U.S. oil output from top shale-producing regions will rise in April to the highest level in four months, the U.S. Energy Information Administration (EIA) said in its monthly Drilling Productivity Report on Monday. Production from the top basins will climb by more than 9,000 barrels per day (bpd) to 9.77 million bpd, the strongest output since December, EIA said. Oil output in the Permian basin, the largest U.S. shale field straddling West Texas and New Mexico, was due to rise by about [Read more]
Hydrogen adoption will cost Europe, US more than $1 trillion
Europe and the U.S. will have to spend in excess of $1 trillion for building infrastructure to enable widespread use of hydrogen fuel, an executive at Mitsubishi Heavy Industries said on Monday. A wholesale move to hydrogen will need significant new demand, which could only come with investments in infrastructure to reduce the cost. European and U.S. governments will have to make that investment, Emmanouil Kakaras, an executive vice president at Mitsubishi said in an interview on the [Read more]
Saudi Aramco CEO says no peak in oil demand for some time to come
Global oil demand will not peak for some time so policy makers need to ensure sufficient investment in oil and gas to meet consumption and abandon the fantasy of phasing out the fossil fuels, Saudi Aramco CEO Amin Nasser said on Monday. The head of the world's largest energy company urged a re-set of global energy transition plans in remarks to oil and gas executives at the CERAWeek conference in Houston. Oil demand will reach a new record of 104 million barrels per day (bpd) in 2024, [Read more]
BP Whiting, Indiana refinery returns to normal ops, says company
BP Plc's 435,000 barrel-per-day (bpd) Whiting, Indiana refinery returned to normal operations for the first time since a February plantwide power outage, a company spokesperson said on Monday. Gasoline prices in the Chicago-area climbed by at least 20 cents a gallon in the days following the Feb. 1 power outage at the Whiting refinery. (Reporting by Erwin Seba) [Read more]
Exxon Mobil CEO says not trying to acquire Hess
Exxon Mobil CEO Darren Woods on Monday said his company is trying to secure preemption rights over Hess Corp's Guyana assets in its dispute with Chevron, not buy the company itself. In his first public remarks on the company's pursuit of an arbitration case that could block Chevron's $53 billion deal for Hess, Woods said Exxon would not have waited for Chevron to announce its Hess deal if it had wanted to buy Hess. "We're basically standing up for what we believe is a fundamental right," [Read more]
Saudi crude exports fall for second straight month in January
Saudi Arabia's crude oil exports fell in January for a second straight month, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter dipped 0.2% to 6.297 million barrels per day (bpd), down from 6.308 million bpd in December. The country's crude production rose to 8.956 million bpd from 8.944 million bpd in December. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum [Read more]
US oil refiners’ weekly capacity seen up 329,000 bpd – IIR
U.S. oil refiners are expected to have about 775,000 barrels per day (bpd) of capacity offline for the week ending March 22, increasing available refining capacity by 329,000 bpd, research company IIR Energy said on Monday. Offline capacity is expected to edge down to 744,000 bpd in the week ending March 29, IIR added. The following are IIR weekly figures for offline capacity (in thousands of bpd): Week Ended Friday March 18 March 15 March [Read more]
LNG developer Tellurian to explore sale among other options, CEO steps down
Tellurian said on Monday it was looking at all options, including a potential sale, and that CEO Octavio Simoes had stepped down from his role, amid the liquefied natural gas developer's efforts to keep its Driftwood export project alive. The company earlier this year had hired Lazard to explore a sale of its Haynesville upstream business in East Texas and Louisiana as part of efforts to raise capital for the Driftwood project. Lazard will now also focus on alternative debt and equity [Read more]
Farmers, oil drillers in parched Alberta brace for water shortage
Drought in the western Canadian province of Alberta is stretching into its fourth year and farmers and oil companies are planning for water restrictions that threaten production of wheat, beef and crude. The severe conditions have prompted Alberta to open water-sharing negotiations among licence-holders for the first time in two decades, hoping to salvage output from two of its biggest industries. Alberta, which relies on melting snow and precipitation for most of its water supply, has [Read more]
Oil prices build on last week’s gains as supply risks rise
Oil prices ticked up in Asian trade on Monday, extending gains from last week when prices rose nearly 4% on the view that supply was tightening, with the risks heightened by further attacks on Russian energy infrastructure. Brent crude oil futures for May delivery climbed 32 cents, or 0.4%, to $85.66 a barrel by 0416 GMT. The April contract for U.S. West Texas Intermediate (WTI) crude was up 40 cents, or 0.5%, at $81.44. The more active May delivery contract for WTI traded 37 cents, or 0.5%, [Read more]
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