Crude Oil
Crude Oil , Trade , International
OPEC Oil Output Falls in February on Saudi Additional Cut
OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to agreed reductions under a pact with allies, a Reuters survey found on March 1, ending a run of seven consecutive monthly increases.
Crude Oil , Trade
WTI Crude Oil Hits Highest Since 2019 as Refineries Restart
Analysts said WTI crude increased late in the day as more Texas oil refineries started to return to service, including Valero Energy’s Port Arthur plant and Citgo Petroleum’s Corpus Christi plant.
Exploration & Production , Crude Oil
US Crude Oil Production Drops in Largest Weekly Fall Ever: EIA
Overall U.S. crude oil output fell by 1.1 million bbl/d to 9.7 million bbl/d in the week to Feb. 19, the EIA said, as Texas’ deep freeze forced most of the state’s operators and refiners to shut as components and pipelines froze.
Crude Oil , Trade
Oil Prices Jump More Than $1 as US Output Slow to Restart
Morgan Stanley expects Brent crude prices to climb to $70/bbl in the third quarter on “signs of a much improved market” including prospects of a pick-up in demand.
Exploration & Production , Crude Oil , Shale Plays , Midstream
US Oil Producers Eye Long Road to Recovery Following Texas Winter Storm
The winter storm that gripped Texas and much of the country over the past week forced the biggest ever weather-related shutdown in the Permian Basin, cutting 2 million to 4 million bbl/d from nationwide oil output.
Crude Oil , Trade , International
Russia, Saudi Arabia At Odds over Oil Cuts Ahead of OPEC+ Meeting: Reports
Key questions for the OPEC+ meeting will be whether Saudi Arabia rolls back its voluntary cut of 1 million bbl/d and whether there is room for an additional increase in supply from the whole oil producer group.
Crude Oil
What’s Affecting Oil Prices This Week? (Feb. 22, 2021)
After the increase during the past two weeks of Brent by 12.2% and WTI by 14.4%, crude prices are now back to the range they were for much of 2019 and more developments are on the way, Stratas Advisors says in its latest oil price forecast.
Crude Oil
US, Canadian Crude Exports to India Surge
In January, oil from the US and Canada accounted for 11% of India’s imports.
Business , Exploration & Production , Crude Oil , Shale Plays
US Shale Rebound to Remain Subdued Even as Oil Prices Rise
The lack of a U.S. shale rebound could make it easier for OPEC and its allies to manage the market, according to OPEC sources.
Petrochemicals , Crude Oil
Texas Oil Refiners Will Take Weeks to Recover From Winter Storm
The refinery shutdowns will depress prices for U.S. crude oil and widen the spread between U.S. and Brent crude, Paul Sankey of independent energy researcher Sankey Research said.