U.S. Energy Secretary Chris Wright said 18 million barrels of oil flowed through the Gulf on Tuesday. "We've risen the flow of oil out of the Persian Gulf to record highs right now. About 18 million barrels flowed out yesterday, basically pre-conflict levels," Wright said in an interview Wednesday with Fox News. (Reporting by Kat Jackson; Editing by Doina Chiacu) [Read more]
US crude stocks fall on strong exports, fuel inventories rise, EIA says
U.S. crude stocks fell amid strong exports while gasoline and distillate inventories rose last week, the Energy Information Administration said on Wednesday. Crude inventories fell by 640,000 barrels to 423.4 million barrels in the week ended September 11, the EIA said, compared with analysts' expectations in a Reuters poll for a 1.6 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 342,000 barrels in the week, the EIA said. "Given the demand that is well [Read more]
Houthi blitz leaves Saudi Arabia exposed, Iran emboldened
The Houthi capture of ground overlooking the Bab el-Mandeb Strait has dealt Saudi Arabia its gravest setback in Yemen in years, exposing intelligence failures, the collapse of Yemeni allies and the limits of U.S. protection. A Houthi advance this week along the Red Sea coast and the capture of islands at the mouth of the strait, a vital artery for global oil supplies, has also left the kingdom scrambling for backing as Iran and its allies expand their reach. Senior Western, regional and [Read more]
US oil and gas producer to unveil Venezuela investment, energy secretary says
A U.S. oil and gas producer will announce a major investment into Venezuela on Wednesday, U.S. Energy Secretary Chris Wright told Fox News. Foreign oil producers are migrating joint ventures and production sharing contracts in Venezuela as part of a sweeping energy reform, while new entrants - mostly U.S.-based firms - are committing to development projects in the OPEC country encouraged by a Washington-supported $100 billion reconstruction plan for the industry. Oklahoma City-based [Read more]
Equinor plans LNG expansion in early 2030s to meet European and Asian demand
Equinor aims to expand its liquefied natural gas supply portfolio to between 10 million and 15 million metric tons per year (tpy) early in the next decade to meet demand from Europe and Asia, senior executives said on Thursday. The Norwegian producer is expected to announce a second deal to supply LNG to an Asian customer this week, Ingvar Egeland, Equinor's vice president for LNG, told Reuters. Equinor committed to a 15-year LNG supply deal with India's Deepak Fertilizers and [Read more]
Oil slips on US stock build, Middle East disruptions limit losses
Oil prices fell on Wednesday, retreating after a two-day rally following an unexpectedly large build in U.S. crude inventories, while supply disruptions in the Middle East lingered. Brent crude futures fell 73 cents, or 0.67%, to $108.02 a barrel at 0450 GMT, while U.S. West Texas Intermediate futures were down $1.1, or 1.04%, at $104.73 a barrel. Both benchmarks settled more than $3 higher and at their highest levels since May 19 on Tuesday, as the Yanbu loading suspension stoked supply [Read more]
Enbridge launches open season for proposed Texas natgas pipe
Canadian energy company Enbridge said on Tuesday it launched a non-binding open season for its proposed West Texas Express natural gas pipeline to transport gas west from the Waha area of the Permian Shale to markets in and around El Paso, Texas. The Permian is the biggest oil-producing shale basin in the United States. Gas production associated with oil production in the Permian, which is located in West Texas and eastern New Mexico, also makes the basin the fastest growing and second [Read more]
Saudi cancels some oil cargoes after pipeline hit, top buyer chasing alternatives
Saudi Arabia has cut oil shipments to Europe after drone attacks damaged its key export pipeline to the Red Sea, trade sources told Reuters, prompting top customers such as Poland to rush to seek alternatives as cargo prices topped $120 a barrel. The attacks, which Saudi Arabia has blamed on Iraqi militia, forced the kingdom on Friday to shut its East-West desert oil pipeline, which has spared it from the worst of the impact of the closure of the Strait of Hormuz over the last six [Read more]
US energy chief says Saudi Arabia oil pipeline should be back online within days
Crude oil should be flowing through Saudi Arabia's vital East-West Pipeline within days, U.S. Energy Secretary Chris Wright told CNBC on Tuesday, after the kingdom was forced to temporarily close it following attacks by Iran-aligned groups. "It's still a detailed assessment, but I think it will be measured in days," Wright said on the sidelines of a G20 energy meeting in Houston. He said Saudi Arabia is taking steps to move more oil out of the Strait of Hormuz with assistance from the U.S. [Read more]
Argentina escalates legal push against Falklands oil exploration firms
Argentina will file new legal complaints against companies exploring for oil near the Falkland Islands, the government said on Tuesday, escalating Buenos Aires' campaign against businesses operating in the British overseas territory. The move is part of a broader push by President Javier Milei's government, which is also preparing legislation this week to toughen sanctions against companies operating in the Falklands. Analysts say that raises the prospect of wider tensions with Britain if [Read more]