Oil prices were down on Monday as investors bet supply will remain tight amid restrained output by major producers with global demand unperturbed by the Omicron coronavirus variant. U.S. West Texas Intermediate crude was down 54 cents, or 0.64%, at $83.85 a barrel, after hitting $84.78, the highest since Nov. 10, 2021, earlier in the session. Brent crude futures dipped 36 cents, or 0.42%, to $85.96 a barrel. Earlier in the session, the contract touched its highest since Oct. 3, 2018 at [Read more]
Canada’s Trans Mountain oil pipeline returns to normal operating pressure
Canada's Trans Mountain pipeline returned to normal operating pressure on Saturday, it said in a statement, after functioning at reduced pressure for over a month. The Canadian government-owned oil pipeline, which ships 300,000 barrels a day of crude oil and refined products from Alberta to the Pacific Coast, was operating at a reduced capacity since Dec. 5 and was closed for 21 days prior to that after November's record-breaking rainstorm in British Columbia. Trans Mountain is a key oil [Read more]
Saudi energy minister says OPEC+ has done a lot to stabilise energy markets
Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday the Organisation of Petroleum Exporting Countries (OPEC) and its allies have "done a lot" to stabilise global energy markets. "We believe we as OPEC Plus have done a lot in bringing about stability," he said, while talking about energy security. The minister was attending the Abu Dhabi Sustainability Week Summit at the Expo 2020 site in Dubai. [Read more]
UAE aims to capture 25% of hydrogen market share
UAE Energy Minister Suhail al-Mazrouei said on Monday that the Gulf country is aiming to capture around a quarter of the global hydrogen market with hydrogen produced both by electrolysis and from natural gas. Mazrouei added that as part of the country's hydrogen roadmap, it is currently implementing seven projects and looks forward to export hydrogen. He said "There has been already discussion with many countries who we supply with hydrocarbons today, and they are keen to get [Read more]
U.S. drillers add most oil and gas rigs in a week since April
U.S. energy firms this week added the most oil and natural gas rigs in a week since April as rising oil prices prompt more drillers to return to the wellpad. The oil and gas rig count, an early indicator of future output, rose 13 to 601 in the week to Jan. 14, its highest since April 2020, energy services firm Baker Hughes Co said in its closely followed report on Friday. The total count was up 228, or 61%, over this time last year. U.S. oil rigs rose 11 to 492 this week, their highest [Read more]
Alberta prioritises oil sands’ carbon storage hub, energy minister says
The government of Alberta, Canada's main oil-producing province, plans to move forward "very, very quickly" on its next carbon sequestration hub in the Cold Lake region that will serve oil sands producers, Energy Minister Sonya Savage told Reuters. Alberta is currently accepting requests for proposals to operate an underground carbon storage hub serving the Alberta Industrial Heartland (AIH) zone near Edmonton. The process to select an operator for another hub near Cold Lake will come "on the [Read more]
Oil rises as investors eye U.S. crude release, China demand concerns
Oil futures rose for a second session on Friday, even against expectations that Washington may soon act to cool prices that remain above $80 per barrel, while movement curbs in China to rein in a COVID-19 outbreak weighed on fuel demand. U.S. West Texas Intermediate crude was up $1.25, or 1.53%, at $82.91 a barrel. Brent crude futures gained $1.23, or 1.46% to $85.32 a barrel. China, the world's second-biggest oil consumer, has suspended some international flights and stepped up efforts [Read more]
China agrees with U.S. to release oil reserves near Lunar New Year
China will release crude oil from its national strategic stockpiles around the Lunar New Year holidays as part of a plan coordinated by the United States with other major consumers to reduce global prices, sources told Reuters. The sources, who have knowledge of talks between the world's top two crude consumers, said China agreed in late 2021 to release an unspecified amount of oil depending on price levels. "China agreed to release a relatively bigger amount if oil is above $85 a barrel, [Read more]
Heavy crude discount moves wider
Canadian heavy crude's differential to benchmark West Texas Intermediate (WTI) crude widened on Thursday. Western Canada Select heavy blend crude for February delivery in Hardisty, Alberta, last traded at $13.50 per barrel below the WTI benchmark, according to NE2 Canada Inc, having settled at $13.05 per barrel below the U.S. crude benchmark on Wednesday. Canadian heavy crude was following Gulf Coast prices lower, which came under pressure due to issues at a couple of U.S. refineries, one [Read more]
IEA says Canada can be key global oil supplier if emissions promises kept
Canada, the world's fourth-largest oil producer, can be a key global supplier for years to come providing it sticks to promises to sharply cut emissions, the International Energy Agency (IEA) said on Thursday in a review of the country's energy policies. The IEA review, the first since 2015, noted the country's role as a major producer, consumer and exporter of energy presented "both challenges and opportunities" for reaching its decarbonization targets. Prime Minister Justin Trudeau's [Read more]
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