Saudi Arabia's crude oil exports in November climbed to their highest level in five months and marked a third straight rise, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Crude exports from the world's largest oil exporter rose 0.6% to 6.336 million barrels per day (bpd) from 6.297 million bpd in October. Production fell 1.4% to 8.818 million bpd. In November, OPEC+ oil producers agreed to voluntary output cuts totaling about 2.2 million barrels per day (bpd) [Read more]
Oil struggles to steady as economic headwinds weigh on demand outlook
Oil prices struggled to push ahead on Monday as economic headwinds pressured the global oil demand outlook and offset geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 9 cents, or 0.1%, to $78.47 a barrel by 0353 GMT after settling down 54 cents on Friday. The front-month U.S. West Texas Intermediate crude futures, for February delivery, inched up 11 cents to $73.52 a barrel with the contract set to expire later on [Read more]
Exxon files lawsuit against investors’ climate proposal
Exxon Mobil Corp on Sunday filed a complaint in a Texas court seeking to prevent a climate proposal by activist investors from going to a vote during the company's shareholder meeting in May. This is the first time Exxon is seeking to exclude a shareholder proposal by filing a complaint in court. It says the investors are "driven by an extreme agenda" and that adopting stricter emission goals would be detrimental to its business and share value. Investors led by Arjuna Capital and [Read more]
US Supreme Court ruling on agency powers may impact Biden ESG investing rule
An impending U.S. Supreme Court ruling that could curb the regulatory powers of federal agencies may play a critical role in a challenge by Republican-led states to a rule issued by President Joe Biden's administration allowing socially conscious investing by employee retirement plans, a court filing filed. The 26 states, led by Utah and Texas, asked a U.S. appeals court late on Thursday to wait to decide whether to block the U.S. Department of Labor rule until the Supreme Court issues its [Read more]
North Dakota oil output could take a month to recover from freeze – state regulator
North Dakota's oil output could take about a month to recover after a severe freeze cut production by more than half this week, state officials said on Friday. Oil output in the third-largest oil producing state was estimated to be down 350,000 barrels per day (bpd) to 400,000 bpd, or about 30%, on Friday, according to the North Dakota Pipeline Authority. That compared with production outage of 500,000 bpd to 550,000 bpd on Thursday. "January is going to be a very bad month for [Read more]
US drillers add oil and gas rigs for first time in three weeks – Baker Hughes
U.S. energy firms this week added oil and natural gas rigs for the first time in three 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 620 in the week to Jan. 19. Baker Hughes said U.S. oil rigs fell by two to 497 this week, their lowest since mid November, while gas rigs rose by three to 120. The U.S. oil and gas rig count dropped about 20% in 2023 after rising by 33% [Read more]
US buys 3.2 million barrels of oil for Strategic Petroleum Reserve
The United States bought 3.2 million barrels of oil for the Strategic Petroleum Reserve, as it continues to slowly replenish the stash after selling a record amount following Russia's invasion of Ukraine in 2022, a Department of Energy document showed on Friday. The U.S. bought 1.4 million barrels from Exxon Mobil, 600,000 barrels from Macquarie Commodities Trading, and 600,000 barrels from BP Products North America, the document showed. Phillips 66 Co. and Sunoco Partners Marketing & [Read more]
Chevron to begin marketing shale-gas assets in Canada’s Duvernay
Chevron on Friday said it will put its shale-gas business in Canada's Duvernay Shale for sale as it continues to streamline global operations following several big acquisitions. The assets, which produce about 40,000 barrels of oil and gas a day from about 235,000 acres in the Duvernay field in central Alberta, could fetch up to US$900 million. Chevron has said it plans to offer between $10 billion and $15 billion in assets following deals with Hess Corp, PDC Energy and Noble Energy that [Read more]
Europe, Africa crude market tightens on Red Sea disruptions, China demand
The Brent crude market structure and some physical markets in Europe and Africa are reflecting tighter supply resulting partly from concern about shipping delays due to vessels avoiding the Red Sea, according to traders, LSEG data and analysts. The disruptions have combined with other factors such as outages and rising Chinese demand to increase competition for crude supply that does not have to transit the Suez Canal, and analysts say this is most evident in European markets. In a sign of [Read more]
British Columbia boosts power plan but electrifying LNG proving big challenge
British Columbia boosted its C$36 billion ($26.7 billion) plan to expand its grid over the next decade, but Canada's Pacific Coast province will still fall short of supplying the biggest liquefied natural gas (LNG) projects with hydropower needed to avoid generating high emissions. Long regulatory processes mean a critical northern transmission line expansion will only be ready years after LNG plants start operating and droughts are already curbing British Columbia's (B.C.'s) power [Read more]
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