Eight OPEC+ countries will likely raise oil output on Sunday but probably add less oil from October than in recent months as global demand might be slowing with the end of the driving season, OPEC+ sources said on Saturday. OPEC+ has reversed its strategy of output cuts from April and has already raised quotas by about 2.5 million barrels per day, about 2.4% of world demand, to boost market share and under pressure from U.S. President Donald Trump to lower oil prices. But those increases have [Read more]
Second known tanker carrying sanctioned Russian Arctic LNG berths in China
Another tanker carrying liquefied natural gas from Russia’s sanctioned Arctic LNG 2 project has docked in a Chinese port, ship-tracking data showed, days after Russian President Vladimir Putin met China's leader Xi Jinping in Beijing. The LSEG tracking data indicated the Russian Voskhod LNG tanker was anchored at an LNG terminal in the port of Tieshan in China's southwestern province of Guangxi. The Russian flagged tanker, with a cargo of 150,000 cubic metres of LNG, was loaded up at the [Read more]
Iraq’s premier says he hopes producers will reconsider oil export quota
Iraq hopes fellow producers will reconsider its oil export quota to better reflect its production capacity, Prime Minister Mohammed Shia al-Sudani said on Saturday, a day ahead of an OPEC+ meeting in a rare public comment by a senior Iraqi official. Iraq, the group's largest overproducer, is under pressure from the Organization of the Petroleum Exporting Countries to cut output to compensate for having produced more than its agreed volume. It is among countries that submitted plans in April to [Read more]
Discount on Western Canada Select narrows slightly
The discount on Western Canada Select to North American benchmark West Texas Intermediate futures narrowed slightly on Friday. WCS for October delivery in Hardisty, Alberta, settled at $11.50 a barrel under the U.S. benchmark WTI, according to brokerage CalRock, compared with $11.55 a barrel discount on Thursday. * WCS discounts have been narrower so far in September than in August, due in part to the restart of BP's 440,000-barrel-per-day refinery in Whiting, Indiana, which had been [Read more]
Energy secretary says Russian gas sales to China would not harm US
Energy Secretary Chris Wright said on Friday that he is not worried that any Russian sales of gas to China would harm U.S. exporters of the fuel. Russia and China gave their blessing earlier this week to a gas pipeline called Power of Siberia 2, underscoring Chinese President Xi Jinping's disregard for Western demands that he row back from a deepening partnership with Moscow. Wright touted the Trump administration's focus on rapidly expanding liquefied natural gas exports at an event at [Read more]
US drillers add oil and gas rigs for first time in seven weeks, Baker Hughes says
U.S. energy firms this week added oil and natural gas rigs for the first time in seven 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 537 in the week to September 5. Despite this week's rig increase, Baker Hughes said the total count was still down 45 rigs, or 7.7%, below this time last year. Baker Hughes said oil rigs rose by two to 414 this week, while gas rigs fell [Read more]
‘I fault myself for not paying more attention,’ Conoco CEO tells employees facing deep job cuts
ConocoPhillips CEO Ryan Lance told employees on Thursday that one of the reasons he had to cut up to 25% of the workforce was because the U.S. oil and gas producer had become less competitive as it focused on swallowing smaller rivals. Lance was speaking to employees in a town hall meeting a day after he sent employees a video announcing the job cuts as part of a broad restructure focused on cost reductions. Employees watching the hour-long meeting online and in person at the company's [Read more]
Halliburton reduces workforce as oil activity slumps, sources say
U.S. oilfield services provider Halliburton has been cutting staff in recent weeks, according to two sources familiar with the matter, marking the latest workforce reduction in the U.S. oil industry as it faces rising costs and a period of lower prices and volatility. Global benchmark Brent crude oil prices have dropped more than 10% this year amid uncertainty over global trade policies and as the Organization of the Petroleum Exporting Countries and allies raise output. U.S. oil company [Read more]
India will continue to buy Russian oil despite US tariffs, finance minister says
India will continue to buy Russian oil as it proves economical, its finance minister said on Friday, despite the Trump administration's decision to impose heavy import tariffs on Indian goods due, in part, to its energy purchases from Moscow. As Europe and the U.S. have shunned Russian oil over Moscow's 2022 invasion of Ukraine, India has taken advantage of discounts on Russian output to become the largest buyer of Russian seaborne crude. New Delhi has said its purchases of Russian oil [Read more]
Trump says India and Russia appear “lost” to “deepest, darkest China”
U.S. President Donald Trump on Friday said India and Russia appear to have been "lost" to China, following the Shanghai Cooperation Organisation (SCO) meeting in Beijing this week where their leaders stood alongside Chinese President Xi Jinping. "Looks like we’ve lost India and Russia to deepest, darkest, China. May they have a long and prosperous future together!" Trump wrote in a post on his social media platform. (Reporting by Susan Heavey; Editing by Kevin Liffey) [Read more]
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