Industry News

Big Drop in US Oil Stocks Finally on the Way, Traders Say

Industry News - Wed, 2017-05-24 19:00
A reduction would show the market is finally reversing course after years of stock builds that left a worldwide overhang of half a billion barrels of crude oil and refined products.

Kemp: US Freight Recovery Spurs Diesel Demand

Industry News - Wed, 2017-05-24 19:00
U.S. freight movements have started increasing again, which should help boost consumption of distillate fuel oil in 2017 and 2018.

Syncrude Oil Sands Project to Further Cut Shipments -Source

Industry News - Wed, 2017-05-24 19:00
Trading volumes are currently thin in the Canadian crude market as the trading "window," lasting from the first of the month until the day before pipelines nominations are due, closed last week.

US Weather Forecasters Predict Above-normal Hurricane Season

Industry News - Wed, 2017-05-24 19:00
NOAA will update its outlook again in August, just before the peak storm season.

OMV, ADNOC Agree to Explore Opportunities for Cooperation

Industry News - Wed, 2017-05-24 19:00
The companies agreed to evaluate refinery-petrochemical integration and other opportunities.

South Africa Wants Sinopec to Retain Refinery Capacity

Industry News - Wed, 2017-05-24 19:00
Sinopec will pay almost $1 billion for a 75 percent stake in Chevron's South African assets and its subsidiary in Botswana to secure its first major refinery in Africa, the companies announced in March.

Green Power Broker to Set British Columbia's Course Next Week

Industry News - Wed, 2017-05-24 19:00
Andrew Weaver has said Kinder Morgan's pipeline has "no place on our coast" and has dismissed LNG development efforts.

Oil Plunges 5% On Disappointment With OPEC Cuts

Industry News - Wed, 2017-05-24 19:00
Oil prices tumbled 5% as the extension of output curbs by OPEC and other producing countries disappointed investors.

Nigeria's Senate Passes Long-Awaited Oil Governance Bill

Industry News - Wed, 2017-05-24 19:00
Nigerian Oil Minister Emmanuel Ibe Kachikwu says Nigeria was not opposed to joining OPEC production caps but would have to wait and see if production came back to acceptable levels.

BLOG: OFS Crew Cuts May Shave Near Term US Crude Oil Production Growth

Industry News - Wed, 2017-05-24 19:00
Rebuilding the completion crew workforce at US shale plays will take time, likely to slow North American crude oil production.

OPEC, Non-OPEC Extend Oil Output Cut By 9 Months To Fight Glut

Industry News - Wed, 2017-05-24 19:00
OPEC and non-member oil producers gear up to extend output cuts.

Former House Speaker Boehner: Trump 'Still Learning How to be President'

Industry News - Wed, 2017-05-24 19:00
John Boehner delivers a fierce keynote in which he shares his view on Trump's presidency, whether or not he'd consider running for president and of course, Russia.

TECH SHOWCASE: 'End to End' Molecular Fuel Marking

Industry News - Wed, 2017-05-24 19:00
This chemical technology binds to molecules to detect adulterated fuels and crude oils.

A Tiny Island Off Singapore May Hold Keys to Energy's Future

Industry News - Wed, 2017-05-24 19:00
A hydrogen-based energy storage system costs about 10 times more than a diesel back-up generator with similar power output, according to Toshiba Corp.

Venezuela's Secret Plot to Sell Banned Syrian Oil in U.S. Market

Industry News - Wed, 2017-05-24 19:00
The plan reportedly aimed to sell discounted Syrian oil to Venezuela through a Russian shell company, which would send it to Aruba for refining and distribution to U.S. gas stations.

GE's Saudi Joint Venture To Start Gas Turbine Production This Year

Industry News - Wed, 2017-05-24 19:00
General Electric's joint venture to manufacture gas turbines in Saudi Arabia will start production by the end of the year.

Austria's OMV Says Iran Owes It $48 MM

Industry News - Wed, 2017-05-24 19:00
The National Iranian Oil Company (NIOC) still owes Austrian oil and gas group OMV $48 million, OMV's exploration and production chief Johann Pleininger says.

Nigeria Oil Min Says Not Opposed To Eventually Joining Output Cuts

Industry News - Wed, 2017-05-24 19:00
Nigerian Oil Minister Emmanuel Ibe Kachikwu says Nigeria was not opposed to joining OPEC production caps but would have to wait and see if production came back to acceptable levels.

Energean Signs Lease Agreement for Exploration Onshore Greece

Industry News - Wed, 2017-05-24 19:00
Energean Oil & Gas signs a Lease Agreement with the Greek government for the exploration and exploitation of hydrocarbons at the Aitoloakarnania block, onshore Western Greece.

EnQuest On Track For Kraken First Oil Before End of June

Industry News - Wed, 2017-05-24 19:00
EnQuest is on track to achieve first oil from the Kraken development in the UK North Sea before the end of June, according to the company's CEO Amjad Bseisu.

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