Texas, Louisiana and Mississippi on Monday sued the U.S. government to block the Biden administration's proposed rule that would require the offshore oil and gas industry to provide nearly $7 billion in financial assurances to cover costs of dismantling old infrastructure. The rule, which would take effect later this year, will predominantly affect smaller companies that do not have investment grade ratings or sufficient proven oil reserves. Oil majors are more likely to meet the credit [Read more]

Global oil supply growth will likely slow down this year, Rystad Energy said in a report on Monday, with a high possibility of a further decrease in 2025. The consultancy firm cited the recent extension of voluntary cuts by the OPEC+, as well as the group's unchanged demand forecast for the outlook. The total expected oil supply growth is now closer to 80,000 barrels per day (bpd) for 2024, compared to 900,000 bpd at the start of the month, Rystad estimates. CONTEXT OPEC+ agreed to [Read more]

Saudi Arabia's crude oil exports in April fell to 6.000 million barrels per day from 6.413 million bpd in March, official data showed on Monday. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) to the Joint Organizations Data Initiative (JODI), which published them on its website. (Reporting by Bengaluru Commodities Desk) [Read more]

The Biden administration is ready to release more oil from the U.S. strategic stockpile to stop any jump in petrol prices this summer, the Financial Times reported on Monday. Senior Biden adviser Amos Hochstein told the newspaper that oil prices are "still too high for many Americans” and he would like to see them “cut down a little bit further”. Hochstein, speaking to the FT said that the U.S. would "continue to purchase into next year, until we think that the Strategic Petroleum Reserve [Read more]

NEW DELHI - Oil prices slipped in Asian trading on Monday after a survey on Friday showed weaker U.S. consumer demand and as May crude production rose in China, the world's biggest crude importer. Global benchmark Brent crude futures for August delivery were down 29 cents, or 0.4%, at $82.33 per barrel at 0330 GMT. U.S. West Texas Intermediate crude futures for July delivery were also down 29 cents at $78.16 a barrel. The more-active August delivery WTI contract slipped 0.4% as well at [Read more]

Calgary, the largest city in Canada's primary oil-producing province of Alberta, has declared a state of local emergency due to ongoing repairs on the city's main water pipeline which ruptured last week, the mayor announced on Saturday. Residents face a critical water shortage and urgently need to reduce their water usage, Calgary Mayor Jyoti Gondek said. Water restrictions in Calgary could remain in place for a month or longer, after an internal analysis of the ruptured water pipeline [Read more]

Marathon Petroleum's 68,000 barrel per day crude oil refinery went under maintenance earlier this month, putting downward pressure on Bakken oil prices, a state regulator said during a press conference on Friday. All units at the Mandan refinery are currently under maintenance, according to Justin J. Kringstad, director of the North Dakota pipeline authority. Marathon declined to discuss refinery operations on Friday. The Mandan refinery is North Dakota's only crude processing facility [Read more]