China imported its first U.S. crude oil cargo in around two months last week, according to industry sources and Refinitiv Eikon data - a deal made by an independent "teapot" refiner as larger players held off amid trade tensions.
Russian oil output stood at 11.37 million barrels per day (MMbbl/d) in November, down from the post-Soviet record high of 11.41 million bpd that it reached in October, Energy Ministry data showed on Dec.2.
Alberta Premier Rachel Notley said on Dec. 2 that the western Canadian province would mandate temporary oil production cuts to deal with a pipeline bottleneck that has led to a glut of crude in storage and driven down Canadian crude prices.
The Anglo-Dutch oil and gas giant said that from 2020 it will set three- to five-year targets every year which will include specific net carbon footprint targets.
The U.S. State Department will conduct another environmental review of TransCanada Corp.’s long-pending Keystone XL oil pipeline, a U.S. official said on Nov. 30, a move that could lead to additional delays of the project.
U.S. crude oil output hit a new all-time high of 11.5 million barrels per day (MMbbl/d) in September, according to the government on Nov. 30, the latest indicator of a wave of onshore U.S. production that has weighed on global markets.
Qatar said Dec. 3 it was quitting OPEC in January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity.
The two global oil benchmarks, North Sea Brent and U.S. light crude, have had their weakest month for more than 10 years in November, losing more than 20% as global supply has outstripped demand.
Asian spot prices for liquefied natural gas (LNG) continued their downward spiral this week, falling to a four-month low as demand from top buyers Japan and China failed to materialize amid ample inventory.
Allowing ship-to-ship transfers in Norwegian waters from Yamal in Arctic Russia, one of the world's largest liquefied natural gas (LNG) terminals, undercuts Europe's energy diversification efforts, the U.S. State Department said on Nov. 30.
LNG Canada, the $30 billion LNG export project, has bagged another client after project shareholder Petronas signed an initial sales deal with trading house Vitol.
It is possible that WhiteWater Midstream's effort to sell itself may not lead to a deal, the sources cautioned, asking not to be identified because the matter is confidential.