Headlines

Indian Oil Corp (IOC) plans to cut its Middle Eastern oil purchases under annual deals in 2027/28 as the Iran war has created uncertainty for supplies from the region, a source familiar with the matter said. Indian refiners traditionally relied on the Middle East for more than half of their annual crude supplies, particularly heavier, high-sulphur grades, because of the region's proximity. IOC, the country's top refiner, had planned to source about 47% of its crude imports from Middle [Read more]

The global average crude freight rate remains seven times higher than a year ago and is unlikely to fall sharply while the Middle East conflict persists, posing some upside risk to Goldman Sachs' Brent price forecast, the bank said in a note dated Tuesday. * The global average crude freight rate surged above $20/bbl from $3/bbl a year ago, with rates on Middle Eastern routes rising above $35/bbl, the bank said * Goldman said the war-risk premium for crossing the Strait of Hormuz and [Read more]

China tapped its massive crude oil stockpiles for the fourth month in the past five in September as rising refinery processing rates outweighed a slight recovery in oil imports. However, the recent pattern of drawing on inventories may end in October, with crude imports poised to recover to the most since March, the last month largely unaffected by the US and Israeli war against Iran, which started on the last day of February. Refineries processed about 530,000 barrels per day (bpd) more [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 Oct. 19 Pigging Field Operator Roska DBO Fort St John Oct. 17 CEMENT OPERATOR - (EST) Trican Well Service Ltd. Estevan Oct. 16 Field Operator Roska [Read more]

Phillips 66 has barred nearly 400 union workers from its Bayway refinery in Linden, New Jersey, after the collective bargaining agreement and an extension of the contract expired. The labor dispute at Bayway, the largest refinery on the U.S. East Coast, comes as gasoline and diesel prices remain elevated amid disruptions to global energy supplies from conflicts in the Middle East and Russia. Any operational disruptions could further tighten fuel markets and drive prices higher. "In the [Read more]

Oil production in North Dakota rose 3,000 barrels-per-day (bpd) to 1,161,000 bpd in August, monthly data from the state Industrial Commission showed. Bakken and Three Forks oil production stood at 1,133,000 bpd in the month. The data was released on the North Dakota Industrial Commission's general statistics webpage and has been rounded to the nearest 5,000 barrels. It may differ slightly from the commission's monthly index report, also available on its website. [Read more]

Every year, a familiar scenario plays out across Western Canada’s mature oilfields. Production on an older well begins declining. Nothing appears obviously broken, so paraffin, scale or other downhole buildup becomes a likely suspect. A chemical treatment is scheduled, the well is treated and production resumes. Except sometimes, the decline continues. The problem wasn’t the treatment. It was the diagnosis. According to Alberta-based Central Optimization, chemical programs remain an [Read more]