A Nightmare Scenario For Offshore Oil

Between low demand, soaring inventories, depressed prices, a global pandemic, and now, hurricane season, it seems a perfect storm is forming around the offshore oil industry.  The world’s offshore oil market, responsible for 30 percent of all the world’s oil production, is facing an impossible set of challenges. With oil sitting at half the price of.

Iranian fuel reaches Venezuelan stations as prices set to rise

Fuel shipped from Iran began arriving at Venezuela’s gasoline stations on Saturday, just hours before President Nicolas Maduro announced higher prices at the pump that are set to end more than two decades of almost-free gasoline. As authorities in the country with the world’s cheapest gasoline got ready to expand retail sales under a system.

OPEC Compliance With Output Cuts Was Only 74% In May

Not even a full month into OPEC’s deep production cut agreement, rumors have already surfaced that there is a difference of opinion over a possible extension of the oil production cuts—as usual, with Saudi Arabia on one side and Russia on the other. But those discussions seem premature, given the latest Reuters survey that suggests that the.

U.S. pipeline operator Energy Transfer warns of coming job cuts

U.S. pipeline operator Energy Transfer LP will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak oil and gas prices on the energy business. Marshall McCrea, the chief commercial officer for the Dallas-based company, said in a recorded message to employees the cuts would begin Monday and affect about 6%.

Sale of shut Philly refinery to real estate developer delayed

The closing of a $252 million sale of the Philadelphia Energy Solutions (PES) oil refinery to a Chicago-based real estate developer has been delayed, a city official and source with knowledge of the agreement said on Friday. Hilco Redevelopment Partners won an auction in January to purchase the 1,300-acre site along the Schuylkill River in.

Oil Extends Losses After Surprise Jump in U.S. Crude Stockpiles

Oil extended losses after an industry report showed a surprise jump in U.S. crude stockpiles last week. West Texas Intermediate crude futures fell as much as 3.2% after the close in New York. The industry-funded American Petroleum Institute reported that U.S. crude stockpiles rose 8.73 million barrels last week, according to people familiar with the data. Gasoline.

Oil Mixed as U.S.-China Tensions Heat Up

Oil was mixed on Thursday morning in Asia, with the black liquid clawing back some losses from its second venture into negative territory during the previous session. U.S.-China tensions heated up overnight as U.S. Secretary of State Mike Pompeo certified that Hong Kong no longer warrants special treatment under U.S. law, dealing a major blow.

Oil drops as surprise U.S. stock build douses demand recovery hopes

Oil prices slid for a second consecutive session on Thursday as U.S. industry data showed a steep and surprising build-up in crude stockpiles, dampening hopes of a smooth demand recovery as the world begins to ease its way out of coronavirus lockdowns. The decline extended losses from Wednesday on uncertainty about Russia’s commitment to deep.

Third Iranian fuel cargo reaches Venezuelan waters, others unloading – data

The third cargo of an Iranian tanker flotilla carrying fuel for gasoline-thirsty Venezuela on Tuesday reached the nation’s exclusive economic zone as the previous two were discharging at state run PDVSA’s ports, Refinitiv Eikon data showed. The Iran-flagged tanker Petunia crossed the Caribbean Sea (NYSE:SE) earlier on Tuesday, following the same route as vessels Fortune.

Oil slips on demand worries, Hong Kong tensions

Oil prices fell on Wednesday on revived concerns over how quickly fuel demand will recover even as coronavirus lockdowns begin to ease in many countries, while U.S.-China tensions added to negative sentiment. Brent crude futures fell 21 cents, or 0.6%, to $35.96 by 0120 GMT. U.S. West Texas Intermediate (WTI) crude futures were down 31 cents,.

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