

MOSCOW, Oct 2 (Reuters) – Russian Deputy Prime Minister Alexander Novak said on Wednesday that oil prices have increased as markets do not rule out a decline in oil supply due to the conflict in the Middle East. In televised comments after a meeting of top OPEC+ ministers kept oil output policy unchanged, including a …

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Enbridge to Build Pipelines to Service BP’s Kaskida Oil Hub

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

Oct 3 (Reuters) – Enbridge  said on Thursday it would build and operate crude oil and natural gas pipelines in the U.S. Gulf of Mexico for the recently sanctioned Kaskida oil hub, operated by BP. The pipelines are expected to be operational by 2029 and would cost $700 million, the Canadian firm said. The crude oil …

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OPEC+ Could Cushion Iran Oil Shock But Not Broader Disruption

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

OPEC has enough spare oil capacity to compensate for a full loss of Iranian supply if Israel knocks out that country’s facilities but the producer group would struggle if Iran retaliates by hitting installations of its Gulf neighbours. Iran fired hundreds of missiles at Israel on Tuesday in response to Israeli airstrikes and attacks. Israel’s …

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Plentiful Oil Supply Dampens Industry Reaction to Growing Middle East Conflict

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

The oil industry and markets have had a muted reaction to growing conflict in the Middle East, a sign of just how well stocked oil supplies are as U.S. output grows and OPEC+ prepares to lift production. The global oil benchmark Brent jumped 5% on Tuesday after Iran, a key producer and member of the …

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U.S. Crude Oil Inventories Rise as Refining Activity Dips, EIA Says

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

 U.S. crude oil inventories rose last week as refinery utilization rates fell amid weakening fuel demand, data from the Energy Information Administration showed on Wednesday. Crude inventories rose by 3.9 million barrels to 417 million barrels in the week ended Sept. 27, the EIA said. Crude stocks at the Cushing, Oklahoma, delivery hub rose by …

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Kremlin Says it Cannot Confirm Report on Planned NationaliZation of Energy Companies

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

(Reuters) – The Kremlin said on Wednesday it could not confirm a report that Russia’s energy minister had put forward a proposal to nationalize the energy sector. Russian authorities have repeatedly said they have no plans to de-privatize large companies, including oil and gas producers. On Tuesday, a Telegram channel called EJ, citing unnamed sources, …

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Diamondback Energy Raises Third-Quarter Production Forecast

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

(Reuters) – U.S. shale producer Diamondback Energy raised its third-quarter production forecast on Tuesday to reflect its $26 billion acquisition of Endeavor Energy. The Texas-based company completed its acquisition of Endeavor Energy last month, making it the third-largest oil and gas producer in the top U.S. shale region, the Permian Basin, putting it just behind industry giants Exxon …

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OPEC+ Doing ‘Noble’ Job of Balancing Oil Market, Says UAE

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

Summary Minister makes comments hours before OPEC+ committee meets Says many moving factors in short term including geopolitics Comments echo those of Russia’s Novak on Monday Says OPEC+ sacrificed more than other producers (Reuters) – United Arab Emirates Energy Minister Suhail al-Mazrouei said on Wednesday OPEC+ was doing a noble job of balancing the oil …

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