Brent crude oil eased on Feb. 18, but remained on track for its strongest first quarter in eight years, thanks to a growing belief among investors that OPEC's supply cuts will prevent a build-up in unused fuel.
Indian Oil Corp. , the country's top refiner, has signed its first annual deal to buy U.S. oil, paying about $1.5 billion for 60,000 barrels a dayin the year to March 2020 to diversify its crude sources, its chairman said on Feb. 18.
Russian lender Gazprombank has decided to freeze the accounts of Venezuelan state oil company PDVSA and halted transactions with the firm to reduce the risk of the bank falling under U.S. sanctions, a Gazprombank source told Reuters on Feb. 17.
China’s energy demand rose by 5.9% over the past 20 years but is set to grow by only 1% by 2040 as its economy shifts from energy-intensive industries to services and as Beijing introduces stricter rules on air pollution.
Saudi Aramco has shut part of its Safaniyah offshore oil field after a main power cable was cut by a vessel’s anchor, a source familiar with the matter said on Feb. 15.
Brent crude oil briefly reached 2019 highs above $65 a barrel on Feb. 15 as OPEC-led supply cuts and this week's announcement of a higher than expected cut by Saudi Arabia encouraged investors.
American Energy Alliance President Tom Pyle addresses what he calls the hot air coming out of Washington over the Green New Deal. He talks about setting the record straight on the "great story to tell" from the fossil fuels sector in cleaning up air quality in this interview with Hart Energy. In other news, U.S. oil production has already set a record in Texas and U.S. records are expected over the next two years. And, will WTI really go higher than $70s by the end of the year?
TransCanada's earnings from its liquids pipelines came in at $399.49 million compared with a loss of $699 million a year earlier.
Demand from IMO 2020, a crazy-productive Permian and a midstream sector scampering to keep up will combine to fuel a red-hot industry in 2019.
The increase in U.S. crude inventories came despite falling net imports, which dropped to the lowest on record, as domestic oil production remained at peak levels.
