Baker Hughes Finds US Drillers Add Most O&G Rigs Since April
U.S. energy firms this week added the most oil and natural gas rigs in a week since April as rising oil prices prompt more drillers to return to the wellpad.The oil and gas rig count, an early indicator of future output, rose 13 to 601 in the week to Jan. 14…
Venezuelan Oil Exports Rose in April
Venezuela's oil exports ticked higher in April after falling in March to their lowest average in seven months, helped by new trading partners that were re-selling cargoes in Asia, according to documents from state-run PDVSA and vessel tracking data.Venezuela…
Frontline Sees Opportunity in Tanker Market
So far in 2019, 41 VLCCs have been added to the global fleet compared to three vessel demolitions, said the world's largest oil tanker shipping company Frontline Ltd.An additional 33 VLCCs are scheduled to be delivered in 2019 with 43 more to follow in 2020…
MWV Expects Druzhba Shipments Within Days
German oil industry lobby group MWV expects German refineries to receive shipments of clean Russian oil through the Druzhba pipeline via Belarus and Poland within the next several days, a spokesman said on Tuesday.The spokesman for the Berlin-based association (Mineraloelwirtschaftsverband)…
U.S. Shale: World’s 2nd Cheapest Source of Supply in Oil
North American tight oil is emerging as the second cheapest source of new oil volumes globally, just shy of the Middle East onshore market, Rystad Energy said.The U.S. shale oil was the world’s second most expensive oil resource just four years ago, the energy…
US Shale Firms Cut CapEx, Up Production
U.S. shale energy companies are cutting their spending levels in 2019, but they're still planning on increased oil and gas output."US shale companies expect to deliver an average of 15% growth in oil production in 2019 vs. 2018. At the same time, operators say they will cut capital spending by 5% this year…
Glencore's 2018 Oil Trade Volume dips 17 pct
Glencore's overall traded oil volumes fell 17 percent year-on-year in 2018 to 4.66 million barrels per day (bpd), according to the mining and trading firm's annual results.Crude saw the bigger decline of 22 percent to 2.58 million bpd, while refined products…
As Traders Tussle Turkmenistan Cuts Exports
A clash between trading house Vitol and Azerbaijan's SOCAR over Caspian Sea oil shipments is forcing Turkmenistan to slash exports of crude due to a lack of tankers.Turkmenistan typically exports about 200,000 tonnes of oil per month via the Caspian to world markets…
Brazil Council Approves Sixth Round Pre-salt Auction
The Brazilian energy advisory council on Monday approved the sixth-round auction for Brazil's coveted pre-salt offshore oil area to be held next year, the energy ministry said.The auction will include the two new blocks of Southwest Sagittarius and Brava Norte in addition to the previously considered three of Aram…
Vitol's 2017 Traded Oil Volumes Edged Lower
Traded oil volumes edge lower, remain above 7 mln b/d. The world's largest oil trader Vitol said on Monday that its traded crude and products volumes fell slightly in 2017 as it focused on its mid and downstream acquisitions and added assets in the United States by acquiring Noble Group's oil business.
US Shale Output Poised to Keep Rising Despite Investor Concerns
Shale production in the largest U.S. oilfield should rise by as much as 300,000 barrels per day by December, according to updated forecasts following the industry's latest quarterly results. The higher outlooks, amid worries the recent breakneck pace of gains may not be sustained…
Full Tanks & Tankers: A Stubborn Oil Glut Despite OPEC Cuts
After the first OPEC oil production cut in eight years took effect in January, oil traders from Houston to Singapore started emptying millions of barrels of crude from storage tanks. Investors hailed the drawdowns as the beginning of the end of a two-year supply…
Oil Prices Slip ahead of US Stock Data
Oil prices edged lower on Wednesday ahead of data that will shed light on U.S. crude inventories after an industry report indicated a surprise build in fuel stocks, underscoring the persistence of global oversupply. Brent crude, the international benchmark for oil prices…
Oil Slips as Ample Supply Weighs
US crude stocks swell by 897,000 barrels to 532.5 million. Oil prices edged lower on Wednesday as ample global supplies and data showing a rise in U.S. crude inventories cast doubt on OPEC's ability to tighten the market with output cuts. Brent crude, the international benchmark for oil prices…
New Subsea Storage Technology Introduced
In January of this year, Dutch subsea technology company Seatools completed an R&D program on a subsea liquid storage technology. During the program – a continuation of an earlier engineering study performed on behalf of Statoil Petroleum AS – the storage technology…
India to Cut Iranian Oil Purchases in Row Over Gas Field
Indian state refiners will cut oil imports from Iran in 2017/18 by a fifth, as New Delhi takes a more assertive stance over an impasse on a giant gas field that it wants awarded to an Indian consortium, sources familiar with the matter said. India, Iran's biggest oil buyer after China…
Singapor Fuel Oil in Near-Record March Volumes in March
Singapore 380-cst fuel oil differentials flip to premiums; bullish sentiment detached from market fundamentals. Singapore, the world's top bunkering port, is in the midst of its first big fuel oil trading play since mid-2015, with nearly the same handful of traders buying and selling huge volumes of the shipping fuel…
Trafigura profit falls, oil volumes reach record
Daily trading tops 4 mln barrels for first time. Swiss trading house Trafigura reported a 10 percent fall in first-half profit on Tuesday despite trading volumes in oil rising to a new record. The company said its net profit for October to March was $602 million…
Canadian Pacific Profit Misses on Delayed Grain Harvest
Canadian Pacific Railway Ltd reported lower-than-expected quarterly results and cut its full-year earnings forecast, due mainly to a delayed grain harvest and lower crude oil volumes. The company said it now expects 2016 profit to grow in the mid-single-digits…
Eni: Green Light to the Drilling Campaign Offshore Mexico
Press release - Eni signed in Mexico City with the Comisión Nacional de Hidrocarburos of Mexico (CNH) a Production Sharing Contract (PSC) for the development and exploitation of the Amoca, Miztón and Tecoalli oil fields, located in the Bay of Campeche offshore Mexico.
