The OPEC+ group of oil producers, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, has pushed back its output policy meeting by a day to June 2. The meeting was to have been in Vienna on June 1, but will now be held online a day later, OPEC said on Friday. OPEC+ oil producers are making voluntary output cuts totalling about 2.2 million barrels per day (bpd) for the first half of 2024, led by Saudi Arabia rolling over an earlier voluntary [Read more]
Guyana may reallocate gas areas if Exxon does not move project forward
An Exxon Mobil-led oil consortium may need to decide by October whether it will go ahead and develop a large natural gas find off the coast of Guyana, the country's vice president said on Thursday. The government has been pressing for a bonanza from mostly untapped gas reserves found by the Exxon-led group. The consortium, which includes Hess Corp and CNOOC Ltd, is required under its production agreement to return to the government by October about 20% of its massive Stabroek block if that [Read more]
Hess-Chevron merger vote appears ripe for narrow approval
Hess Corp CEO John Hess has until Tuesday to quell a rebellion by shareholders over his handling of what could turn out to be one of the largest mergers in oil industry history: a proposed $53 billion sale of the oil producer to Chevron Corp. Hess, 70, has spent the past month visiting or calling dozens of investors to gather support. The sale seemed all but certain last fall and Hess still appears poised to win, based on Reuters' interviews with large investors. But support has slipped in [Read more]
US natgas prices up 2% to four-month high ahead of federal storage report
U.S. natural gas futures climbed about 2% to a four-month high on Thursday on expectations utilities injected less gas into storage than usual for this time of year for a fourth week in a row. Analysts forecast U.S. utilities added 85 billion cubic feet (bcf) of gas into storage during the week ended May 17. That compares with an increase of 97 bcf in the same week last year and a five-year (2019-2023) average rise of 91 bcf for this time of year. If correct, that build would leave gas [Read more]
Citi Research still expects OPEC+ to hold output cuts through 3rd quarter
Citi Research continues to expect that OPEC+ will hold its production cuts through the third quarter of this year, it said in a note on Wednesday. "A deeper cut would likely be a bullish surprise, but remains a low probability in our view," the note added. Citi also said its oil price deck continues to see $86 Brent on average in the second quarter of 2024, but moving into the $70s for the second half of the year and the $60s for 2025. In the coming months, the geopolitical landscape [Read more]
US lawmakers urge Justice Department to probe climate deception by Big Oil
U.S. lawmakers behind a congressional probe of major oil companies on Wednesday called on the Justice Department to investigate whether the industry deceived the public about fossil fuels' impact on climate change. Two Democrats, Senator Sheldon Whitehouse and Representative Jamie Raskin, outlined the findings of a nearly three-year investigation into Big Oil and urged the agency to take action in a letter to U.S. Attorney General Merrick Garland. The lawmakers accuse companies Exxon [Read more]
Canada amending Trans Mountain ownership regulations to help pipeline sale
Canada is amending regulations on how it manages the state-owned Trans Mountain oil pipeline in order to facilitate its sale to Indigenous groups, according to an official government notice published on Wednesday. The long-delayed Trans Mountain expansion project (TMEP) nearly triples shipments of Alberta oil to Canada's Pacific Coast to 890,000 barrels per day and started commercial operations on May 1, with the first tanker set to load by the end of this month. The C$34 billion ($24.88 [Read more]
Exxon case against activist shareholder can proceed, US judge rules
A U.S. judge on Wednesday allowed a lawsuit filed by Exxon Mobil against two activist groups seeking to bar their climate resolution to go ahead against one of the two groups. The oil company's lawsuit raised alarm among activists and proxy advisers who argued it would muzzle debate among shareholders and public companies. Exxon sued climate activist groups Arjuna Capital and Follow This in January and told the court it would not drop the matter after they agreed to withdraw their [Read more]
US crude, distillate inventories rise, gasoline draws down – EIA
U.S. crude oil and distillate inventories rose while gasoline inventories fell last week, the Energy Information Administration said on Wednesday. Crude inventories rose by 1.8 million barrels to 458.8 million barrels in the week ending May 17, the EIA said, compared with analysts' expectations in a Reuters poll for a 2.5 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub for U.S. futures rose by 1.3 million barrels last week, the EIA said. Brent and U.S. oil [Read more]
US Mountain Valley sees WV-VA natgas pipe in service in early June
U.S. natural gas pipeline venture Mountain Valley Pipeline pushed back the target in-service date of its long-delayed pipe from West Virginia to Virginia to early June from the prior target of "prior to June 1". The company told federal energy regulators in a filing late Tuesday that the small delay was "due to the extended construction duration to achieve weld-out, which has been associated with weather and environmental protection." The $7.85 billion Mountain Valley project is the only [Read more]
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