Texas Oil Drillers Can’t Agree On Output Cuts
OPEC+ and large producers such as Canada, Norway, Mexico and Brazil came to an output cut agreement this weekend, but a coordinated output reduction in the United States isn’t likely Continue Reading
Enterprise Pipeline Offers Oil Route To Cushing Storage As Glut Grows
Enterprise Products Partners is opening the northbound capacity of its Seaway pipeline, offering U.S. oil producers struggling to place their oil near the Gulf Coast to ship their barrels to Continue Reading
Analysis: US crude stocks see largest-ever build amid record-low product demand
US crude inventories surged higher last week as refiner demand plummeted in the face of a historic slowdown in refined product demand, US Energy Information Administration data showed Wednesday. US Continue Reading
U.S. Weighs Paying Drillers to Leave Oil in Ground Amid Glut
The Trump administration is considering paying U.S. oil producers to leave crude in the ground to help alleviate a glut that has caused prices to plummet and pushed some drillers Continue Reading
Oil Market Report – April 2020
Global oil demand is expected to fall by a record 9.3 mb/d year-on-year in 2020. The impact of containment measures in 187 countries and territories has been to bring mobility Continue Reading
Oil Demand Projected to Fall by Record Amount
Global oil demand is expected to fall by a record 9.3 million barrels a day this year as government-implemented lockdowns keep the economy at a near standstill, the International Energy Continue Reading
IEA expects 2020 global refining throughput decline on ‘sharply’ reduced demand
The International Energy Agency said Wednesday that it expects global refinery throughput to decline by 7.6 million b/d this year to 74.3 million b/d “on sharply reduced demand for fuels.” Continue Reading
Fujairah data: Oil product stocks climb to highest since record in February
Volumes of oil products held in storage at Fujairah climbed to their highest since the all-time high seen in February as tumbling demand from the coronavirus pandemic left more supplies Continue Reading
Shale Giants Clash Over Oil-Production Cap to Survive Rout
One of the biggest Texas shale explorers warned it will halt all drilling if the state imposes OPEC-style production caps, raising the stakes in a debate over a contentious proposal to Continue Reading
U.S. May Help Oil Producers By Offering Storage Space In SPR
The U.S. Department of Energy is negotiating contracts with nine U.S. oil producers to store a total of 23 million barrels of their produced oil in the Strategic Petroleum Reserve Continue Reading