INDUSTRY NEWS
Canada Says Its Oil Could Replace U.S. Imports Of Russian Crude
Canada has long pitched its crude as one that is not produced in rogue government regimes such as Venezuela, Iran, or Russia, and Alberta’s top officials now say that its crude could be the answer to more supply from allied nations to the United States.
U.S. LNG Industry Barely Avoids Hack Attack
Hackers tried to infiltrate the systems of several U.S. natural gas companies, including LNG exporters Cheniere Energy, Chevron, and Kinder Morgan, Bloomberg has reported, citing research by Resecurity.
Texas Oil Regulator Encourages Companies to Cut Russia Ties
The Texas Railroad Commission (RRC), which has regulatory jurisdiction over oil and gas in the state, has revealed that its commissioners “strongly encourage” all Western oil and gas companies to cut ties with “any” Russian oil and gas business.
Exxon to exit Russia, leaving $4 billion in assets
The decision will see Exxon pull out of managing large oil and gas production facilities on Sakhalin Island in Russia's Far East, and puts the fate of a proposed multi-billion dollar liquefied natural gas (LNG) facility there in doubt.
U.S. Refiners Cut Russian Oil Imports
Some of the biggest U.S. importers of Russian crude oil have started suspending their purchases of the commodity, including Monroe Energy, which is the third-biggest U.S. buyer of Russian oil.
Manchin calls for end to Russian oil imports
Manchin has been openly critical of Biden's efforts to scale back U.S. oil production in a bid to address climate change at the same time he has called on OPEC+, of which Russia is a member, to pump more crude to offset recent price increases.
Oil tops $110 with Russian supplies struggling for buyers
Futures in London and New York both jumped above the threshold intraday, with West Texas Intermediate hitting the highest since 2013. The market’s structure has moved into super-backwardation, indicating extreme scarcity, while prices have also surged through major option strikes, exacerbating price swings.
White House Quietly Calls On U.S. Oil Companies To Increase Production
Though words are different than deeds—and President Joe Biden’s deeds have been decisively anti-fossil fuel expansion—a White House official told U.S. oil companies on Tuesday that they could increase production if they want.
OPEC+ Expected to Agree Modest Supply Boost
The 23-nation coalition led by Saudi Arabia will on Wednesday likely ratify a further formal hike of 400,000 barrels a day for April as it continues to revive output halted during the pandemic, according to a Bloomberg survey of analysts and traders. In practice the increment is likely to be considerably smaller, as many members are struggling to restore supplies.
West Virginia v. EPA Is About Who Decides Important Policy Questions Under the Constitution
On February 28th, the U.S. Supreme Court will hear oral argument in West Virginia v. EPA. This case is about who has the power to make law in this country. Can unelected, politically unaccountable government bureaucrats unilaterally and fundamentally transform entire sectors of the economy? Or are questions like those for the American People’s elected representatives in Congress to decide?
Saudi Arabia Slams Shortsighted Campaign Against Oil
The insufficient investment in the oil and gas industry harms consumers, raises concerns about short-term supply shortages, and creates challenges for policymakers, Saudi Energy Minister Prince Abdulaziz bin Salman said at the 2022 International Petroleum Technology Conference (IPTC) in Riyadh this weekend.
Biden halts oil, gas leases amid legal fight on climate cost
The Biden administration is delaying decisions on new oil and gas drilling on federal land and other energy-related actions after a federal court blocked the way officials were calculating the real-world costs of climate change.
Russia Response Could See Oil Burst Through $100
“A long drawn out series of economic hostilities between the west and Russia will keep energy prices elevated and this will have deeper effects on the real economy given inflation is expected to hit above seven percent in the UK in the coming months,” Koudmani said.
Russia Is A Major Supplier Of Oil To The U.S.
Russia is one of the world’s largest oil producers. According to the 2021 BP Statistical Review of World Energy, in 2020 Russia produced 10.1 million barrels per day (BPD) of crude oil and natural gas condensate. That was good for second place behind the U.S. at 11.3 million BPD. Saudi Arabia was third at 9.3 million BPD.
Catalyst Energy unveils new fracturing fleet
Reducing emissions will be achieved by replacing liquid diesel with natural gas, with Moore estimating 30,000 gallons of diesel a day would be replaced by natural gas. Emissions reduction also would be achieved by putting fewer trucks on the road, he and Chapman said.
Refinery Explosion Threatens To Send Gasoline Prices Soaring
Marathon Petroleum Corp’s oil refinery in Garyville, Louisiana, is one of the nation’s largest refineries and a major supplier of gasoline and diesel. It has a capacity of 578,000 barrels per day.
Shale Giants Swear They Won’t Drill More
Crude prices hurtling toward $100 a barrel typically would spark a frenzy of new drilling by independent explorers in shale fields from the desert Southwest to the Upper Great Plains -- but not this year.
Don’t Mess With Texas: BlackRock Confirms Its Support For Oil And Gas
BlackRock will continue to invest in oil and gas firms and is not boycotting the energy industry, the world’s biggest asset manager has said in a letter sent to Texas officials and trade groups after the top U.S. oil-producing state started considering dropping investors that it thinks are boycotting its energy industry.
Canadian oil barrels head out of the U.S. Gulf in record numbers
Canadian oil companies exported a record amount of crude out of the U.S. Gulf Coast at the end of 2021, a trend that should continue in coming months, as tight international oil markets are in need of the nation's heavy, sour crude.
Oil prices end week over $93
Crude prices broke out of a holding pattern Friday, surging 3.6 percent as tensions between Ukraine and Russia soared and the US warned a Russian invasion could happen as early as next week. Those developments have some analysts expecting prices to reach $100 soon.