Australia's Woodside Energy is struggling to sell liquefied natural gas volumes from its planned Louisiana LNG export facility because it is seeking liquefaction fees above prevailing U.S. market rates, two people familiar with the matter told Reuters. The Australian energy producer has so far announced only one long-term sales and purchase agreement for the project, a deal with Germany’s Uniper covering up to 2 million metric tons per year, equivalent to about 25% of Woodside’s share of the [Read more]
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US crude oil output rose to two-month high in February, EIA says
U.S. field production of crude oil rose to 13.63 million barrels per day in February, the highest since December, data from the U.S. Energy Information Administration showed on Thursday. U.S. oil production in February was up both month-on-month and year-over-year. Output averaged 13.24 million bpd in January this year and February last year, the EIA data showed. U.S. oil demand also rose in February, led by a multi-year jump in demand for distillate fuel oils, which include diesel and [Read more]
Trump’s trade czar says U.S. looking to work with Canada on energy: sources
WASHINGTON - United States Trade Representative Jamieson Greer told Canadians looking for insights into the future of bilateral trade this week that "America First" is policy, not a slogan, and they should not expect a return to the way things were. Sources who attended a roundtable with U.S. President Donald Trump's trade czar in Washington on Wednesday told The Canadian Press that Greer was measured and pragmatic as he laid out the administration's policy goals ahead of the coming review of [Read more]
Trump administration weighing measures to soon increase US oil output, Hassett says
The Trump administration is talking to oil companies and considering measures to increase production in the United States "really soon" to ease the impact of the Iran war on energy supplies, White House economic adviser Kevin Hassett said on Thursday. "We've been in constant communication with the oil companies, and have been considering measures that we could take here in the U.S. to increase U.S. production really soon," Hassett told reporters at the White House. "There are things, [Read more]
Equinor awards design and engineering contracts for Bay du Nord oil project off N.L.
ST. JOHN'S - Equinor has awarded contracts for front-end engineering and design work on its proposed Bay du Nord oil project off the East Coast of Newfoundland. The Norwegian energy giant has tapped Subsea Integration Alliance for design and engineering work on the project's subsea architecture, cables and flowlines. BW Offshore will help design Bay du Nord’s floating production and storage vessel, which the company is also supplying. Equinor has not yet decided to proceed with the [Read more]
Trader or driller? Iran war exposes Big Oil’s transatlantic divide: Bousso
European oil majors’ first-quarter profits were lifted by bumper trading gains as the Iran warupended supply chains, underscoring how the ability to shift barrels around the world can sometimes trump pumping them out of the ground. BP, Shell and TotalEnergies have spent years building vast oil trading machines that now sit at the heart of their business - setting the European majors apart from their larger U.S. peers, for better or worse. BP reported first-quarter net profit of $3.2 billionon [Read more]
US naval blockade squeezes Iran’s oil exports, forces crude onto floating storage
A U.S. naval blockade of Iranian ports has shrunk Tehran's oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space, shipping data showed and analysts said. With some vessels switching off tracking systems and U.S. forces turning back Iranian tankers, how much crude Iran is delivering to customers, particularly main customer China, is impossible to measure. Just a handful of carriers carrying Iranian crude have left the Gulf of Oman between [Read more]
US seeks to loan about 92.5 million barrels from Strategic Petroleum Reserve
The Trump administration is seeking to loan up to 92.5 million barrels of crude from the Strategic Petroleum Reserve to energy companies as it aims to calm oil markets that have spiked due to the war with Iran, it said on Thursday. The U.S. agreed in March to loan 172 million barrels from the SPR as part of a wider agreement with more than 30 countries in the International Energy Agency (IEA) to release about 400 million barrels to help relieve markets. Fatih Birol, the head of the IEA, has [Read more]
ConocoPhillips sees lower annual production as Iran war disrupts operations
Oil and gas producer ConocoPhillips on Thursday forecast lower annual output and excluded Qatar from its near-term outlook, citing the Iran war that has disrupted operations in the Middle East. ConocoPhillips is a partner in QatarEnergy's liquefied natural gas export plant, which is one of the world's largest providers of the superchilled gas. Iranian attacks on the facility have knocked out about a sixth of Qatar's LNG export capacity, worth about $20 billion a year, with repairs expected [Read more]
Why $100 oil is no longer spooking equity markets: Stephen Jen
Why have global equity markets been so resilient to the Iran oil shock? Because $100 a barrel oil doesn’t mean what it used to. Brent crude has risen around 70% since the Iran war began on February 28 to over $120 per barrel, as of early Thursday. Yet global equity markets, though volatile, are still substantially back above pre-war levels. While there are many explanations, the key one is rooted in math. The head of the International Energy Agency, Fatih Birol, has described the current oil [Read more]
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