Trade

Crude Oil , Trade , International

Chevron Awaits Venezuelan Oil Cargoes, but PDVSA Wants Payments

Executives at Venezuelan state firm PDVSA are less enthusiastic after learning of license terms that will not allow Chevron to reimburse operational costs or pay taxes and royalties in Venezuela, according to sources.

November 29, 2022

Crude Oil , Trade , International

EU Fails to Agree on Russian Oil Price Cap, Say Diplomats

The Group of Seven (G7) nations has proposed a softer version of the EU ban to keep oil supply to the global economy steady, because Russia supplies 10% of the world’s oil.

November 29, 2022

Crude Oil , Trade , Legislation

US Lawmakers Weigh Action Against OPEC

Meanwhile, the first days of December bring opportunities that may upend oil economies around the world as Russian sanctions kick in and OPEC reconvenes in Vienna.

November 29, 2022

Crude Oil , Trade

US Crude Turns Positive, Brent Pares Losses on Output on OPEC+ Rumors

“The word on the street is there’s rumor that OPEC+ is already starting to float the idea of a production cut on Sunday,” said Matt Smith, lead oil analyst at Kpler. “That’s helped reverse losses that were caused overnight by Chinese protests.”

November 28, 2022

Crude Oil , Trade

What’s Affecting Oil Prices This Week? (Nov. 28, 2022)

Despite several developments on the horizon, Stratas Advisors continues to hold to their view that the price of Brent crude will average around $90 during the fourth quarter of this year. Here’s why.

November 28, 2022

Crude Oil , Trade , International

Global Oil Market Signals Short-Term Weakness Ahead of EU Ban on Russian Oil

After months of strength, crude futures are flirting with lows not seen all year as top oil consumer China enters additional COVID-19 lockdowns while central banks hike interest rates to combat inflation.

November 28, 2022

Field Development , Crude Oil , Trade

BP Wins Contract to Market Guyana’s Share of Oil Production

London-based BP agreed to market Guyana’s share produced from the Liza Destiny and Liza Unity platforms at no charge per barrel, according to a ministry statement on Nov. 24. It replaces a Saudi Aramco trading unit, which previously held the contract.

November 28, 2022

Crude Oil , Trade , Pipelines

Rising Enbridge Pipeline Apportionment May Spell Pain for Canadian Oil Patch

Enbridge will apportion December deliveries on its heavy crude system by 11% and ration space on the light oil system by 13%. The rationing is the highest it has been since last winter.

November 23, 2022

Crude Oil , Trade , International

Saudi Denies Oil Output Hike Discussion, Says OPEC+ May Cut If Needed

The Wall Street Journal earlier on Nov. 21 reported an output increase of 500,000 bbl/d was under discussion for the next OPEC+ meeting.

November 21, 2022

Crude Oil , Trade , Shale Plays

Hess CEO Says OPEC ‘Back in the Driver’s Seat’ as US Shale Slows

OPEC’s agreed oil output cut in October was as much a political jab at U.S. President Joe Biden, who was trying to lower gasoline prices, as it was an economic move, Hess Corp. CEO John Hess on Nov. 17.

November 17, 2022