News

Crude Oil

Venezuelan Oil Exports To US Still A Primary Source Of Cash

Venezuela’s oil exports to the United States remain the primary cash resource for its state-owned oil company, and efforts by the U.S.to cut off that revenue would likely force it to send crude to China, India or other Asian countries.

Reuters

Algeria Plans Solar Energy Tenders To Tackle Rising Electricity Needs

The OPEC oil-producing member hopes to build solar plants to produce 22,000 megawatts (MW), or 27% of its electricity needs, by 2030, up from about 350 MW now.

Reuters

Construction

Moda Midstream Expands Ingleside Facility To Handle VLCCs

Upgrades enable loading rates of up to 80,000 bbl/hour.

Construction

ExxonMobil Signs Preliminary Deal For German Floating LNG Terminal

German utility Uniper says FSRU will give U.S. LNG exporters an outlet to Europe.

Reuters

Natural Gas

US Natgas Pipeline Flows Reversed After Enbridge TETCO Ohio Pipe Blast

Switch allows pipeline to serve customers in Tennessee and Kentucky.

Reuters

Crude Oil

Russia Seals Position As Top Crude Oil Supplier To China, Holds Off Saudi Arabia

Russia came in as China's largest crude oil supplier in December, cementing the top spot for all of 2018 for a third year in a row ahead of rival Saudi Arabia, customs data showed on Jan. 25.

Reuters

Scatec Solar Expects More Deals With Corporate Power Buyers In 2019

Scatec Solar, which aims to operate 3.5 gigawatt (GW) of capacity around the world by the end of 2021, said it was in talks on several potential deals to supply between 50 megawatts (MW) and 200 MW, similar to the scale of contracts with utilities.

Reuters

GE Urges Speedy Fix For Power Turbine Blades

The defective blade issue affects GE’s newest turbine technology, which cost billions of dollars to develop, and is among the challenges facing new CEO Larry Culp as he tries to revive the profits and share price of the 127-year-old conglomerate.

Reuters

Regulation

‘Under Siege’: Oil Industry Mulls Raising Returns, PR Game

At the World Economic Forum in Davos, heads of Chevron, BP, Shell, Total, Aramco and Exxon Mobil joined together to discuss two key topics—climate change and pressure from investors.

Dmitry Zhdannikov, Reuters

Crude Oil

EIA: US Oil Stocks Jump As Refineries Cut Runs

U.S. oil stocks rose by 8 million barrels in the week to Jan. 18, compared with analysts' expectations for a decline of 42,000 barrels, the EIA said.

Reuters

Construction

Magellan Possibly Switching Spot For Crude Export Terminal On Texas Gulf Coast

Magellan Midstream is still actively exploring the construction of an inland crude export terminal off Corpus Christi, Texas, but has begun considering "all of our options."

Reuters

Crude Oil

US Oil Production To Surpass Russia, Saudi Arabia Combined In 2025

The growth in U.S. liquids production will be driven by major shale basins such as the Permian Basin in parts of Texas and New Mexico, a Rystad Energy report said.

Reuters

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