News

U.S. crude oil and gasoline stockpiles fell last week, while distillate inventories rose, the U.S. Energy Information Administration said on Wednesday. Crude inventories fell by 8.3 million barrels to 418.2 million barrels in the week to June 12, the EIA said, compared with analysts' expectations in a Reuters poll for a 4.6 million-barrel draw. Crude stocks at the Cushing, Oklahoma, delivery hub fell by 1.6 million barrels in the week, the EIA said. Oil futures extended gains following [Read more]

The United Arab Emirates' oil output could exceed 5 million bpd next year as it moves to expand production after its exit from OPEC, making it a major driver of non-OPEC+ supply growth, the International Energy Agency said on Wednesday, The UAE said its decision to leave OPEC, announced earlier this year, was aimed at prioritising production capacity expansion and maximising the value of its resources, freeing output from the constraints of the group's quotas. Its total oil output is [Read more]

In Alberta's oil patch, remote doesn't mean impossible,  but it does mean creative. For junior producers pushing development into areas where grid infrastructure hasn't caught up, the challenge of powering a new multi-well oil battery can be as complex as the drilling program itself. That's a reality one Central Alberta junior producer recently navigated, and the solution they found is a model worth paying attention to. A Common Problem, Often Underestimated The project involved the [Read more]

June 17 - Canada Pension Plan Investment Board (CPP Investments) said on Wednesday that it would partner with India's CtrlS Datacenters byinvesting 70 billion rupees ($740.54 million) in the company and related projects. Here are some key details: * CPP Investments said the partnership would support CtrlS's expansion in India's digital infrastructure market and help the company build data centre capacity to meet rising demand from cloud companies, artificial intelligence applications and [Read more]

The oil market will move into a significant supply surplus in 2027 after recovering from the closure of the Strait of Hormuz, the International Energy Agency said in its monthly oil market report on Wednesday. The U.S. has announced an interim agreement to end the Iran war, which includes Iran reopening the strait and the U.S. lifting its naval blockade of Iran, potentially bringing an end to the largest oil supply disruption in history. The war is estimated to have blocked more than 14 [Read more]

China did draw on its massive crude oil stockpile in May, but not by nearly as much as may have been implied by the collapse in its imports to the lowest in eight years. For the first time in 14 months China's refiners processed more crude in May than was available to them from both imports and domestic production. Refiners processed 12.66 million barrels per day (bpd) in May, the lowest since August 2022, according to data released on Wednesday by the National Bureau of [Read more]

Oil prices edged higher in early trade on Wednesday, clawing back some of the previous session's losses, as investors assessed whether the Iran war will truly end and the Strait of Hormuz reopen. Brent crude futures gained 47 cents, or 0.6%, to $79.43 a barrel, while U.S. West Texas Intermediate rose to $76.53 a barrel, up 48 cents, or 0.6%, as of 0038 GMT. Both benchmarks fell about 5% for a second straight session on Tuesday to three-month lows on hopes a U.S.-Iran deal would allow oil [Read more]

Here are the latest oil and gas job postings courtesy BOE Report Jobs. To search and filter all the latest jobs, visit the BOE Report job board. All job listings are free to post for companies. Sign up to create an account to post jobs; it’s simple and easy to use. Posting Date Job Title Company Location Jun. 16 4th Class Power Engineer with 3-5 Years Experience Roska DBO Grande Prairie Jun. 16 Office/Payroll Administrator Highvale Energy Limited Calgary Jun. [Read more]