North Dakota's oil output could take about a month to recover after a severe freeze cut production by more than half this week, state officials said on Friday. Oil output in the third-largest oil producing state was estimated to be down 350,000 barrels per day (bpd) to 400,000 bpd, or about 30%, on Friday, according to the North Dakota Pipeline Authority. That compared with production outage of 500,000 bpd to 550,000 bpd on Thursday. "January is going to be a very bad month for [Read more]
US drillers add oil and gas rigs for first time in three weeks – Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the first time in three weeks, 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, rose by one to 620 in the week to Jan. 19. Baker Hughes said U.S. oil rigs fell by two to 497 this week, their lowest since mid November, while gas rigs rose by three to 120. The U.S. oil and gas rig count dropped about 20% in 2023 after rising by 33% [Read more]
US buys 3.2 million barrels of oil for Strategic Petroleum Reserve
The United States bought 3.2 million barrels of oil for the Strategic Petroleum Reserve, as it continues to slowly replenish the stash after selling a record amount following Russia's invasion of Ukraine in 2022, a Department of Energy document showed on Friday. The U.S. bought 1.4 million barrels from Exxon Mobil, 600,000 barrels from Macquarie Commodities Trading, and 600,000 barrels from BP Products North America, the document showed. Phillips 66 Co. and Sunoco Partners Marketing & [Read more]
Chevron to begin marketing shale-gas assets in Canada’s Duvernay
Chevron on Friday said it will put its shale-gas business in Canada's Duvernay Shale for sale as it continues to streamline global operations following several big acquisitions. The assets, which produce about 40,000 barrels of oil and gas a day from about 235,000 acres in the Duvernay field in central Alberta, could fetch up to US$900 million. Chevron has said it plans to offer between $10 billion and $15 billion in assets following deals with Hess Corp, PDC Energy and Noble Energy that [Read more]
Europe, Africa crude market tightens on Red Sea disruptions, China demand
The Brent crude market structure and some physical markets in Europe and Africa are reflecting tighter supply resulting partly from concern about shipping delays due to vessels avoiding the Red Sea, according to traders, LSEG data and analysts. The disruptions have combined with other factors such as outages and rising Chinese demand to increase competition for crude supply that does not have to transit the Suez Canal, and analysts say this is most evident in European markets. In a sign of [Read more]
British Columbia boosts power plan but electrifying LNG proving big challenge
British Columbia boosted its C$36 billion ($26.7 billion) plan to expand its grid over the next decade, but Canada's Pacific Coast province will still fall short of supplying the biggest liquefied natural gas (LNG) projects with hydropower needed to avoid generating high emissions. Long regulatory processes mean a critical northern transmission line expansion will only be ready years after LNG plants start operating and droughts are already curbing British Columbia's (B.C.'s) power [Read more]
Oil prices ease on China demand worries, supply forecasts
Oil prices drifted lower on Friday after rallying the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China and ample supply forecasts. Brent crude futures fell 23 cents, or 0.3%, to $78.87 a barrel by 0420 GMT, and U.S. West Texas Intermediate crude futures (WTI) slid 7 cents to $74.01. Both benchmarks, which gained about 2% on Thursday as the International Energy Agency (IEA) joined [Read more]
US says Houthis launched missiles at tanker ship but no damage caused
The Iran-backed Houthi militia launched two anti-ship ballistic missiles at a U.S.-owned tanker ship late on Thursday that hit the water near the vessel but caused no injuries or damage, the U.S. military said. The incident, the latest amid growing tensions in the Red Sea that have disrupted global trade and raised fears of supply bottlenecks, took place around 9 p.m. Yemen time (1800 GMT), according to a U.S. Central Command post on X, formerly called Twitter. The Houthis, who control [Read more]
North Dakota oil output down by 40% due to extreme cold weather
About 40% of North Dakota's oil output remained shut-in due to extreme cold weather and operational challenges, the state's pipeline authority said on Wednesday. Oil output in the third largest oil producing state was estimated to be down 500,000 barrels per day (bpd) to 550,000 bpd, according to the North Dakota Pipeline Authority. That compared with production outage of 650,000 bpd to 700,000 bpd on Wednesday. (Reporting by Arathy Somasekhar in Houston) [Read more]
Cheap Russian oil cuts OPEC’s share of India imports to record-low 50%
The annual share of OPEC's oil in India's crude imports fell to its lowest level ever in 2023 while that of discounted Russian barrels surged to an all-time high, data obtained from trade and industry sources show. India, the world's third-biggest oil importer and consumer, has long relied on the nearby middle eastern nations for meeting most of its oil needs to cut freight costs. Last year for the first time India imported nearly equal quantities of oil from the Organisation of Petroleum [Read more]
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