The move, or lack thereof, could mean continued pressure on oil prices—at least for the first-half of the year, analysts say.
While an enormous supply growth from the U.S., compounded by a massive competitive surge from OPEC, have been primary culprits behind the oil-price collapse little attention has been given to the demand side of the equation.
How is buying gasoline like voting? The price of one usually predicts the outcome of the other, according to a leading Washington, D.C., policy strategist.
Decreased E&P activity hasn’t helped prices recover, partly because improved efficiencies have improved production with volumes dropping only recently.
There is growing sentiment that the market has decided enough is enough and decided to set a floor for crude prices.
Commodity prices continue to stutter with modest improvements, though a warm summer could spur a stronger back end of the year.
WTI prices improved this week after hitting a 12-year low, but challenges remain as Iranian crude re-enters the global market.
Prices continue to search for a bottom even as heating demand increases.
Fairway found the extra space at salt domes previously used for brine production, which over time had prompted the cavern to grow, CEO Chris Hilgert said, Reuters reported.
At Hart Energy’s Viewpoint Executive Energy Club, Stratas Advisors directors gave industry executives a wide-ranging view and key to competing in the upcoming year.
Canada stands ready to provide up to C$250 million to the province in the form of advance fiscal stabilization payments, said Trudeau, who spoke at a news conference with Alberta Premier Rachel Notley.
Magellan and Plains said enough commitments have been received that the project will proceed, but binding commitments are now due by Feb. 15.
Key North American Hub Prices: Feb. 5, 2016
Family lawyer said 79-year-old Zelda Rothman, who died Jan. 25, had stage 4 lung cancer and lived about 3 miles from source of methane escaping from Aliso Canyon gas storage field, Reuters reported.
Key North American Hub Prices: Feb. 4, 2016
The four misdemeanor charges accuse SoCalGas of failing to report the release of hazardous materials following the underground pipeline rupture and discharging air contaminants, Reuters reported.
Hearing board of South Coast Air Quality Management District scheduled a fourth meeting for Jan. 23 to take more testimony on plan to siphon off and incinerate methane, Reuters said.
Environmental groups noted Obama's pledge comes as his administration works on a new five-year plan for offshore oil and gas leases.
The approved export point is at the outlet of the loading arm of the natural gas liquefaction terminal that will be built near Kitimat, British Columbia.
The seller and terms of the transaction weren't disclosed. The replacement value of the assets has been estimated at about C$200 million, according to the release.
Facility stores more than 6 million barrels of gasoline, ethanol, middle distillates, biodiesel, kerosene and LPG. Terminal assets are on the North Sea Canal in Amsterdam, Rotterdam and Antwerp region.
Petrochemicals diversification program will support construction of new facilities that use propane or methane as feedstock to produce materials for products including plastics, detergents and textiles, Reuters said.
About 160 former BP employees were included as part of the roughly-$350 million transaction. KMI will operate and market 14 of the terminals, which the joint venture will own.
The 51% stake will go to Malaysia Hengyuan International Ltd., a unit of China's Shandong Hengyuan Petrochemical Co. Shareholders will hold remaining shares, Reuters said.