Combined, the U.S. Energy Department has provided about 8 million barrels of crude oil from the Strategic Petroleum Reserve to boost the nation’s fuel supply.
Data provider Refinitiv said output in the U.S. Lower 48 states has averaged 94.6 Bcf/d so far in January, down from a record 97.6 Bcf/d in December.
Here are the range of factors affecting oil prices this week including a slew of geopolitical issues involving Russia as the country is in the midst of a standoff with the West over a Russian troop buildup near neighboring Ukraine.
In the past two decades, CNOOC has sharpened its exploration and development know-how and has made several major discoveries in the Bohai cluster fields.
The spread of Brent for March delivery versus September delivery was $3.81 on Jan. 10, compared to almost $1.50 in mid-December.
“TCO is safely and gradually increasing production to reach normal rates,” said Chevron, the largest foreign oil producer in Kazakhstan with a 50% stake in the Tengizchevroil joint venture.
February's official selling price to Asia for the Arab light grade is the lowest in three months.
TC Energy said the unplanned maintenance on the Keystone oil pipeline began on Jan. 4 as parts of western Canada grappled with frigid winter weather. TC’s Gulf Coast operations in the U.S. were uninterrupted.