U.S. oil production growth combined with a slowing global economy will put oil prices under downward pressure in 2019, challenging OPEC’s resolve to support the market with output cuts, the International Energy Agency said on Jan. 18.
Refiners have scooped up the Heavy Louisiana Sweet (HLS) at higher prices than Light Louisiana Sweet (LLS), the U.S. coastal benchmark that last traded $7.15 over WTI, traders said.
Exxon Mobil, ConocoPhillips, Oxy, Pioneer Natural Resources and Shell are among the oil and gas firms that have joined the Permian Strategic Partnership.
Refined products are stockpiled following closure of fuel pipelines.
Promised payments to government, communities and landowners have fallen short of forecasts.
The Canadian province of Alberta’s OPEC-style decision to force production cuts is benefiting oil companies with higher prices, but it is also pushing capital elsewhere and threatens to undermine booming crude-by-rail shipments.
OPEC said on Jan. 17 it had cut oil output sharply in December before a new accord to limit supply took effect, suggesting producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.
Australia's Woodside Petroleum Ltd on Jan. 17 flagged higher-than-expected investment spending for 2019 as it steps up early work on the two big natural gas developments that will drive its growth in the next decade.
Kinder Morgan, which holds about 70% majority voting interest in Kinder Morgan Canada, has hired investment bank TD Securities to facilitate a potential sale of its Canadian business.
Commission also terminates nine other proceedings.
Clay Bretches joins Altus from Sendero Midstream and Anadarko.