President Donald Trump said on Friday that the US would soon fill its strategic petroleum reserves. "We're going to be filling up very shortly our strategic reserves, for nothing," Trump said at a rally in Mobile, Alabama. He offered no additional details. (Reporting by Steve Holland in Mobile, Alabama, and Trevor Hunnicutt in Washington; Editing by Edmund Klamann) [Read more]
Russia talks on Ukraine involve multi-billion dollar oil deal, NYT reports
The Trump administration’s talks with Russia on ending the war in Ukraine have expanded to include a multibillion-dollar oil deal that would benefit Middle Eastern business executives with ties to US negotiators Steve Witkoff and Jared Kushner, the New York Times reported on Saturday. The deal, which is contingent on approval from the US government and the Kremlin, involves a sprawling set of oil fields, refineries and gas stations around the world owned by Russian energy group Lukoil, [Read more]
Fire, smoke seen near Aramco facility in Riyadh, witness says
A large plume of smoke and fire was seen rising in the vicinity of an Aramco facility in Riyadh on Saturday, a witness told Reuters. There was no immediate confirmation from Saudi authorities about the fire. Aramco did not immediately respond to a request for comment. The fire comes amid escalating hostilities between Saudi Arabia and Yemen's Iran-aligned Houthis, who have stepped up attacks on Saudi cities and energy infrastructure. There was no immediate claim of responsibility for [Read more]
Discount on Western Canada Select widens
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened on Friday. WCS for November delivery in Hardisty, Alberta, settled at $24.65 a barrel below the US benchmark WTI, according to brokerage CalRock, compared with $24.10 on Thursday. * Group of Seven countries agreed on Friday to release 100 million barrels of diesel and crude oil from emergency reserves and pledged to refrain from energy export restrictions after pressure from [Read more]
CME Group withdraws filing for 24/7 10-barrel crude oil futures contract
CME Group said on Friday it was withdrawing its filing to launch a new 10-barrel crude oil futures contract, citing concerns from industry participants about potential risks from introducing round-the-clock energy trading. Here are more details: * The derivatives exchange operator had planned the contract as a regulated alternative to oil products that already trade around the clock, primarily for retail participants. * CEO Terry Duffy said discussions with industry participants showed [Read more]
Trump says he did not ‘jump the gun’ on South Korea Alaska LNG investment announcement
US President Donald Trump said on Friday he did not "jump the gun" on announcing a South Korean investment in Alaska LNG, a liquefied natural gas project that has been planned for decades but still lacks binding commitments. Trump unveiled plans on Wednesday for South Korea to invest $200 billion in US projects, but Seoul quickly suggested one key element, a $54 billion pipeline for a long-planned LNG project in Alaska, was not yet set in stone. "I didn't jump the gun. I mean, they were [Read more]
US energy firms cut rigs for first time in six weeks, says Baker Hughes
US energy firms this week cut the number of rigs operating for the first time in six weeks, energy services firm Baker Hughes said in its closely followed report on Friday. The total oil and gas rig count, an early indicator of future output, fell by one to 598 in the week to October 2, the lowest since mid-September. Baker Hughes said the total rig count was still up 49 rigs, or 9%, from this time last year. Baker Hughes said oil rigs rose by one to 456 this week, their highest since [Read more]
Saudis plan assault on Houthis to break Red Sea chokehold
Saudi Arabia is planning an offensive against Iran-backed Houthi militants in Yemen, with options being considered including a coastal push to secure the Red Sea shipping route or an assault on multiple fronts, regional and Western officials told Reuters. The operation, expected to be launched in the coming weeks, will by led by Yemeni forces on the ground, which are overseen by Riyadh, and supported by Saudi air strikes, according to six people with knowledge of the preparations. While [Read more]
Massachusetts governor asks Trump administration to speed natgas pipeline review
Massachusetts Governor Maura Healey called on the Trump administration to expedite the review of a natural gas pipeline that a unit of Canadian energy firm Enbridge is developing in New England. After opposing most new fossil fuel projects over the past decade or so, several states in the US Northeast region have become more accepting of fossil fuel projects in recent years in an effort to help reduce soaring consumer energy bills. * Healey called on the Trump administration on Thursday to [Read more]
South Korea says $8.4 billion oil project mentioned by Trump not part of deal with US, Yonhap reports
A $8.4 billion oil recovery project mentioned by US President Donald Trump is not part of a strategic investment agreement between the US and South Korea, Yonhap reported on Friday, citing an industry ministry official. The official said an inquiry has been sent to the US side through communication channels, according to the report. Trump said on Truth Social on Friday that a US trade deal with South Korea includes $8.4 billion for a project to pump gases into an aging oilfield to push out [Read more]
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