The Latest
Exploration & Production
OPEC+ Meeting Unlikely to Advocate Deeper Oil Production Cuts, Sources Say
Five OPEC+ sources said a virtual meeting on Sept. 17, known as the joint ministerial monitoring committee, was also unlikely to recommend changing oil output targets despite Brent prices falling.
Petrochemicals
What’s Affecting Oil Prices This Week? (Sept. 14, 2020)
From Russia with...honesty—a surprisingly bearish outlook from Russian Energy Minister Alexander Novak provided evidence of cohesion in the extended OPEC+ agreement on oil production cuts.
Exploration & Production
Oil Companies Idle Production as US Gulf Coast Braces for Hurricane Sally
Chevron, BP, Equinor and Murphy Oil all evacuated some offshore workers from production platforms in the Gulf of Mexico, the companies reported. Shell also curtailed production at ceftain platforms.
Liquefied Natural Gas (LNG)
US LNG Exports Rise from Coronavirus Lows as Global Gas Prices Soar
Several U.S. LNG export plants stepped up to supply more of the super-cooled fuel even though Cameron LNG's facility in Louisiana remains shut due to lingering power problems after Hurricane Laura.
Liquefied Natural Gas (LNG)
Global LNG Demand to Rise for Next Few Decades
COVID-19-related reductions are only temporary, executives say at GasTech.
Liquefied Natural Gas (LNG)
FERC Grants Freeport More Time to Build Train 4 at LNG Export Plant
U.S. energy regulators on Sept. 10 granted Freeport LNG's request for three more years—until May 2026—to complete its proposed fourth liquefaction train at its LNG export plant in Texas.
Petrochemicals
US Crude Oil Stocks End Streak of Inventory Drawdowns with Surprise Build
Crude inventories rose by 2 million barrels in the week to Sept. 4 to 500.4 million barrels, according to an EIA report, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop.
Crude Oil
Second Wave of Floating Storage Triggered by Ailing Oil Market
Traditional onshore storage is close to capacity.
Exploration & Production
Saudi Arabia to Keep Pumping Despite Fall in Oil Prices
Saudi Arabia fears that if it cuts more production to support oil prices, other countries will take advantage and produce greater amounts, jeopardizing the unity of the OPEC+ group.
Exploration & Production
US Crude Oil Production to Fall Less Than Previously Expected in 2020
A swifter rebound in oil production could create another supply glut. Lately, oil futures have slipped to near three-month lows due to oversupply fears.