Concerns about how US sanctions against Iran and Venezuela affect oil supplies have pushed the price of Brent crude past $80 per barrel, the highest level since 2014. Despite calls from President Donald Trump for OPEC to increase production, members have not responded to an expected shortfall in supply once measures announced against Iran take effect in November.
The Pipeline and Hazardous Materials Safety Administration announced Monday that it's rolling back an Obama-era rule that would have required oil trains to install electronically controlled pneumatic brakes to improve safety. The PHMSA said the economic costs associated with installing these brakes outweigh the safety benefits.
US crude oil exports climbed by nearly 80% to 1.8 million barrels daily in the first half of 2018 from the same period last year, overtaking hydrocarbon gas liquids as the country's largest petroleum product export, reports the Energy Information Administration. The top destinations for US crude were China, Canada, Italy and the UK.
Houston-based offshore oil and natural gas producer Fieldwood Energy may launch an initial public offering early next year that could give the company a valuation of over $5 billion, according to a source. Fieldwood emerged from bankruptcy in April, two months after seeking Chapter 11 protection.
Six refineries in West Texas and New Mexico are enjoying margins of over $15 per barrel or $9 million per day, thanks to their direct access to cheap Permian Basin oil supplies, reports independent investment research firm Morningstar. Permian oil has been trading at a price differential of almost $19 per barrel to Houston crude due to infrastructure bottlenecks.
Enable Midstream Partners is holding a nonbinding open season to gauge shipper interest for the Gulf Run Pipeline, which would feed natural gas to an LNG export terminal on the Gulf Coast. The pipeline would come online in 2022.
Royal Dutch Shell says artificial intelligence will predict equipment maintenance needs and improve employee safety. The technology, which Shell says it plans to use companywide, reportedly saves time and allows geologists to monitor more wells.
Sonatrach CEO Abdelmoumen Ould Kaddour says the Algerian state-owned company will start offshore oil drilling next year. Sonatrach previously said it would spend $56 billion on energy development between 2018 and 2022.
ExxonMobil, Shell, Chevron, Equinor and Total are among the companies planning to participate in an auction Friday for four offshore oil blocks in the Santos and Campos basins in Brazil. Aggressive bids are likely because the industry is concerned the government could dismantle favorable auction policies after the upcoming presidential election.
The Bureau of Ocean Energy Management has accepted Australia-based Byron Energy's bids for three Gulf of Mexico leases. The leases cover a field that produced 96 million barrels of oil and 107 billion cubic feet of natural gas before ending production in 2009.
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