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News

Canadian Oil Firms On US$7.7B Spending Spree

Canadian Oil Firms On US$7.7B Spending Spree

Oct 11, 2018 at 17:57 | Tsvetana Paraskova

Canadian oil and gas companies agreed to or proposed deals worth more than US$7.7 billion (C$10 billion) just in the past week and a half, tempted by lower price…

Oil Tanker Rates To Asia Hit 2018 High

Oil Tanker Rates To Asia Hit 2018 High

Oct 11, 2018 at 13:36 | Tsvetana Paraskova

Freight rates for Aframax tankers to Asia have reached their highest level so far this year, as China’s small refiners received new crude import quotas and as Asian refiners are…

OPEC Continues To Cut Oil Demand Growth Forecasts

OPEC Continues To Cut Oil Demand Growth Forecasts

Oct 11, 2018 at 13:24 | Tsvetana Paraskova

OPEC has revised down its oil demand growth estimates for this year and next—a third downward revision in as many months—citing potential headwinds to global economic growth ranging from trade…

China Replaces Venezuelan Oil With Canadian Imports

China Replaces Venezuelan Oil With Canadian Imports

Oct 11, 2018 at 11:58 | Tsvetana Paraskova

Chinese refiners are buying more and more very cheap heavy Canadian crude oil to make up for the dwindling supply of Venezuela’s heavy grades as China’s road construction sector—a key…

Hurricane Michael Shutters 700,000 Bpd Of Oil Production

Hurricane Michael Shutters 700,000 Bpd Of Oil Production

Oct 11, 2018 at 09:36 | Irina Slav

Hurricane Michael hit the Florida Panhandle with winds of 155 mph yesterday and is now moving north, albeit as a weaker, tropical storm. The hurricane shut…

Pipeline Explosion Causes Gas Shortage In British Colombia

Pipeline Explosion Causes Gas Shortage In British Colombia

Oct 11, 2018 at 09:05 | Irina Slav

A gas pipeline explosion that led to the evacuation of 100 people on Tuesday is now forcing the residents of British Columbia and the state of Washington to cut their…

Oil Slides After API Reports Huge Crude Build

Oil Slides After API Reports Huge Crude Build

Oct 10, 2018 at 15:56 | Julianne Geiger

The American Petroleum Institute (API) reported a major build of 9.75 million barrels of United States crude oil inventories for the week ending October 5, compared to analyst expectations that…

Chevron Quits Norway, First Supermajor To Exit Norwegian Oil

Chevron Quits Norway, First Supermajor To Exit Norwegian Oil

Oct 10, 2018 at 14:02 | Tsvetana Paraskova

Chevron is the first oil supermajor to leave the Norwegian Continental Shelf, after Norway’s authorities accepted the sale of the only asset of the U.S. firm—a 20-percent stake in an…

Maersk Oil Trading Hires Asia Storage Amid New Ship Fuel Rules

Maersk Oil Trading Hires Asia Storage Amid New Ship Fuel Rules

Oct 10, 2018 at 13:18 | Tsvetana Paraskova

Maersk Oil Trading—one of the world’s top ship fuel buyers—has hired an oil storage facility in Singapore to provide fuel to customers in Asia ahead of the new ship fuel…

Judge Dismisses Charges Against Anti-Pipeline Activists

Judge Dismisses Charges Against Anti-Pipeline Activists

Oct 10, 2018 at 13:06 | Irina Slav

Minnesota state district judge Robert Tiffany has dismissed charges against three climate change activists who shut down two pipelines operated by Enbridge back in 2016. Although they had reason…

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